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TOTAL RESULTS: 3785

• Financial Sector Reform (Hayne Royal Commission Response—Stronger Regulators (2019 Measures)) Bill 2019

  Track (What's this?)

  Date

  28 Nov 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Gives effect to certain recommendations of the Financial Services Royal Commission by amending the:

  Australian Securities and Investments Commission Act 2001

  (ASIC Act) and

  National Consumer Credit Protection Act 2009

  to: relocate the existing search warrant powers of the Australian and Securities Investment Commission (ASIC) from across ASIC administered legislation into the ASIC Act; and enhance ASIC's existing search warrant powers by reference to the search warrant powers in the

  Crimes Act 1914

  ;

  Telecommunications (Interception and Access) Act 1979

  to allow ASIC to receive and use interception information for its own investigations and prosecutions of serious offences;

  Corporations Act 2001

  to replace the requirement for obtaining an Australian financial services licence (AFS licence) that a person be of 'good fame and character' with the requirement that they be a 'fit and proper person';

  National Consumer Credit Protection Act 2009

  and

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

  to: enable ASIC to cancel an AFS licence if the licensee does not start to provide the relevant financial services within six months after the licence is granted; clarify ASIC's power to suspend or cancel an Australian credit licence if the person does not engage, or ceases to engage, in credit activities; require licensees to notify ASIC if they do not start to provide the financial services or engage in the credit activities covered by the licence within six months of it being granted;

  Corporations Act 2001

  and

  National Consumer Credit Protection Act 2009

  to strengthen and broadly align provisions relating to false or misleading statements; and

  Corporations Act 2001

  ,

  National Consumer Credit Protection Act 2009

  and

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

  to: expand the grounds on which ASIC can make a banning order against a person; and enable ASIC to make additional types of banning orders to prohibit a person from controlling or performing any or particular functions in relation to a financial services or credit business. Also amends seven Acts to make consequential amendments and provide for transitional arrangements. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019

  Track (What's this?)

  Date

  27 Nov 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Superannuation Guarantee (Administration) Act 1992

  to provide that employees under workplace determinations or enterprise agreements have the right to choose their superannuation fund. 

  Bill | Explanatory Memorandum

• Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019

  Track (What's this?)

  Date

  23 Oct 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, the bill amends the

  Foreign Acquisitions and Takeovers Fees Imposition Act 2015

  to impose reconciliation fees on developers who sell a near-new dwelling to a foreign person under a near-new dwelling exemption certificate. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019

  Track (What's this?)

  Date

  23 Oct 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019, the bill amends the:

  Income Tax Assessment Act 1997

  to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property under the foreign resident CGT regime, the principal asset test is applied on an associate inclusive basis;

  Income Tax (Transitional Provisions) Act 1997

  to provide for transitional arrangements in relation to the main residence exemption;

  Foreign Acquisitions and Takeovers Act 1975

  to require a reconciliation payment to be made by developers who sell dwellings to foreign persons under a near-new dwelling exemption certificate; and

  Income Tax Assessment Act 1997

  and

  Taxation Administration Act 1953

  to provide an additional affordable housing capital gains discount of up to 10 per cent. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (International Tax Agreements) Bill 2019

  Track (What's this?)

  Date

  19 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  International Tax Agreements Act 1953

  to: give legislative authority to the Convention between the Government of Australia and the Government of the State of Israel for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and correct an incorrect cross reference to the specific source rule that applies in relation to an earlier agreement with Germany; and

  Income Tax Assessment Act 1997

  to introduce a deemed source of income rule to ensure that Australia can exercise its taxing rights under the convention and future international tax agreements. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2019 Measures No. 2) Bill 2019

  Track (What's this?)

  Date

  18 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to extend the concessional tax treatment for genuine redundancy and early retirement scheme payments made to individuals who are 65 years or older provided the dismissal or retirement occurs before they reach pension age;

  A New Tax System (Luxury Car Tax) Act 1999

  to increase the refund amount that eligible primary producers and tourism operators can receive when luxury car tax is borne on the supply or import of an eligible vehicle;

  Competition and Consumer Act 2010

  to: increase the size of the board of the Australian Energy Regulator from three to five members and make changes to the operation of the board; and create a requirement that consumer data rules include an obligation on accredited data recipients to delete consumer data right data in response to a valid request from a consumer;

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to enable the Commissioner of Taxation to pay interest on amounts held by the commissioner that are proactively reunified with a person’s active superannuation account; and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to prescribe the rate of interest payable on inactive low balance accounts and amounts proactively reunified by the commissioner. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Prohibiting Energy Market Misconduct) Bill 2019

  Track (What's this?)

  Date

  18 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Competition and Consumer Act 2010

  to: prohibit certain conduct in electricity retail, contract and wholesale markets, broadly relating to retail pricing, financial contract market liquidity and conduct in wholesale spot markets; provide powers and remedies which the ACCC may use if it reasonably believes a corporation has engaged, or is engaging, in prohibited conduct in the electricity sector; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to issue a written order to a corporation or another body to make offers to enter into electricity financial contracts with third party entities; enable the Treasurer, following the receipt of a prohibited conduct recommendation from the ACCC, to apply to the Federal Court (the court) for a divestiture order and for the court to make related orders that a corporation or another body corporate dispose of interests in securities or assets that are part of its electricity business; set out the notice and recommendation procedures that must be followed before an order can be made in respect of a corporation or another body corporate; confer new compulsory information gathering powers on the Australian Energy Regulator (AER); allow the AER to share information with other agencies; and facilitate the conferral of functions related to the regulation of retail electricity prices on the AER. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019

  Track (What's this?)

  Date

  18 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  and

  Superannuation Guarantee (Administration) Act 1992

  to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non compliance; and

  Superannuation Guarantee (Administration) Act 1992

  to limit the Commissioner of Taxation’s ability to remit penalties for historical superannuation guarantee non-compliance, where an employer fails to disclose information relevant to their historical superannuation guarantee shortfall. 

  Bill | Explanatory Memorandum

• National Housing Finance and Investment Corporation Amendment Bill 2019

  Track (What's this?)

  Date

  12 Sep 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  National Housing Finance and Investment Corporation Act 2018

  to: establish the First Home Loan Deposit Scheme which will enable the National Housing Finance and Investment Corporation (NHFIC) to provide a limited guarantee to allow first home buyers to purchase a home with a minimum deposit of 5 per cent of the property purchase price; and enable the NHFIC to undertake research into housing affordability in Australia, including housing supply and demand. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Bill 2019

  Track (What's this?)

  Date

  01 Aug 2019 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Implements a recommendation of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by amending the

  Corporations Act 2001

  to: remove grandfathering arrangements for conflicted remuneration and other banned remuneration from 1 January 2021; and enable regulations to provide for a scheme under which amounts that would otherwise have been paid as conflicted remuneration are rebated to affected customers. 

  Bill | Explanatory Memorandum