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• Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2018

  Track (What's this?)

  Date

  19 Oct 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Banking Act 1959

  to: establish the Banking Executive Accountability Regime (BEAR) to impose accountability, remuneration, key personnel and notification obligations on authorised deposit-taking institutions and persons in director and senior executive roles; and provide the Australian Prudential Regulation Authority (APRA) with additional powers to investigate potential breaches of the BEAR and extend these powers to APRA’s other supervisory functions; and

  Australian Prudential Regulation Authority Act 1998

  and

  Banking Act 1959

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Banking Measures No. 1) Bill 2017

  Track (What's this?)

  Date

  19 Oct 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Banking Act 1959

  to: enable the Australian Prudential Regulation Authority (APRA) to makes rules and directions relating to the provision of finance by non-authorised deposit-taking institution lenders which APRA has identified may materially contribute to risks of instability in the Australian financial system; remove restrictions on the use of the term ‘bank’; and insert an objects provision;

  National Consumer Credit Protection Act 2009

  to: require that the suitability of a credit card contract is assessed on the consumer’s ability to repay the credit limit within a certain period; prohibit providers from making unsolicited credit limit offers in relation to credit card contracts and from retrospectively charging interest on credit card balances; and enable consumers to reduce credit card limits and terminate credit card contracts, including by online means; and

  Financial Sector (Collection of Data) Act 2001

  ,

  Insurance Act 1973

  ,

  Life Insurance Act 1995

  and

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

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

  Track (What's this?)

  Date

  19 Oct 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to replace the Exploration Development Incentive with the Junior Minerals Exploration Incentive, which will enable junior exploration companies undertaking greenfields minerals exploration to distribute their tax losses as a refundable tax offset to investors who have purchased newly issued shares; and

  Income Tax Assessment Act 1936

  ,

  Income Tax Assessment Act 1997

  ,

  Taxation Administration Act 1953

  and

  Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2018

  Track (What's this?)

  Date

  18 Oct 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Rates Act 1986

  to provide that a corporate tax entity will not qualify for the lower 27.5 per cent corporate tax rate if more than 80 per cent of its assessable income is income of a passive nature; and

  Income Tax Assessment Act 1997

  and

  Income Tax Rates Act 1986

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Corporations Act 2001

  to: extend the crowd-sourced funding (CSF) framework for public companies to eligible proprietary companies, subject to additional reporting requirements and accountability standards; provide that proprietary companies with shareholders who acquire shares through a CSF offer are not subject to the takeovers rules; introduce special investor protections for proprietary companies accessing the CSF regime; and remove the temporary corporate governance concessions for proprietary companies that convert to or register as public companies to access the CSF regime. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2017 Measures No. 6) Bill 2017

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  A New Tax System (Goods and Services Tax) Act 1999

  to ensure that supplies of digital currency receive equivalent goods and services tax treatment to supplies of money, particularly foreign currency; and

  Income Tax Assessment Act 1997

  to include the Centre For Entrepreneurial Research and Innovation on the list of deductible gift recipients. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, the bill amends the:

  Superannuation Industry (Supervision) Act 1993

  to: require trustees to assess on an annual basis whether the outcomes that are being delivered by MySuper products are promoting the financial interests of MySuper members; allow the Australian Prudential Regulation Authority (APRA) to refuse, or cancel, an authority to offer a MySuper product if it has a reason to believe the registrable superannuation entity (RSE) licensee may fail to comply with its obligations; impose civil and criminal penalties on directors of RSE licensees who fail to execute their responsibilities to act in the best interests of members, or who use their position to further their own interests to the detriment of members; enable APRA to refuse authority for a change in ownership or control where it has concerns about the person seeking ownership or control, give a direction to a person to relinquish control of a RSE licensee and remove or suspend an RSE licensee where it is subject to the control of its owner; align APRA’s directions powers in relation to the superannuation industry with its broader directions powers in the banking and insurance industries; and require RSE licensees to hold annual members’ meetings;

  Corporations Act 2001

  and

  Superannuation Industry (Supervision) Act 1993

  to require superannuation funds to disclose on a semi-annual basis investments that they hold directly or through associated entities and initial investments into non-associated entities;

  Financial Sector (Collection of Data) Act 2001

  to provide APRA with the ability to obtain information on expenses incurred by RSE and RSE licensees in managing or operating the RSE; and

  Australian Prudential Regulation Authority Act 1998

  to make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017

  Track (What's this?)

  Date

  14 Sep 2017 

  Chamber

  Senate 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends: the

  Corporations Act 2001

  and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the

  Superannuation (Resolution of Complaints) Act 1993

  and makes consequential amendments to 11 Acts. 

  Bill | Explanatory Memorandum

• ASIC Supervisory Cost Recovery Levy Amendment Bill 2017

  Track (What's this?)

  Date

  07 Sep 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Treasury Laws Amendment (2017 Measures No. 5) Bill 2017, the bill amends the

  ASIC Supervisory Cost Recovery Levy Act 2017

  to add benchmark administrator licensees to the list of entities from which the Australian Securities and Investments Commission may recover its regulatory costs. 

  Bill | Explanatory Memorandum

• First Home Super Saver Tax Bill 2017

  Track (What's this?)

  Date

  07 Sep 2017 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 to establish the First Home Super Saver Scheme, the bill imposes a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation. 

  Bill | Explanatory Memorandum