17th Jun 2021, 12:09 PM – Senate Treasury Laws Amendment (Your Future, Your Super) Bill 2021 - in Committee - Stapled fund

The majority voted against amendments introduced by South Australian Senator Rex Patrick (Independent), which means they failed.

Amendment text

(1) Schedule 1, item 18, page 8 (lines 19 to 22), omit section 32Q, substitute:

32Q What is the stapled fund for an employee

(1) A fund is the stapled fund for an employee at a particular time, if at that time:

(a) the employee is not employed in a dangerous occupation; and

(b) no fail assessments have been given in the previous 12 months in relation to any Part 6A products offered by the fund and held by the employee; and

(c) the requirements prescribed by the regulations for the purposes of this section are met.

(2) In this section:

dangerous occupation means an occupation:

(a) that the Australian Government Actuary has certified that:

(i) based on rates of death, or death and total and permanent disability; and

(ii) using information from the most recent 5 years in relation to Australian occupations;

is in the riskiest quintile of Australian occupations; or

(b) as an emergency services worker (as defined for the purposes of the Work Health and Safety Act 2011).

fail assessment, in relation to a Part 6A product offered by a fund, means a notification:

(a) given by the Australian Prudential Regulation Authority to the Commissioner under subsection 60C(3) of the Superannuation Industry (Supervision) Act 1993; and

(b) of a determination that the requirement in subsection 60D(1) of that Act has not been met for the Part 6A product offered by the fund.

Part 6A product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

(2) Schedule 2, item 9, page 17 (line 12), after "APRA must give", insert "the Commissioner of Taxation and".

(3) Schedule 2, Part 1, page 26 (after line 33), at the end of the Part, add:

Taxation Administration Act 1953

9A Paragraph 390 -5(9) (b) of Schedule 1

After "the *value", insert "and class".