Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (67 of 2024)

Schedule 1   Delivering better financial outcomes - reducing red tape

Part 1   Superannuation

Division 1   Amendment of the Superannuation Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Act 1993

3   Application - financial product advice fees charged to a member

(1) In this item:

new section 99FA means section 99FA of the Superannuation Industry (Supervision) Act 1993, as in force immediately after the commencement of this Division.

old section 99FA means section 99FA of the Superannuation Industry (Supervision) Act 1993, as in force immediately before the commencement of this Division.

Recommendation 7 amendments means the amendments made by this Division.

start day means the day that is 6 months after the day this Division commences.

(2) The Recommendation 7 amendments apply to costs charged on and after the start day, regardless of whether the arrangement under which the relevant financial product advice is provided is entered into before, on, or after the start day.

(3) Despite subitem (2), if, immediately before the start day:

(a) an arrangement entered into by a member of a regulated superannuation fund under which financial product advice is provided in relation to the member is in force; and

(b) a written consent of the member that meets the requirements of old section 99FA is in place;

then that written consent is taken to satisfy the requirements of new section 99FA from the start day until the earlier of:

(c) the end of the period of 12 months beginning on the start day; and

(d) the day the arrangement is terminated, renewed, or varied.