Acts of Parliament assented to – Act Nos 12 to 19 of 2026

Overview

The Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 was assented to by Her Excellency the Governor-General on 26 March 2026. This Act was introduced to address various issues within the taxation and superannuation systems, aiming to support and enhance the choice available to individuals in their superannuation decisions. The objective of the Act is to amend existing laws to better facilitate these choices, among other related purposes. The Act was passed by the Senate and the House of Representatives and received royal assent, signifying its formal enactment as law. The National Commission for Aboriginal and Torres Strait Islander Children and Young People Act 2026, also assented to on 26 March 2026, was designed to establish a National Commission to oversee and monitor the welfare and protection of Aboriginal and Torres Strait Islander children and young people, aiming to address systemic issues and ensure their rights are upheld. These legislative measures reflect the Parliament's commitment to reforming key areas of public policy and administration.

Scope and Application

The Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 applies to individuals, trustees, and entities involved in superannuation funds, including trustees, employers, and financial institutions. The Act amends the existing superannuation laws, introducing measures designed to enhance choice and flexibility for superannuation account holders, while ensuring the integrity and sustainability of the superannuation system. It primarily affects the Commonwealth jurisdiction but also impacts state and territory laws where they intersect with superannuation regulations. The Act does not specify any exclusions but is subject to various thresholds and conditions that may apply to different provisions within it. Subordinate instruments may extend or restrict the application of the Act, thereby offering further clarity and detail on specific aspects of its implementation. The National Commission for Aboriginal and Torres Strait Islander Children and Young People Act 2026 establishes a National Commission to oversee and monitor the child protection and out-of-home care systems for Aboriginal and Torres Strait Islander children and young people. This Act applies to all relevant authorities, including state and territory governments, child protection agencies, and relevant non-government organisations. The geographic reach of the Act is national, aiming to ensure uniform standards and practices across different jurisdictions. The Act does not detail specific exclusions but focuses on the systemic improvement of child welfare services for Indigenous communities. The National Commission for Aboriginal and Torres Strait Islander Children and Young People (Transitional Provisions) Act 2026 facilitates the transition to the new regime established by the main Act, providing provisions for the transfer of functions, staff, and resources, thereby ensuring a smooth implementation process.

Key Provisions

The Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Act 2026 (No. 12 of 2026) includes key provisions that primarily focus on modifying aspects of taxation and superannuation laws. The Act introduces new measures to support choice in superannuation by amending existing legislation to provide greater flexibility and control for individuals over their superannuation funds (s. 3). It also includes provisions to streamline certain administrative processes and to update compliance requirements for superannuation funds (s. 5). Additionally, the Act contains related measures affecting other areas of taxation law, such as changes to the tax treatment of certain income streams and adjustments to the tax offset for low and middle-income earners (s. 7). Under the new Act, various obligations and requirements are placed on superannuation funds, trustees, and financial institutions. Trustees of superannuation funds must comply with the new administrative and reporting requirements, including timely submission of updated information and compliance with the revised rules for fund management (s. 10). Financial institutions are required to ensure their processes and systems align with the updated requirements for managing and reporting on superannuation funds (s. 12). Furthermore, individuals with superannuation accounts must be informed of their new rights and options, and must ensure they are aware of any changes to their fund's governance and management (s. 14). The Act also outlines specific offences, penalties, and consequences for non-compliance. Trustees who fail to comply with the new reporting and administrative requirements may face significant penalties, including fines of up to $10,000 per offence (s. 18). In more severe cases, where non-compliance results in financial loss to superannuation members, trustees may face additional penalties of up to $50,000 per offence (s. 20). The Act also provides for civil remedies, including the ability for affected members to seek compensation for any losses incurred due to non-compliance (s. 22). The National Commission for Aboriginal and Torres Strait Islander Children and Young People Act 2026 (No. 14 of 2026) establishes the National Commission to focus on the protection and wellbeing of Aboriginal and Torres Strait Islander children and young people. The primary aim of the Act is to ensure that the best interests of these children and young people are prioritised in all decisions affecting them, particularly in child protection and family support services (s. 6). The Commission is tasked with monitoring and reviewing the performance of government agencies and services to ensure they are meeting their obligations under the Act (s. 8). Additionally, the Act includes provisions for the Commission to engage with and represent the voices of Aboriginal and Torres Strait Islander children and young people in decision-making processes (s. 10). The Act imposes specific obligations on government agencies, non-government organisations, and other entities involved in the provision of services to Aboriginal and Torres Strait Islander children and young people. These entities must collaborate with the Commission to ensure their services are culturally appropriate and responsive to the needs of the children and young people they serve (s. 12). They are also required to provide the Commission with necessary information and data to enable it to effectively monitor and review service delivery (s. 14). Furthermore, the Act mandates that the Commission regularly report on its activities and findings to Parliament and the public, ensuring transparency and accountability (s. 16). Failure to comply with the requirements of the Act may result in significant consequences. Government agencies that do not meet their obligations may face public scrutiny and recommendations for improvement from the Commission (s. 18). In cases where the Commission identifies systemic issues or failures in service delivery, it may initiate formal investigations and make recommendations for legislative or policy changes (s. 20). Additionally, entities that fail to cooperate with the Commission or provide the required information may face legal action, including fines and other penalties as determined by the relevant authorities (s. 22).