14th Feb 2019, 8:01 PM – Senate Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 - Second Reading - Retail funds

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]