Commonwealth of Australia Explanatory Memoranda

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TREASURY LAWS AMENDMENT (YOUR SUPERANNUATION, YOUR CHOICE) BILL 2019

                               2019-2020



 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA




                               SENATE




TREASURY LAWS AMENDMENT (YOUR SUPERANNUATION, YOUR
                  CHOICE) BILL 2019




       SUPPLEMENTARY EXPLANATORY MEMORANDUM



         Amendments to be moved on behalf of the Government




   (Circulated by authority of the Assistant Minister for Superannuation,
Financial Services and Financial Technology, Senator the Hon Jane Hume)
Table of contents
Glossary................................................................................................. 1

General outline and financial impact ...................................................... 3

Chapter 1               Choice of fund for workplace determinations
                        and enterprise agreements - Amendments.................. 5

Chapter 2               Statement of Compatibility with Human Rights ............ 7
Glossary
     The following abbreviations and acronyms are used throughout this
     explanatory memorandum.


              Abbreviation                         Definition
      Bill                         Treasury Laws Amendment (Your
                                   Superannuation, Your Choice) Bill 2019




                                                                            1
General outline and financial impact

Choice of fund for workplace determinations and enterprise
agreements - Amendments
        The amendments to Schedule 1 of the Bill update the date specified in the
        measure that determines the time from which it applies to new workplace
        determinations and enterprise agreements.
        Date of effect: The measure will now apply to workplace determinations
        and enterprise agreements made on or after 1 January 2021.
        Proposal announced: The amendments have not been previously
        announced.
        Financial impact: Nil.
        Human rights implications: The amendments do not raise any human
        rights issues. See Statement of Compatibility with Human Rights --
        Chapter 2, paragraphs 2.1 to 2.5.
        Compliance cost impact: The amendments do not alter the compliance
        cost impact of the measure as previously presented to the Parliament.




                                                                                 3
Chapter 1
Choice of fund for workplace
determinations and enterprise agreements
- Amendments

Amendments 1 and 2
       1.1       Amendments 1 and 2 amend Schedule 1 to the Bill to update the
       date specified in the measure that determines the time from which it
       applies to new workplace determinations and enterprise agreements. The
       measure will now apply to workplace determinations and enterprise
       agreements made on or after 1 January 2021.
       1.2       These changes will ensure that the amendments do not have
       retrospective effect in relation to determinations or agreements that were
       made before the amendments in the Bill are enacted.




                                                                                    5
Chapter 2
Statement of Compatibility with Human
Rights

Prepared in accordance with Part 3 of the Human Rights
(Parliamentary Scrutiny) Act 2011
Choice of fund for workplace determinations and enterprise agreements -
Amendments

           2.1       These amendments are compatible with the human rights and
           freedoms recognised or declared in the international instruments listed in
           section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview

           2.2       The amendments update the date specified in the Treasury Laws
           Amendment (Your Superannuation, Your Choice) Bill 2019 that
           determines the time from which the amendments in that Bill apply to new
           workplace determinations and enterprise agreements. The changes will
           now apply to workplace determinations and enterprise agreements made
           on or after 1 January 2021.
           2.3       These changes ensure that amendments in the Bill do not have
           retrospective effect.

Human rights implications

           2.4      This amendments does not engage any of the applicable rights or
           freedoms.

Conclusion

           2.5       This amendments are compatible with human rights as it does
           not raise any human rights issues.




                                                                                        7