Bill
Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020
passed, as at 2021-06-22. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-09-02
- second reading — 2020-09-02
- second reading — 2021-06-16
- second reading — 2021-06-17
- committee — 2021-06-17
- third reading — 2021-06-17
- introduced — 2021-06-17
- second reading — 2021-06-17
- second reading — 2021-06-17
- second reading — 2021-06-17
- third reading — 2021-06-17
- passed — 2021-06-17
- royal assent — 2021-06-22
Divisions
- The majority voted in favour of a motion to agree with the bill's main idea. In parliamentary jargon, they voted to read the bill for a [second time](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). This means they can now discuss it in greater detail. ### What is the bill's main idea? According to the [bill homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/s1269), the bill was introduced "*to increase the maximum number of allowable members from four to six in self managed superannuation funds and small APRA funds.*" — 2021-06-17, House of Representatives: affirmative, ayes 76, noes 63
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2021-06-17.60.1) to agree with the bill's main idea. In parliamentary jargon, they voted to read the bill for a [second time](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). This means they can now discuss it in greater detail. ### What is the bill's main idea? According to the [bill homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/s1269), the bill was introduced "*to increase the maximum number of allowable members from four to six in self managed superannuation funds and small APRA funds.*" — 2021-06-17, Senate: affirmative, ayes 35, noes 29
- The same number of senators voted for and against [amendment (1)](https://www.openaustralia.org.au/senate/?id=2021-06-17.62.1) on sheet 1237, which was introduced by NSW Senator [Jenny McAllister](https://theyvoteforyou.org.au/people/senate/nsw/jenny_mcallister) (Labor). This means the amendment failed, as it failed to reach a majority. ### Amendment text > *(1) Page 2 (after line 12), after clause 3, add:* > > *4 Review of operation of amendments* > > *(1) The Minister must cause a review to be conducted of the operation of the amendments made by this Act.* > > *(2) Without limiting subsection (1), the review must consider:* > >> *(a) the conduct of financial advisers and trustees; and* >> >> *(b) self managed superannuation fund investment performance and governance.* > > *(3) The review must start as soon as practicable after the end of 12 months after this Act commences.* > > *(4) The Minister must cause a written report of the review to be prepared within 6 months of the commencement of the review.* > > *(5) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.* > > *(6) In this section, Minister means the Minister administering the Superannuation Industry (Supervision) Act 1993.* ### What does the bill do? According to the [bill homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/s1269), the bill was introduced "*to increase the maximum number of allowable members from four to six in self managed superannuation funds and small APRA funds.*" — 2021-06-17, Senate: negative, ayes 30, noes 30
Plain-language summary
No machine-written summary in this export.
Sources
em
billhome
frl act