Supplementary Explanatory Memorandum
(Circulated by authority of Senator the Hon Jane Hume, Minister for Superannuation, Financial Services and the Digital Economy)General outline and financial impact
Amendment to the Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020
This amendment to the Bill:
- •
- delays the operation of the amendments in schedule 1 of the Bill to provide trustees of eligible rollover funds additional time to exit the market; and
- •
- inserts schedule 2 to the Bill to provide that a superannuation provider may pay to the Commissioner any amount it holds on behalf of a member, former member or non-member spouse, if it reasonably believes that paying the amount to the Commissioner is in the best interests of the member, former member or non-member spouse, and for reunification by the Commissioner of those amounts with the member, former member or non-member spouse's active superannuation account.
Date of effect: Schedule 2 to the Bill will commence on the seventh day after this Bill receives the Royal Assent.
Proposal announced: These amendments implement the measure Superannuation - facilitating closure of eligible rollover funds - amendment from the July 2020 Economic and Fiscal Update.
Financial impact: These amendments are estimated to have a gain to the budget of $84 million in underlying cash balance terms over the forward estimates period.
Human rights implications: These amendments do not raise any human rights issue. See Statement of Compatibility with Human Rights - Chapter 2, paragraphs 2.1 to 2.4.
Compliance cost impact: The amendments do not alter the compliance cost impact of the measure as previously presented to the Parliament.