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Bill passed to remove payslip duplication
The Senate has a passed a bill that abolishes duplicative payslip reporting provisions in the 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.
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The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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