Commonwealth Consolidated Acts

FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE--PROTECTING CONSUMERS (2019 MEASURES)) ACT 2020 - SCHEDULE 2

Australian Securities and Investments Commission Act 2001

1   At the end of section   12BAA

Add:

  (10)   To avoid doubt, a funeral expenses facility is not a funeral benefit for the purposes of this Act.

Corporations Act 2001

2   Section   761A (at the end of the definition of funeral benefit )

Note:   A funeral expenses facility is not a funeral benefit : see section   765B.

3   Section   761A

Insert:

"funeral expenses facility" means a scheme or arrangement for the provision of benefits consisting of the payment of money, on the death of a person, for the purpose of meeting the whole or a part of the expenses of and incidental to the funeral, burial or cremation of the person.

4   At the end of Subdivision D of Division   3 of Part   7.1

Add:

765B   Funeral expenses facilities are not funeral benefits

    To avoid doubt, a funeral expenses facility is not a funeral benefit for the purposes of this Act.