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Company News Summary

AMP Completes Assessment of the Impact of Protecting Your Superannuation Package Bill 2018

18 Feb 2019  |  07:44:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Protecting Your Superannuation Bill impact

AMP completed an assessment of the impact of the federal government's Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. The Bill requires final approval in the House of Representatives, and therefore remains subject to potential further amendment. Based on the amendments passed in the Senate on 14 February 2019, the indicative operating earnings impact on the Company's retained businesses in FY 2019 is expected to be A$10m (after tax), with an annualised impact of up to A$30m (after tax) from 2020. The earnings impact will predominantly be in the Australian wealth management business, which will be required under the legislation to transfer 370,000 low balance superannuation accounts to the Australian Tax Office (ATO).

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