EXPLANATORY STATEMENT
Issued by authority of the Assistant Minister for Productivity, Competition, Charities and Treasury and Parliamentary Secretary to the Treasurer
Corporations Act 2001
Retirement Savings Accounts Act 1997
Superannuation Industry (Supervision) Act 1993
Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026
The following provisions provide that the Governor-General may make regulations prescribing matters required or permitted by the relevant Acts to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to that Act (collectively, the Authorising Acts): section 1364 of the Corporations Act 2001, section 200 of the Retirement Savings Accounts Act 1997 and section 353 of the Superannuation Industry (Supervision) Act 1999.
The purpose of the Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026 (the Regulations) is to make minor and technical amendments to regulations within the Treasury portfolio legislation. These amendments reflect the Government’s ongoing commitment to the care and maintenance of Treasury laws. The amendments ensure that Treasury portfolio regulations remain fit for purpose and continues to work for relevant stakeholders and the broader public.
Minor and technical amendments are routinely made to Treasury portfolio regulations to correct drafting errors and unintended outcomes, make technical changes and improve the quality of Treasury portfolio regulations. The process was first supported by a recommendation of the 2008 Tax Design Review Panel, which considered ways to improve the quality of tax legislation. It has since been expanded to all Treasury regulations.
The amendments contained in the Regulations:
• updated the reference to the MSCI Australia Quarterly Private Infrastructure Fund Index in the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) to reflect that the Index was frozen in September 2024,
• corrected a typographical error in Retirement Savings Accounts Regulation 1997 so that the provision cross-references to the correct provision,
• amended the SIS Regulations to allow the regulated superannuation fund to accept Paid Parental Superannuation Contributions payments even if the member’s Tax File Number has not been quoted for superannuation purposes to the trustee of the fund and
• fixed an incorrect cross-referencing in Corporations Regulations 2001 (the Corporations Regulations).
Details of the Regulations are set out under Attachment A.
The amendments contained in the Regulations were the subject of a public consultation from 5 December 2026 to 2 January 2026. No submissions were received.
The Authorising Acts do not specify any conditions that need to be satisfied before the power to make the Regulations may be exercised.
Items 59A, 56B and 18 of section 12 of the Legislation (Exemptions and Other Matters) Regulation 2015 together exempt the Regulations from the sunsetting provisions in Part 4 of Chapter 3 of the Legislation Act 2003. The items exempt amendments made to the SIS Regulations, the RSA Regulations and the Corporations Regulations respectively. An exemption is appropriate because the Regulations amend existing regulations that establish core operational and regulatory settings relied upon by commercial entities on an ongoing basis. It is also noted that the Corporations Regulations are established through an intergovernmental agreement. Allowing the Regulations to sunset would create uncertainty for industry participants whose compliance frameworks, administrative systems and commercial arrangements depend on the continued operation of these regulatory settings. The exemption therefore supports regulatory certainty. Although the amendments in the Regulations, and the regulations it affects, are exempt from sunsetting, the regulations remain subject to regular review and amendment. This ongoing oversight ensures that the regulatory framework remains current, fit for purpose and aligned with Government policy. The frequency of updates also provides continuing opportunities to assess whether the regulations remain necessary, effective and appropriate. For these reasons, a sunsetting exemption is justified.
The Regulations are a legislative instrument for the purposes of the Legislation Act 2003 (the Legislation Act).
The Regulations are subject to the disallowance regime under section 42 of the Legislation Act.
Once the Regulations are made, the Regulations will be automatically repealed under section 48A of the Legislation Act.
The Regulations commenced the day after the Regulations are registered on the Federal Register of Legislation.
A statement of Compatibility with Human Rights is at Attachment B.
The Superannuation (Objective) Act 2024 (the Superannuation Objective Act) requires that regulations relating to superannuation include a statement assessing compatibility with the legislated objective of superannuation, unless an exception applies. Whilst the Regulations contained amendments relating to superannuation, these Regulations are exempt from this requirement under paragraph 7(3)(b) of the Superannuation Objective Act because those amendments are of a minor and technical nature. Accordingly, a Statement of Compatibility was not prepared for these Regulations.
ATTACHMENT A
Details of the Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026
Section 1 – Name
This section provides that the name of the Regulations is the Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026 (the Regulations).
Section 2 – Commencement
Schedule 1 to the Regulations commenced on the day after the Regulations are registered on the Federal Register of Legislation.
Section 3 – Authority
The Regulations were made under the Corporations Act 2001, the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 (collectively, the Authorising Act).
Section 4 – Schedule
This section provides that each instrument that is specified in the Schedules to this instrument are amended or repealed as set out in the applicable items in the Schedules, and any other item in the Schedules to this instrument has effect according to its terms.
Schedule 1 – Minor and technical amendments
Legislative references are made to Schedule 1 to the Regulations unless otherwise stated.
Part 1 – MSCI Australia Quarterly Private Infrastructure Fund Index
Item 1 – Subregulation 9AB.17(7) (table items 14 and 15, column headed “Assumed index”
Item 1 of Part 1 of Schedule 1 to the Regulations updated the references to the MSCI Australia Quarterly Private Infrastructure Fund Index in the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) to reflect that the Index was frozen in September 2024.
Subsection 9AB.17(7) of the SIS Regulations lists covered asset classes, assumed indices, assumed annual fees and assumed tax rates for quarters starting on or after 1 July 2014. The MSCI Australia Quarterly Private Infrastructure Fund Index (Unfrozen) is referenced twice in items 14 and 15 of the table. However, the Index was frozen in September 2024 and its name has been changed accordingly to the MSCI Australia Quarterly Private Infrastructure Fund Index.
