House of Representatives

Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Bill 2019

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)

The Act made provision for persons to elect to comply with the obligations in Division 4 and Division 5 of Part 7.7A from a date earlier than 1 July 2013 (a date between 1 July 2012 and 1 July 2013). Under the Act, these elections may have the effect that the grandfathering provisions apply with reference to that earlier date. For readability, this memorandum refers to 1 July 2013 as the date in relation to which the grandfathering provisions operate.

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