ASFA Action Issue 968, 15 October 2024

In this issue:

Cyber security, security of critical infrastructure: Bills introduced, referred to Committee

The Government has introduced into Parliament a package of three Bills aiming to provide a clear legislative framework for contemporary, whole-of-economy cyber security issues. 

While it contains no provisions specific to superannuation, the Cyber Security Bill 2024 will provide additional protections to Australian people and businesses, build mitigations for extant cyber risks, and improve the Government’s visibility of the threat environment to inform protections, incident response procedures, and future policy. The reforms include: 

The Intelligence Services and Other Legislation Amendment (Cyber Security) Bill 2024 will legislate a limited use obligation to protect information voluntarily provided to, or acquired or prepared by, Australian Signals Directorate during an impacted entity’s engagement in relation to a cyber security incident. 

The Security of Critical Infrastructure and Other Legislation Amendment (Enhanced Response and Prevention) Bill 2024 amends the Security of Critical Infrastructure Act 2018. That Act is the primary framework for regulation and protection of Australia’s critical infrastructure. It currently applies to 11 sectors – including financial services – and 22 asset classes, including superannuation. The amendments in the Bill include:  

The package of Bills has been referred to the Parliamentary Joint Committee on Intelligence and Security for inquiry. The reporting date is not presently clear, however the Committee is seeking submissions by close of business Friday 25 October. 

If you have any feedback you would like ASFA to consider in relation to a submission to the Committee, please forward it to Sebastian Reinehr by midday Monday 21 October. 

Update on other Bills

As well as the introduction of the cyber security reform package (see earlier item), there have been developments in relation to several Bills relevant to superannuation. 

Better targeted superannuation concessions 

The Treasury Laws Amendment (Better Targeted Superannuation Concessions & Other Measures) Bill 2023 and Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 have been passed by the House of Representatives and introduced into the Senate. The Bills implement the Government’s proposed changes to the tax concessions available to individuals whose total superannuation balances exceed $3 million (see ASFA Action issue 925 for background). 

Financial Regulator Assessment Authority, payment system regulation 

As well as reducing the tax concessions for superannuation balances above $3 million (see above item, the Treasury Laws Amendment (Better Targeted Superannuation Concessions & Other Measures) Bill 2023: 

As noted above, the Bill has now been passed by the House of Representatives and introduced into the Senate. 

Reforms to AML/CTF regime  

The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 has been passed by the House of Representatives and introduced into the Senate. As reported in ASFA Action issue 964, this proposes a range of reforms to anti-money laundering and counter-terrorism financing (AML/CTF) laws.  

Value of a penalty unit 

The Crimes and Other Legislation Amendment (Omnibus No 1) Bill 2024 has now completed its passage through Parliament and is awaiting Royal Assent. The Bill increases the value of a Commonwealth penalty unit from $313 to $330 for offences committed on or after commencement of the amendments (14 days after the Bill receives Royal Assent). Penalty units are used to describe the amount payable for monetary penalties imposed for criminal offences in Commonwealth legislation and territory ordinances. 

Parliamentary sitting schedule for 2025

he Parliamentary sitting calendar for 2025 has been published. However, given an Election is due to be held before the end of May (assuming a regular simultaneous House of Representatives and half-Senate election), the calendar will likely undergo substantial change.

Notably, the Federal Budget has been scheduled for Tuesday 25 March.

Successor fund and intra-fund transfers: ATO guidance updated

The ATO has updated a range of technical guidance about successor fund transfers (SFTs) and intra-fund transfers (IFTs), including: 

 


 

ASFA REGULATORY WATCHLIST

ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

 

 

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