Maria Kovacic (NSW, Liberal Party, Shadow Assistant Minister for Women) Share this | Hansard source

Pursuant to the order agreed to earlier today, the time allotted for debate on the bill has expired. I will now put the question before the chair and then put the questions on the remaining stages of the bill. I will deal with the remaining amendments circulated by the opposition. The question is that the amendments on sheets 3681, 3686, 3688, 3689, 3691 and 3693 be agreed to. To clarify, as the One Nation amendments on sheet 3683 are identical to opposition amendments negatived earlier today, the question on the One Nation amendments will not be put.

Opposition's circulated amendments—

SHEET 3681

(1) Schedule 2, item 1, page 5 (line 28) to page 6 (line 8), omit paragraphs 992AB(4)(d) and (e), substitute:

(d) the requirement in either subsection (4A) or (4B) is satisfied; and

(2) Schedule 2, item 1, page 6 (after line 13), after subsection 992AB(4), insert:

(4A) The requirement in this subsection is satisfied if:

(a) the advertisement or statement occurs after the time the employer, or the employer's agent, makes a request (the stapled fund request) under subsection 32R(1) of the Superannuation Guarantee (Administration) Act 1992 in relation to the employee; and

(b) if, in response to the stapled fund request, the employer is notified under subsection 32R(2) of that Act that the Commissioner is satisfied that there is a stapled fund for the employee—the advertisement or statement occurs at or after the time the employer, or the employer's agent, notifies the employee:

(i) that the Commissioner is satisfied that there is a stapled fund for the employee; and

(ii) about the details that the employer was notified about in relation to the stapled fund request under subparagraph 32R(2)(b)(ii) of that Act.

(4B) The requirement in this subsection is satisfied if:

(a) the advertisement or statement occurs after the time the employer, or the employer's agent, makes a request (the regulated fund request) under subsection (4C) in relation to the employee; and

(b) if, in response to the regulated fund request, the employer is advised under subsection (4D) of a regulated superannuation fund of which the employee is a member—the advertisement or statement occurs at or after the time the employer, or the employer's agent, notifies the employee about the information the employer was advised about under subsection (4D) in relation to the regulated fund request.

(4C) For the purposes of subsection (4B), the employer, or the employer's agent, may request a trustee of a complying superannuation fund or scheme (within the meaning of the Superannuation Guarantee (Administration) Act 1992) to identify any regulated superannuation fund of which the employee is a member.

(4D) If a trustee receives a request under subsection (4C) and the trustee is aware that the employee is a member of a particular regulated superannuation fund, the trustee may advise in writing the employer or the employer's agent (as applicable) of the following information:

(a) the regulated superannuation fund of which the employee is a member;

(b) details necessary for the employer to make contributions to that fund for the benefit of the employee.

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SHEET 3686

(1) Schedule 2, page 6 (after line 26), at the end of the Schedule, add:

3 Review of operation of amendments

Requirement to conduct review

(1) The Minister must cause a review to be conducted of the operation, effectiveness and implications of the amendments made by this Schedule.

Matters review must consider

(2) Without limiting subitem (1), the review must consider any impact of the amendments on the following:

(a) duplicate superannuation accounts;

(b) competition between superannuation funds;

(c) member engagement;

(d) compliance costs for employers and service providers.

Timing of review

(3) The persons conducting the review must complete the review before the end of 2 years after the commencement of this item.

(4) For the purposes of subitem (3), the review is completed on the day after the day the report of the review is given to the Minister.

Minister to be given report of review

(5) The persons conducting the review must give the Minister a written report of the review.

Minister to table copy of report of review

(6) The Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report.

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SHEET 3688

(1) Schedule 2, item 1, page 4 (line 30), omit "Note:", substitute "Note 1:"

(2) Schedule 2, item 1, page 4 (after line 30), after the note, insert:

Note 2: To avoid doubt, nothing in this subsection prohibits an advertisement or statement that would not be expected to induce an employee to choose a superannuation product, such as an advertisement or statement generally referring employees to the YourSuper comparison tool on the Australian Taxation Office website.

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SHEET 3689

(1) Schedule 2, item 1, page 6 (after line 23), at the end of section 992AB, add:

Date of effect of section

(6) This section takes effect on a day specified in an instrument under subsection (7).

(7) The Minister may, by legislative instrument, specify a day for the purposes of subsection (6).

(8) However, the Minister must not specify a day unless and until the Minister is satisfied that such arrangements and systems are in place as would ensure the Commissioner of Taxation is able to respond to all requests under subsection 32R(1) of the Superannuation Guarantee (Administration) Act 1992 with sufficient certainty as to:

(a) whether there is a stapled fund for an employee; and

(b) any details required to be notified under subparagraph 32R(2)(b)(ii) of that Act.

(9) The specified day must not be later than 3 months after the day the Minister is first satisfied as required by subsection (8).

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SHEET 3691

(1) Clause 2, page 2 (table item 3), omit "Schedule 2", substitute "Schedules 2 and 2A".

(2) Page 6 (after line 26), after Schedule 2, insert:

Schedule 2A — Annual performance reporting for stapled fund requests

Superannuation Guarantee (Administration) Act 1992

1 At the end of section 32R

Add:

Annual reporting

(4) The Commissioner must, as soon as practicable after the end of each financial year, prepare a report on the Commissioner's activities under this section during the financial year.

(5) The report must (without limitation):

(a) include statistics of the following:

(i) requests received by the Commissioner under subsection (1) to identify stapled funds for employees;

(ii) notifications given by the Commissioner under subsection (2) in response to such requests and the time taken to provide such responses;

(iii) changes made by the Commissioner under subsection (3) to earlier notifications; and

(b) consider whether, and to what extent, the Commissioner was able to accurately:

(i) identify stapled funds for employees in response to requests under subsection (1); and

(ii) notify the details required by subparagraph (2)(b)(ii) in relation to such requests; and

(c) consider the effectiveness of requests and responses under this section for the purposes of the operation of subsection 992AB(4) (about exceptions for certain MySuper products to the ban on advertising superannuation products during onboarding) of the Corporations Act 2001; and

(d) any other matters the Minister directs the report to consider.

(6) The Commissioner must give a copy of the report to the Minister by no later than 30 September after the end of the financial year to which the report relates.

(7) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report.

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SHEET 3693

(1) Schedule 2, item 1, page 6 (after line 23), after section 992AB, insert:

992AC Guidance for ban on superannuation product advertising during onboarding

(1) ASIC must develop and publish guidance about compliance with section 992AB, including the operation of the prohibition in subsection (1), and the exceptions in subsections (2) to (5), of that section.

(2) The guidance must (without limitation):

(a) set out an intended approach to the administration of that section in both the short and long term; and

(b) include examples of:

(i) conduct that may contravene the prohibition; and

(ii) circumstances that may be covered by the exceptions.

(3) The first guidance under subsection (1) must be published before the end of 30 days after the commencement of this section.