Senate

Treasury Laws Amendment (Your Future, Your Super) Bill 2021

Supplementary Explanatory Memorandum relating to sheet QJ145

(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)
Amendments to be moved on behalf of the Government

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]


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).