Treasury Laws Amendment (Delivering an Efficient and Trusted Tax System) Bill 2026

The PRESIDENT (18:22): As the last question was resolved in the affirmative, the consequential amendment on sheet 3885 will not be put. I will now deal with the amendment circulated by Senator Thorpe. The question is that the amendment on sheet 3862 be agreed to.

Senator Thorpe's circulated amendment— (1) Schedule 3, page 12 (after line 15), after Part 2, insert: Part 2A — SMSF trustee director duties Superannuation Industry (Supervision) Act 1993 5A After section 104A 104B Trustees etc. of self managed superannuation fund — duties in relation to members under a legal disability or enduring power of attorney (1) This section applies to a person if the person is: (a) a trustee of a self managed superannuation fund; or (b) a director of a body corporate that is the trustee of a self managed superannuation fund; in place of a member of the fund during any period when: (c) the member is under a legal disability; or (d) the trustee or director has an enduring power of attorney in respect of the member of the fund.

(2) To avoid doubt, subsection (1) includes the following circumstances (without limitation): (a) the member of the fund is under a legal disability and the Public Trustee of a State or Territory is appointed under a law of a State or Territory to manage, to any extent, the member's estate, property or financial affairs; (b) the Public Trustee of a State or Territory holds an enduring power of attorney in respect of the member of the fund; (c) the person is approved, in writing, by the Public Trustee to be the trustee or director (as the case may be) in place of the member of the fund.

(3) Despite anything in this Act, in any other law of the Commonwealth, or in a law of a State or Territory, the person must perform their duties and services in relation to the member of the fund: (a) with respect to the rights, will and preferences of the member; and (b) without conflict of interest and undue influence; and (c) in a manner proportionate and suitable to the member's circumstances; and (d) for the shortest duration possible; and (e) subject to the complaints handling process of the relevant State or Territory; and (f) subject to regular review by a competent, independent and impartial authority.

Note 1: This section is intended, in part, to give effect to article 12(4) of the Convention on the Rights of Persons with Disabilities done at New York on 30 March 2007 ([2008] ATS 12): the Convention on the Rights of Persons with Disabilities is in Australian Treaty Series 2008 No. 12 ([2008] ATS 12) and could in 2026 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 2: Section 166 imposes an administrative penalty for a contravention of subsection (3). (4) A person commits an offence if the person contravenes subsection (3). Penalty: 50 penalty units.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. 5B Section 166 (after table item 10) Insert: 10A Subsection 104B(3) 10 penalty units Question negatived. The PRESIDENT: The question is that the remaining stages of the bill be agreed to, and the bill be now passed. Question agreed to.

Bill read a third time.