Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024

The majority voted in favour of amendments introduced by the Government. See the Government's supplementary explanatory memorandum to learn more about them.

Amendment text

(1)—Schedule 1, item 2, page 4 (lines 14 and 15), omit "the cost of providing financial product advice," substitute "the cost of financial product advice provided to the member".

(2)—Schedule 1, item 2, page 4 (lines 16 and 17), omit "and is wholly or partly about the member's interest in the fund".

(3)—Schedule 1, item 2, page 4 (lines 18 to 20), omit paragraph 99FA(1)(b).

(4)—Schedule 1, item 2, page 5 (lines 6 and 7), omit note 1, substitute:

Note 1: The other obligations under this Act, including to act in the best financial interests of the beneficiaries (see paragraph 52(2)(c)) and to comply with the sole purpose test (see section 62), continue to apply to trustees.

(5)—Schedule 1, item 2, page 5 (line 17), omit "providing".

(6)—Schedule 1, item 2, page 5 (line 22), omit "providing".

(7)—Schedule 1, item 2, page 5 (line 25), omit "providing".

(8)—Schedule 1, item 2, page 5 (line 26), omit "providing".