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senate vote 2021-06-17#11
Edited by
mackay staff
on
2022-03-18 12:21:02
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Title
Bills — Treasury Laws Amendment (Your Future, Your Super) Bill 2021; in Committee- Treasury Laws Amendment (Your Future, Your Super) Bill 2021 - in Committee - Stapled fund
Description
<p class="speaker">Sue Lines</p><p>The question is that amendments on sheet 1218 revised, as circulated by Senator Patrick, be agreed to.</p>-
- The majority voted against [amendments](https://www.openaustralia.org.au/senate/?gid=2021-06-17.98.1) introduced by South Australian Senator [Rex Patrick](https://theyvoteforyou.org.au/people/senate/sa/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*
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- > *(1) A fund is the stapled fund for an employee at a particular time, if at that time:*
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- >> *(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.*
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- > *(2) In this section:*
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- > *dangerous occupation means an occupation:*
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- >> *(a) that the Australian Government Actuary has certified that:*
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- >>> *(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;*
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- >> *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:*
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- >> *(a) given by the Australian Prudential Regulation Authority to the Commissioner under subsection 60C(3) of the Superannuation Industry (Supervision) Act 1993; and*
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- >> *(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.*
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- > *Part 6A product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.*
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- > *(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:*
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- >> *Taxation Administration Act 1953*
- >>
- >> *9A Paragraph 390 -5(9) (b) of Schedule 1*
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- >> *After "the *value", insert "and class".*
<p class="italic"> <i>Senator Patrick's circulated amendments—</i></p><p class="italic">(1) Schedule 1, item 18, page 8 (lines 19 to 22), omit section 32Q, substitute:</p><p class="italic">32Q What is the stapled fund for an employee</p><p class="italic">(1) A fund is the <i>stapled fund</i> for an employee at a particular time, if at that time:</p><p class="italic">(a) the employee is not employed in a dangerous occupation; and</p><p class="italic">(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</p><p class="italic">(c) the requirements prescribed by the regulations for the purposes of this section are met.</p><p class="italic">(2) In this section:</p><p class="italic"><i>dangerous occupation</i> means an occupation:</p><p class="italic">(a) that the Australian Government Actuary has certified that:</p><p class="italic">  (i) based on rates of death, or death and total and permanent disability; and</p><p class="italic">  (ii) using information from the most recent 5 years in relation to Australian occupations;</p><p class="italic">is in the riskiest quintile of Australian occupations; or</p><p class="italic">(b) as an emergency services worker (as defined for the purposes of the Work Health and Safety Act 2011).</p><p class="italic"><i>fail assessment</i>, in relation to a Part 6A product offered by a fund, means a notification:</p><p class="italic">(a) given by the Australian Prudential Regulation Authority to the Commissioner under subsection 60C(3) of the <i>Superannuation Industry (Supervision) Act 1993</i>; and</p><p class="italic">(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.</p><p class="italic"><i>Part 6A product</i> has the same meaning as in the Superannuation Industry (Supervision) Act 1993.</p><p class="italic">(2) Schedule 2, item 9, page 17 (line 12), after "APRA must give", insert "the Commissioner of Taxation and".</p><p class="italic">(3) Schedule 2, Part 1, page 26 (after line 33), at the end of the Part, add:</p><p class="italic"> <i>Taxation Administration Act 1953</i></p><p class="italic">9A Paragraph 390 -5(9) (b) of Schedule 1</p><p class="italic">After "the *value", insert "and class".</p> -
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