Liberal senator Paul Scarr says he will cross the floor to vote against Labor's gambling advertising bill, defying his party's official position.
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Assistant Treasurer Daniel Mulino says the government will give the Australian Taxation Office a new power to prevent rollovers into Self-Managed Super Funds (SMSFs).
Labor will also require SMSFs to maintain identifiable bank accounts to help identify fraud risks and introduce basic trustee knowledge requirements.
"We will also align the first SMSF ATO supervisory levy with fund establishment and increase the levy for the first time since 2013, to help ensure the ATO is appropriately resourced to engage with new trustees, identify emerging risks, and intervene when members may be at risk of financial harm," Mulino says.
"And we are going to improve transparency around SMSF outcomes by requiring newly established SMSFs to disclose any financial adviser involved in their establishment. "
Assistant Treasurer Daniel Mulino says the government will also strengthen oversight and governance of managed investment scheme.
Managed investment schemes will be required to notify ASIC when they freeze, suspend or otherwise restrict investors' ability to redeem them investments.
"These reforms will improve transparency, strengthen accountability and give regulators better visibility of emerging risks," Mulino says.
"Importantly, they will help regulators identify concerning flows of consumers and capital into high-risk products at a much earlier stage and intervene before problems become widespread consumer harm. "
Mulino has also announced a new framework to let ASIC direct super trustees to commence a remediation process when an investment option fails.
Labor will also give APRA the power to set capital requirements to ensure super trustees that have higher-risk options have the financial capacity to meet those obligations.
Assistant Treasurer Daniel Mulino is now outlining some of the predatory practices that lead to some people moving their super.
He says those experiences require a "comprehensive response" that strikes the right balance between consumer choice and protection.
Mulino has announced a "comprehensive crackdown" on harmful lead generation practices. He's also announced the government will ban unlicensed real-time communication about super.
