Supplementary Explanatory Memorandum relating to sheet QJ145
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)General outline and financial impact
Parliamentary Amendments
The Parliamentary Amendments to the Bill remove the regulation making powers to prescribe additional requirements where failure to comply with the additional requirements would be a contravention of the best financial interests duty.
Date of effect: None.
Proposal announced: These amendments have not previously been announced.
Financial impact: Nil
Human rights implications: The amendments do not affect the analysis of the human rights issues provided for in Chapter 4 of the Explanatory Memorandum to the Bill.
Compliance cost impact: The amendments are not expected to substantially alter the cost impact outlined in the Explanatory Memorandum to the Bill.
Amendments
Amendments 1 and 2
1.1 Amendments 1 and 2 remove the regulation making powers to prescribe additional requirements where failure to comply with the additional requirements would be a contravention of the best financial interests duty. [Amendments 1 and 2]
Amendment 3
1.2 Amendment 3 is a consequential amendment as a result of the amendments to remove the regulation making powers to prescribe additional requirements where failure to comply with the additional requirements would be a contravention of the best financial interests duty. [Amendment 3]