The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 has been passed by the House of Representatives and introduced into the Senate.
UPDATE: passed by Senate on 25 June 2024 and given Royal Assent on 28 June 2024.
Amongst other things (including changes to the rules for non-arm’s length expenses for superannuation entities) Schedule 8 to the Bill amends the Corporations Act to reinstate AFCA’s jurisdiction to hear complaints relating to superannuation, whether or not they meet the definition of superannuation complaint in the Corporations Act. This reinstates the original policy intent, following the MetLife decision by the Full Federal Court relating to complaints about insurance policies held inside superannuation.
The policy intent of Division 3 of Part 7.10A of the Corporations Act is to provide AFCA with additional statutory powers to manage superannuation-related complaints effectively. It was not intended to limit the complaints that may be brought under the AFCA scheme.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
