Supplementary Explanatory Memorandum(Circulated by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume)
General outline and financial impact
Choice of fund for workplace determinations and enterprise agreements - Amendments
The amendments to Schedule 1 of the Bill update the date specified in the measure that determines the time from which it applies to new workplace determinations and enterprise agreements.
Date of effect: The measure will now apply to workplace determinations and enterprise agreements made on or after 1 January 2021.
Proposal announced: The amendments have not been previously announced.
Financial impact: Nil.
Human rights implications: The amendments do not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2, paragraphs 2.1 to 2.5.
Compliance cost impact: The amendments do not alter the compliance cost impact of the measure as previously presented to the Parliament.