The Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 was introduced on 4 July 2019 (and at the time of writing, had not progressed past that point). It proposes to require insurance within superannuation be provided on an opt-in basis for: (i) account balances less than $6,000; and (ii) members under 25 years old. On Tuesday 23.7.19, the Senate Economics Legislation Committee tabled its report.
See below for a summary of its report. And see related Tax Technical article on the Bill.
FJM 20.8.19
The majority of the committee recommended that the Bill be passed but called for the 1 October 2019 start date to be deferred to 1 December 2019.
In a minority report, the Labor Senators called for the start date to be deferred until 1 July 2020, and recommended that the Bill be amended to exclude high-risk occupations that potentially benefit from the current opt-out rule for insurance.
[APH website: Senate Committee Report, Bill Summary, Bill, EM; LTN 140, 24/7/19; Tax Month – August 2019]