Welcome to the latest issue of the KHQ Super Alert. It was a quieter week this week with Treasury releasing draft legislation for consultation, and the Government announcing it will conduct a review into the regulatory framework for managed investment schemes.
Treasury – Minor and technical amendments bill released for consultation
On 15 March 2023, Treasury released for consultation the following draft pieces of legislation:
- Treasury Laws Amendment (Measures for Consultation) Bill 2023: Minor and technical amendments; and
- Treasury Laws Amendment (Measures for Consultation) Regulations 2023: Minor and technical amendments.
According to the supporting explanatory materials, this legislation contains ‘miscellaneous amendments that seek to ensure that the law operates as intended by correcting technical or drafting defects, removing anomalies, and addressing unintended outcomes’. Relevantly to superannuation, the draft Bill makes minor amendments to the SIS Act and Corporations Act. For example, the draft Bill updates the definition of ‘year of income’ in the SIS Act to remove an outdated reference to a repealed provision in the Income Tax Assessment Act 1936 (a technical change). The draft Bill also corrects a typographical error in section 911A(2)(en)(v) of the Corporations Act to insert the word ‘be’ before ‘regarded’ to read ‘reasonably be regarded’.
Consultation will close on 4 April 2023.
Click here for details.
Parliament – Treasury Laws Amendment Bill referred to Senate Committee for Review
On 9 March 2023, Parliament referred the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 to the Senate Economics Legislation Committee (Committee) for review. See our Super Alert from 17 February 2023 for more details on this Bill. The report from the Committee is due 26 May 2023.
Click here for details.
Government – Reviewing regulatory framework for managed investment schemes
On 8 March 2023, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, issued a media release announcing that Treasury will review the regulatory framework for managed investment schemes. Briefly, the review will look at ‘whether the regulatory framework is fit-for-purpose, identify potential gaps, and consider what enhancements can be made to reduce undue financial risk for investors’.
Click here for details.
This alert was written by Kiara Leslie (Lawyer), Sanela Osmanovic (Senior Associate), and Natalie Cambrell (Director).
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