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senate vote 2019-02-14#17
Edited by
mackay staff
on
2019-03-15 12:53:26
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Title
Bills — Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017; Second Reading- Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017 - Second Reading - Reporting standards
Description
<p class="speaker">Scott Ryan</p><p>I will now turn to the amendments on sheet 8639, circulated by the Australian Greens. The question is that those amendments be agreed to.</p><p class="italic"> <i>Australian Greens' circulated amendments—</i></p>- The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2019-02-14.266.1) introduced by the Australian Greens that related to reporting standards. This means that those amendments will now form part of the bill.
- ### What does this bill do?
- This bill was introduced to:
- > *implement eight separate measures which are intended to improve accountability and transparency of registrable superannuation entities (RSE) and RSE licensees.*
- Read more about it in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd050).
<p class="italic">(1) Schedule 8, page 50 (before line 11), before item 3, insert:</p><p class="italic">2A After paragraph 13(4A ) ( a)</p><p class="italic">Insert:</p><p class="italic">(aa) the extent to which the profits of the investor is attributable to deductions made by the investor;</p><p class="italic">(ab) if the return on the investment made by the investor is passed on (in whole or in part) to members of a regulated superannuation entity of the RSE licensee—the effect of any deduction by the investor on the amount passed on to the members;</p><p class="italic">(ac) if the investor is a person connected with the RSE licensee—the relationship between the RSE licensee and the investor;</p><p class="italic">(2) Schedule 8, item 3, page 50 (line 11) to page 51 (line 18), omit the item, substitute:</p><p class="italic">3 After subsection 13(4C)</p><p class="italic">Insert:</p><p class="italic">(4D) A reporting standard may require an RSE licensee to provide information in relation to any money, consideration or other benefit given to an entity (the <i>receiving entity</i>) by the RSE licensee or a person connected with the RSE licensee (the <i>paying entity</i>) out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee, including information about the following:</p><p class="italic">(a) details of the receiving entity;</p><p class="italic">(b) details of how the money, consideration or benefit is given to the receiving entity;</p><p class="italic">(c) if the receiving entity is not the RSE licensee—the relationship between the receiving entity and the paying entity;</p><p class="italic">(d) the purpose for which the money, consideration or other benefit is given;</p><p class="italic">(e) the way in which the money, consideration or other benefit is used by the receiving entity, and any entity with which that entity deals, including the extent to which the receiving entity's profit is attributable to that money, consideration or other benefit.</p><p class="italic">(4E) If:</p><p class="italic">(a) a reporting standard requires an RSE licensee to provide information (the <i>required information</i>) in relation to any money, consideration or other benefit given to a receiving entity by a paying entity out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee; and</p><p class="italic">(b) the money, consideration or other benefit is given under a contract or other arrangement between the paying entity and the receiving entity;</p><p class="italic">the contract or arrangement is taken to include:</p><p class="italic">(c) a term requiring the paying entity, at the time the money, consideration or benefit is given or as soon as reasonably practicable after that time, to notify the receiving entity that the money, consideration or benefit is given out of assets, or assets derived from, a registrable superannuation entity; and</p><p class="italic">(d) a term requiring the receiving entity, if notified by the paying entity in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the paying entity with the required information of which the receiving party is aware.</p><p class="italic">(4F) A person is <i>connected with</i> an RSE licensee for the purposes of subsection (4D) if the person is:</p><p class="italic">(a) a related body corporate of the RSE licensee; or</p><p class="italic">(b) a custodian in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or</p><p class="italic">(c) a person who, under a contract or other arrangement with the RSE licensee or a person mentioned in paragraphs (a) or (b):</p><p class="italic">(i) invests assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities; or</p><p class="italic">(ii) provides a financial service (within the meaning of section 766A of the <i>Corporations Act 2001</i>) in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities.</p><p class="italic">(4G) Subsections (4D) and (4E) do not apply in relation to any money, consideration or other benefit given to another entity by the RSE licensee if it is an investment of assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities by the RSE licensee.</p><p class="italic">(3) Schedule 8, item 4, page 51 (line 35) to page 52 (line 3), omit all the words from and including "another entity" to the end of the item, substitute "an entity by the RSE licensee, or a person connected with the RSE licensee, out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee, then the RSE licensee is not required to comply with the reporting standard to the extent that it requires the RSE licensee to provide that particular information."</p>
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