Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.

The majority voted against amendments ↗︎ introduced by Tasmanian Senator Peter Whish-Wilson ↗︎ (Greens), which means they failed.

Amendments text

(1) Clause 2, page 2 (at the end of the table), add: > >> 5. Schedule 9 1 July 2020. >> >> [retail funds]

(2) Page 52 (after line 3), at the end of the Bill, add: > >> Schedule 9—Amendments commencing on 1 July 2020 >> >> Superannuation Guarantee (Administration) Act 1992 >> >> 1 At the end of subsection 32C (2) >> >> Add: >> >> ; and (f) the trustee of the fund is not any of the following: >> >>> (i) an ADI within the meaning of the Banking Act 1959; >>> >>> (ii) a related body corporate (within the meaning of that Act) of such an ADI; >>> >>> (iii) a subsidiary (within the meaning of that Act) of such an ADI; >>> >>> (iv) an associate (within the meaning of the Superannuation Industry (Supervision) Act 1993) of such an ADI. >> >> Superannuation Industry (Supervision) Act 1993 >> >> 2 Subsection 29S (1) >> >> After "RSE licensee", insert " (other than an ineligible licensee)". >> >> 3 At the end of section 29S >> >> Add: >> >>> Ineligible licensee >>> >>> (8) In this section: >>> >>> ineligible licensee means an RSE licensee that is: >>> >>> (a) an ADI within the meaning of the Banking Act 1959; or >>> >>> (b) a related body corporate (within the meaning of that Act) of such an ADI; or >>> >>> (c) a subsidiary (within the meaning of that Act) of such an ADI; or >>> >>> (d) an associate of such an ADI. >> >> [retail funds]