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• Financial Sector Reform (Hayne Royal Commission Response) Bill 2020

  Track (What's this?)

  Date

  12 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Corporations (Fees) Amendment (Hayne Royal Commission Response) Bill 2020, the bill amends the:

  Corporations Act 2001

  and

  National Consumer Credit Protection Act 2009

  to: strengthen the existing voluntary code of conduct framework by enabling the Australian Securities and Investments Commission (ASIC) to designate enforceable code provisions in approved codes of conduct which, if breached, may attract civil penalties; and establish a mandatory code of conduct framework for the financial services and consumer credit industry through regulations, with the ability to designate certain provisions of civil penalty provisions;

  Insurance Contracts Act 1984

  to: limit the circumstances in which an insurer can avoid a life insurance contract on the basis of non-fraudulent misrepresentation or non-disclosure by an insured; and replace the duty of disclosure for consumer insurance contracts with a duty to take reasonable care not to make a misrepresentation;

  Australian Securities and Investments Commission Act 2001

  to: implement an industry wide deferred sales model for the sale of add-on insurance products; and formalise ASIC's meeting procedures;

  Corporations Act 2001

  to: provide for the interaction of the deferred sales model with the anti hawking obligations; make claims handling and settling a financial service; and ban the hawking of financial products;

  Australian Securities and Investments Commission Act 2001

  and

  National Consumer Credit Protection Act 2009

  to cap the commission that may be paid in relation to add-on risk products supplied in connection with the sale or long-term lease of a motor vehicle;

  Insurance Act 1973

  to restrict the use of the terms 'insurance' and 'insurer';

  Superannuation Industry (Supervision) Act 1993

  to: impose a new condition on licences held by a body corporate trustee of a registrable superannuation entity; and amend the roles and responsibilities of superannuation industry regulators;

  Australian Securities and Investments Commission Act 2001

  and

  Corporations Act 2001

  to extend the financial services licensing regime to cover a broader range of activities undertaken by superannuation trustees regulated by the Australian Prudential Regulation Authority (APRA);

  Corporations Act 2001

  ,

  National Consumer Credit Protection Act 2009

  and

  National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

  to: impose new obligations on financial services licensee and credit licensees in relation to reference checking and information sharing, and breach reporting and remediation; and clarify and strengthen the breach reporting regime for financial services licensees and introduce a breach reporting regime for credit licensees; and

  Australian Prudential Regulation Authority Act 1998

  and

  Australian Securities and Investments Commission Act 2001

  to require APRA and ASIC to cooperate and share information with each other, including requiring them to notify each other when they reasonably believe there may be material breaches of each other's legislation. Also makes consequential amendments to five Acts. 

  Bill | Explanatory Memorandum

• Social Services and Other Legislation Amendment (Extension of Coronavirus Support) Bill 2020

  Track (What's this?)

  Date

  12 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Social Services 

  Summary

  Amends the:

  Social Security Act 1991

  to: extend the COVID-19 supplement to 31 March 2021 for all persons in receipt of youth allowance, including full time students and new apprentices; extend the temporary COVID-19 qualification rules for jobseeker payment and youth allowance to 31 March 2021; end the COVID-19 exemptions from the liquid assets test waiting period and assets tests from 1 January 2021; and temporarily enable the minister to determine modifications to specified provisions of the social security law in response to COVID-19;

  Farm Household Support Act 2014

  and

  Social Security Act 1991

  to provide that the COVID-19 supplement and the exemptions from the ordinary waiting period, newly arrived resident's waiting period and seasonal work preclusion period cannot be extended beyond 31 March 2021; and

  Social Security Act 1991

  and

  Veterans' Entitlements Act 1986

  to introduce a discretionary power to extend the principal home exemption temporary absence provisions for the purposes of the social security and veterans' entitlements assets tests. Also permits jobkeeper information provided to Services Australia on or before 28 March 2021 to continue to be used after that date. 

  Bill | Explanatory Memorandum

• VET Student Payment Arrangements (Miscellaneous Amendments) Bill 2020

  Track (What's this?)

  Date

  12 Nov 2020 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Education, Skills and Employment 

  Summary

  Amends the

  Higher Education Support Act 2003

  and

  VET Student Loans Act 2016

  to: phase out the Commonwealth's obligation to pay VET FEE-HELP (VFH) to VET providers in respect of old student data, and prevent those providers from pursuing students for the amounts the Commonwealth does not pay; enable the Commonwealth to set off debts owed by providers to the Commonwealth under the VFH scheme against amounts of FEE-HELP assistance or VET student loans payable to the provider; and revoke the approval of remaining VET providers, while providing for the continuing operation of the

  Higher Education Support Act 2003

  and relevant legislative instruments to enable the Commonwealth to deal with and resolve outstanding matters under the VFH scheme. 

