Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 (40 of 2019)

Schedule 8   Reporting standards

Financial Sector (Collection of Data) Act 2001

3   After subsection 13(4C)

Insert:

(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 receiving entity ) by the RSE licensee or a person connected with the RSE licensee (the paying entity ) out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee, including information about the following:

(a) details of the receiving entity;

(b) details of how the money, consideration or benefit is given to the receiving entity;

(c) if the receiving entity is not the RSE licensee - the relationship between the receiving entity and the paying entity;

(d) the purpose for which the money, consideration or other benefit is given;

(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.

(4E) If:

(a) a reporting standard requires an RSE licensee to provide information (the required information ) 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

(b) the money, consideration or other benefit is given under a contract or other arrangement between the paying entity and the receiving entity;

the contract or arrangement is taken to include:

(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

(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.

(4F) A person is connected with an RSE licensee for the purposes of subsection (4D) if the person is:

(a) a related body corporate of the RSE licensee; or

(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

(c) a person who, under a contract or other arrangement with the RSE licensee or a person mentioned in paragraphs (a) or (b):

(i) invests assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities; or

(ii) provides a financial service (within the meaning of section 766A of the Corporations Act 2001) in relation to assets, or assets derived from assets, of the RSE licensee's registrable superannuation entities.

(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.