This item amended two references to the MSCI Australia Quarterly Private Infrastructure Fund Index (Unfrozen) to its current name, the MSCI Australia Quarterly Private Infrastructure Fund Index.
Part 2 – Correcting reference in the Retirement Savings Account Regulations 1997
Item 2 – Regulation 1.08AA
Item 2 of Part 2 of Schedule 1 to the Regulations corrected a typographical error in the Retirement Savings Accounts Regulation 1997 (the RSA Regulations) so that the provision cross-references to the correct provision.
Regulation 1.08AA of the RSA Regulations contained a typographical error. The provision referenced subparagraph 1.07A(3A)(e)(iva) of the RSA Regulations, which does not exist. This item corrected this typographical error to refer to the intended subparagraph 1.07(3A)(e)(iva) of the RSA Regulations. By doing so, it ensured market linked pension holders are able to fully commute market linked pensions as intended.
Subparagraph 1.07(3A)(e)(iva) of the RSA Regulations ensures that market linked pensions can be commuted if the circumstances in regulation 1.08AA of the RSA Regulations are satisfied, which require that commutation occurs during the 5 years beginning on the commencement of the regulation, and the whole of the benefit is commuted. This allows individuals still using these products to exit them if they are no longer suitable for their circumstances.
Part 3 – Administration of Paid Parental Leave superannuation contributions
Items 3 and 4 – Subregulation 7.04(2) and Subregulation 7.04(7)
Items 3 and 4 of Part 3 of Schedule 1 to the Regulations amended the SIS Regulations to allow the regulated superannuation funds to accept Paid Parental Superannuation Contribution (PPLSC) payments even if the member’s Tax File Number (TFN) has not been quoted for superannuation purposes to the trustee of the fund.
Regulation 7.04 of the SIS Regulations enables regulated superannuation funds to accept contributions provided they comply with relevant conditions outlined in subregulations 7.04(1A), (2), (4) and (6) of the SIS Regulations. One condition is that funds can only accept member contributions if the member’s TFN has been quoted to the trustee of the fund. If a TFN has not been quoted to the fund, the fund is required to return the payment within 30 days under subregulation 7.04(4) of the SIS Regulations.
In contrast, funds can accept employer contributions even without a TFN not being quoted. PPLSC, which is defined in Chapter 3A of the Paid Parental Leave Act 2010 (the PPL Act), are member contributions, which are defined as any contributions that are not employer contributions and are either made by or on behalf of a member. Therefore, funds cannot accept PPLSC payments unless a TFN has been quoted to them by the member.
Items 3 and 4 exempted PPLSC from the requirement that members must have quoted their TFN for superannuation purposes in order for the regulated fund to accept the PPLSC under subregulation 7.04(2) of the SIS Regulations. This ensures that funds do not breach the conditions under the SIS Regulations by accepting PPLSC payments for members without holding their TFN and may allocate the payment to that member’s account rather than returning it.
Subregulation 7.04(7) of the SIS Regulations has also been amended to insert the definition of PPLSC which has the same meaning as in the PPL Act.
Part 4 – Financial services guides
Item 5 Subregulation 7.7.02A(1)
Item 5 of Part 4 of Schedule 1 to the Regulations fixed an incorrect cross-referencing in Corporations Regulations 2001 (the Corporations Regulations).
Regulation 7.7.02A of the Corporations Regulations specifies situations when Financial Services Guides do not need to be provided. It does this by modifying section 941C of the Corporations Act.
Regulation 7.7.02A of the Corporations Regulations inserts a subsection (1A), which refers to ‘paragraphs (7A)(b) and (c)’. This reference is intended to refer to paragraphs (7AA)(b) and (c), which is a subsection inserted by subsection 7.702A(2) of the Corporations Regulations. This item corrected that. The item ensured that the law operates as intended, that a providing entity does not have to provide a Financial Services Guide if the client has received documents referred to in (7AA)(b) and (c).
ATTACHMENT B
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
The purpose of the Treasury Laws Amendment (Minor and Technical Amendments No. 1) Regulations 2026 (the Regulations) is to make minor and technical amendments to regulations within the Treasury portfolio legislation. These amendments reflect the Government’s ongoing commitment to the care and maintenance of Treasury laws. The amendments ensure that Treasury portfolio regulations remain fit for purpose and continues to work for relevant stakeholders and the broader public.
Minor and technical amendments are routinely made to Treasury portfolio regulations to correct drafting errors and unintended outcomes, make technical changes and improve the quality of Treasury portfolio regulations. The process was first supported by a recommendation of the 2008 Tax Design Review Panel, which considered ways to improve the quality of tax legislation. It has since been expanded to all Treasury regulations.
The amendments contained in the Regulations:
• updated the reference to the MSCI Australia Quarterly Private Infrastructure Fund Index in the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) to reflect that the Index was frozen in September 2024,
• corrected a typographical error in Retirement Savings Accounts Regulation 1997 so that the provision cross-references to the correct provision,
• amended the SIS Regulations to allow the regulated superannuation fund to accept Paid Parental Superannuation Contributions payments even if the member’s Tax File Number has not been quoted for superannuation purposes to the trustee of the fund, and
• fixed an incorrect cross-referencing in Corporations Regulations 2001.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.