  Bill | Explanatory Memorandum

• Education Services for Overseas Students Amendment (Refunds of Charges and Other Measures) Bill 2020

  Track (What's this?)

  Date

  11 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Education, Skills and Employment 

  Summary

  Amends the

  Education Services for Overseas Students Act 2000

  to: enable refunds of registration charges in special circumstances; amend the definition of 'course'; and enable the minister responsible for international education to include and exempt certain courses from the requirements of the Act. 

  Bill | Explanatory Memorandum

• Export Control Amendment (Miscellaneous Measures) Bill 2020

  Track (What's this?)

  Date

  11 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Agriculture, Water and the Environment 

  Summary

  Amends the

  Export Control Act 2020

  to: clarify the circumstances where a fit and proper person test is required for an application to vary a registration of an establishment, or to approve an alteration of an establishment; enable the rules to prescribe circumstances where the secretary may approve or refuse to approve a notice of intention to export prescribed goods; provide the secretary with the power to prescribe requirements in the rules for determining whether to issue or to refuse to issue an export permit; enable the rules to modify how certain provisions in the Act and the

  Administrative Appeals Tribunals Act 1975

  apply to reviewable decisions for tariff rate quotas; and enable the rules to apply matters contained in any instrument of a foreign country that sets out, or provides a method for calculating, the tariff rate quota for the importation of a kind of goods into that country. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2020 Measures No. 5) Bill 2020

  Track (What's this?)

  Date

  11 Nov 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to: enable the minister to declare certain grant programs as eligible for non-assessable non-exempt income tax treatment under an instrument-making power; and update the list of deductible gift recipients to include Neighbourhood Watch Australasia; and

  Income Tax Assessment Act 1997

  and

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to facilitate the payment of unclaimed superannuation held by the Commissioner of Taxation directly to New Zealand KiwiSaver schemes. 

  Bill | Explanatory Memorandum

• Health Insurance Amendment (Compliance Administration) Bill 2020

  Track (What's this?)

  Date

  29 Oct 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Health 

  Summary

  Amends the

  Health Insurance Act 1973

  to enable the Commonwealth to recover amounts overpaid for incorrectly claimed Medicare benefits or payments where a false or misleading statement has led to a payment that should not have been made. 

  Bill | Explanatory Memorandum

• Immigration (Education) Amendment (Expanding Access to English Tuition) Bill 2020

  Track (What's this?)

  Date

  29 Oct 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Home Affairs 

  Summary

  Amends the

  Immigration (Education) Act 1971

  to: remove the 510 hour limit on an eligible person's entitlement to English tuition; amend the upper limit for eligibility to access English tuition from functional English to vocational English; remove the time limits on the registration, commencement and completion of English tuition for certain visa holders; and provide English tuition to certain visa holders or visa applicants outside Australia. 

  Bill | Explanatory Memorandum

• Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020

  Track (What's this?)

  Date

  28 Oct 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Foreign Investment Reform (Protecting Australia's National Security) Bill 2020, the bill amends the

  Foreign Acquisitions and Takeovers Fees Imposition Act 2015

  to establish a new fee framework for applications, notices and notifiable national security actions under the

  Foreign Acquisitions and Takeovers Act 1975

  . 

  Bill | Explanatory Memorandum

• Foreign Investment Reform (Protecting Australia’s National Security) Bill 2020

  Track (What's this?)

  Date

  28 Oct 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020, the bill amends the:

  Foreign Acquisitions and Takeovers Act 1975

  to: introduce a new national security test which requires mandatory notification of investments in a sensitive national security business or land and allows investments not otherwise notified to be 'called in' for review on national security grounds; provide the Treasurer, as a last resort and in extraordinary circumstances, with the ability to issue a divestment order where there is no other remedy for a national security risk; expand the enforcement, monitoring and investigative powers of the Treasurer and the Commissioner of Taxation; amend the circumstances in which an investor satisfies the change in control test; deems a foreign person to have acquired an interest in securities in an entity where the persons' proportional holdings have increased without the person taking any action; amend the definition of Australian business to include state and territory business functions; expand the tracing rules to unincorporated limited partnerships; enable information sharing with foreign governments; create a Register of Foreign Ownership of Australian Assets which incorporates the existing Register of Foreign Ownership of Water Entitlements and Register of Foreign Ownership of Agricultural Land, and create additional obligations to notify the Registrar of a broader range of interests; provide that fees are payable for new types of actions; and make consequential and technical amendments;

  Foreign Acquisitions and Takeovers Act 1975

  and

  Taxation Administration Act 1953

  to enable the Commissioner of Taxation to disclose protected information to the Foreign Investment Review Board for certain purposes; and

  Administrative Appeals Tribunal Act 1975

  and

  Security of Critical Infrastructure Act 2018

  to make consequential amendments. Also repeals the

  Register of Foreign Ownership of Water or Agricultural Land Act 2015

  . 

  Bill | Explanatory Memorandum