Second Reading Speeches

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Originating house
House of Representatives
Parliament no

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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
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023
Australian Securities and Investments Commission Act 2001
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
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.

We acknowledge the traditional owners and custodians of country throughout Australia and acknowledge their continuing connection to land, waters and community. We pay our respects to the people, the cultures and the elders past, present and emerging.

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