Supplementary Explanatory Memorandum relating to sheet PM122
(Circulated by authority of the Treasurer, the Hon Josh Frydenberg MP)General outline and financial impact
Amendments to the Treasury Laws Amendment (Your Future, Your Super) Bill 2021
The amendments to the Bill delay the application of the single default account amendments so that it applies to employees commencing employment on or after 1 November 2021. The amendments to the Bill also make technical corrections to Schedules 2 and 3 to the Bill.
Date of effect: The day after Royal Assent.
Proposal announced: These amendments have not previously been announced.
Financial impact: The revised estimated impact of Schedules 1, 2 and 3 to the Bill on the underlying cash balance over the forward estimates period is as follows:
| 2021-22 | 2022-23 | 2023-24 | 2024-25 |
| $3.0m | $10.0m | -$38.0m | -$54.0m |
Human rights implications: The amendments do not affect the analysis of the human rights issues provided for in Chapter 4 of the Explanatory Memorandum to the Bill - see Chapter 2.
Compliance cost impact: The amendments are not expected to substantially alter the cost impact outlined in the Explanatory Memorandum to the Bill.