Supplementary Explanatory Memorandum
(Circulated by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| Bill | Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 |
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.
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.
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.