The bill to extend the FASEA compliance deadline is expected to be debated again in the Senate today after the government rejected the Centre Alliance’s amendment in the House of Representatives, but the political deadlock around the bill is unlikely to be resolved.
Debate around the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, the omnibus bill containing the FASEA extension legislation, resumed in the Senate late yesterday but was adjourned.
The bill had moved to the House of Representatives earlier on Monday, following an amendment proposed by Centre Alliance senator Rex Patrick on Friday that was accepted by Labor, the Greens and One Nation.
However, the government stood by its opposition to Mr Patrick's amendment, which relates to grandfathered large proprietary companies being included in ASIC's reporting regime, and the amended bill was rejected by the lower house.
In Friday's Senate debate, Assistant Minister for Superannuation, Financial Services and Fintech Jane Hume said the government would deal with the grandfathering provisions raised by Mr Patrick separately as part of its response to a Senate committee report on tax avoidance.
The bill is listed first on the notice paper for today's Senate sitting, which begins at midday.
Assistant Minister for Finance, Charities and Electoral Matters Zed Seselja has moved a motion that the Senate should not insist on the amendment that was rejected by the House on Monday.
However, the motion looks unlikely to succeed, with Mr Patrick having confirmed to AIOFP executive director Peter Johnston on Monday that he would insist on the amendment if the bill returned to the Senate.
As the House cannot force the Senate to vote again on the original bill, it is likely to be sacrificed.
The costs to merge could see smaller superannuation funds “wipe out their whol...
Specialist insurance company PPS Mutual has recruited a former Zurich regional s...
Close to four in 10 (38 per cent) Australians did not have an emergency fund bef...