17th Jun 2021, 11:21 AM – Senate Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020 - in Committee - Review

The same number of senators voted for and against amendment (1) on sheet 1237, which was introduced by NSW Senator 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, 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."