Summary

Amends the: Corporations Act 2001 to: prohibit schemes designed to avoid the application of a product intervention order relating to a credit facility; remove tertiary education requirements for financial advisers with 10 or more years’ experience and a clean disciplinary record; address certain limitations in the education requirements for new entrants into the financial advice profession and financial advisers who are registered tax agents; make amendments contingent on the commencement of the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 and Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023; Australian Securities and Investments Commission Act 2001 and Corporations Act 2001 to enable the Australian Securities and Investment Commission to implement and enforce requirements on a monopoly provider of clearing and settlement (CS) services to achieve competitive outcomes; Competition and Consumer Act 2010 to provide the Australian Competition and Consumer Commission with the power to conduct binding arbitration to resolve disputes regarding access to certain CS services; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to: increase the discretion of the Commissioner of Taxation to amend and revoke First Home Super Saver (FHSS) Scheme applications; enable individuals to withdraw or amend their FHSS Scheme applications before receiving a FHSS Scheme amount, and enabling those who withdraw to re-apply for FHSS Scheme releases in the future; enable the Commissioner of Taxation to return any FHSS Scheme amounts to superannuation funds, provided the amount has not yet been released to the individual; and clarify that FHSS Scheme amounts returned to superannuation funds do not count towards individuals’ contribution caps.