In the media
Govt uses super legislation to impose portfolio holdings
change
MEFIA - 18 February 2021 - In what represents a hook in
the Government s Your Future Your Super legislation, it has
moved to impose portfolio holdings requirements on superannuation
funds. More.
Your future, your Super reforms introduced into
parliament
TREASURY - 17 February 2021 - The Morrison Government has
introduced legislation into parliament to ensure the superannuation
system works harder for all Australians. The Your Future, Your
Super package is scheduled to commence on 1 July 2021. More.
Industry funds rail against Government kill
switch
MEDIA - 17 February 2021 - Industry superannuation funds
are accusing the Government of unprecedented legislative over-reach
Industry superannuation funds want the Government’s new Your Future Your Super legislation referred to a Senate Committee claiming it creates an unprecedented over-reach of power amounting to a “kill switch”.
The explanatory memorandum to the Bill notes that it “includes amendments to the portfolio holdings disclosure rules, which generally require trustees to publish information about their disclosable investment items on their website. The portfolio holdings disclosure rules currently contain an exemption that allows trustees to choose not to disclose up to five per cent of superannuation holdings”.
The Treasurer, Josh Frydenberg and the Minister for Superannuation, Financial Services and the Digital Economy, Jane Hume, in announcing the introduction of the bill to the Parliament, made reference to the portfolio holdings requirement changes under the heading of “Increasing transparency and accountability”.
Labor’s housing spokesman says allowing young people to use their super to buy a home would drive up house prices, but scrapping stamp duty could help.