Senate passes Bill to cut red tape
The Senate has passed a bill that abolishes duplicative payslip reporting provisions in superannuation legislation, a move the Federal Government says will reduce red tape.
Assistant Treasurer Josh Frydenberg said in a statement the Treasury Legislation Amendment (Repeal Day) Bill passed the Senate, which will reduce regulation.
Under the Fair Work Act 2009 and the Fair Work Regulations 2009 employers have to report on payslips either super entitlements that accrued during the pay period, or actual contributions made.
But the Bill now repeals the payslip reporting requirement in the Superannuation Industry (Supervision) Act 1993 (SISA).
The Bill also removed the need to get financial sector company shareholding approval for those who do not have shareholding in certain financial services companies, but are linked with someone who does.
"Persons who do not hold a direct control interest in a financial sector company will no longer be deemed to have a stake in that financial sector company solely as a consequence of their associates' direct control interest in the company," the legislation said.
The legislation also simplified taxation laws, including redefining ‘Australia' into a single location in the tax law to be used across all the tax laws.
AUTHOR
Malavika Santhebennur
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
