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• Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

  Track (What's this?)

  Date

  26 May 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Fringe Benefits Tax Assessment Act 1986

  to provide employers with an exemption from fringe benefits tax if they provide training or education to a redundant, or soon to be redundant, employee for the purpose of assisting that employee to gain new employment;

  Income Tax Assessment Act 1997

  to: extend the operation of the junior minerals exploration incentive for a further four years; and include a reporting requirement for mineral exploration companies where no exploration investment has occurred to enable unused exploration credits to be identified earlier and reallocated;

  Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018

  to make consequential amendments;

  Income Tax Assessment Act 1997

  and

  Income Tax (Transitional Provisions) Act 1997

  to provide a capital gains tax exemption for granny flat arrangements where there is a formal written agreement in place;

  Corporations Act 2001

  and

  National Consumer Credit Protection Act 2009

  to provide that the Australian Securities and Investment Commission is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration payable by a retail client or consumer in relation to a financial or credit product;

  International Tax Agreements Act 1953

  to disregard days spent in Australia due to COVID-19 by New Zealand sportspersons on teams participating in cross-border competitions and their support staff in determining whether income derived from such competitions is taxable in Australia; and

  Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020

  to retain the low and middle income tax offset for the 2021-22 financial year. 

  Bill | Explanatory Memorandum

• Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021

  Track (What's this?)

  Date

  13 May 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Financial Regulator Assessment Authority Bill 2021, the bill amends five Acts to make amendments consequential on the establishment of the Financial Regulator Assessment Authority. 

  Bill | Explanatory Memorandum

• Financial Regulator Assessment Authority Bill 2021

  Track (What's this?)

  Date

  13 May 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Financial Regulator Assessment Authority (Consequential Amendments and Transitional Provisions) Bill 2021, the bill: establishes the Financial Regulatory Assessment Authority to assess and report on the effectiveness and capability of the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission; and prohibits the unauthorised use or disclosure of protected information provided to the Authority. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 3) Bill 2021

  Track (What's this?)

  Date

  13 May 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999

  and

  Medicare Levy Act 1986

  to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts;

  National Housing Finance and Investment Corporation Act 2018

  to expand the objects of the Act to include the National Housing Finance and Investment Corporation improving housing outcomes for Australians by assisting earlier access to the housing market by single parents with dependants;

  Income Tax Assessment Act 1997

  ,

  Social Security Act 1991

  and

  Veterans' Entitlements Act 1986

  to provide that annual and lump sum payments made by the Commonwealth to thalidomide survivors are exempt from income tax and do not count as income for the purposes of any income support payments; and

  Income Tax Assessment Act 1997

  to: make disaster recovery grant payments in relation to the storms and floods that occurred in February and March 2021 non-assessable non-exempt income; update the list of deductible gift recipients to include six new entities; and extend the period in which two entities are deductible gift recipients. 

  Bill | Explanatory Memorandum

• Competition and Consumer Amendment (Motor Vehicle Service and Repair Information Sharing Scheme) Bill 2021

  Track (What's this?)

  Date

  24 Mar 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Competition and Consumer Act 2010

  to establish a scheme that mandates that service and repair information provided to car dealership networks and manufacturer preferred repairs be made available for independent repairs and registered training organisations to purchase at a fair market price; and

  Copyright Act 1968

  to provide that the statutory licensing scheme for educational institutions does not apply to such information. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

  Track (What's this?)

  Date

  17 Mar 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1997

  to require a fund, authority or institution to be a registered charity or an Australian government agency, or be operated by a registered charity or an Australian government agency, to be entitled to a deductible gift recipient endorsement;

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to remove the concessional tax treatment for offshore banking units (OBU); and

  Income Tax Assessment Act 1936

  to: remove the ability of the minister to issue determinations or declarations that a person or entity is an OBU; and remove the withholding tax exemption for OBUs for interest (including interest consisting of gold) paid on or after 1 January 2024. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (2021 Measures No. 1) Bill 2021

  Track (What's this?)

  Date

  17 Feb 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Corporations Act 2001

  to: allow companies to execute documents, hold meetings, provide notices relating to meetings and keep minutes using electronic means or other alternative technologies until 16 September 2021; and make contingent amendments; and

  Australian Securities and Investments Commission Act 2001

  and

  Corporations Act 2001

  to: provide that all civil penalty proceedings commenced under the continuous disclosure and misleading and deceptive conduct provisions must prove that an entity or officer acted with 'knowledge, recklessness or negligence' in respect of an alleged contravention; and make consequential amendments. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (Your Future, Your Super) Bill 2021

  Track (What's this?)

  Date

  17 Feb 2021 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Guarantee (Administration) Act 1992

  to: provide that if a new employee has an existing 'stapled' superannuation fund and does not choose a fund to receive contributions, their employer is required to make contributions on behalf of the employee into the stapled fund; and ensure that employers are not in breach of various rules, or are not liable for superannuation guarantee charge, in certain circumstances;

  Superannuation Act 1990

  and

  Superannuation Act 2005

  to make consequential amendments;

  Superannuation Industry (Supervision) Act 1993

  to: require the Australian Prudential Regulation Authority to conduct an annual performance test for MySuper products and other products to be specified in regulations; make amendments contingent on the commencement of the

  Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021

  , when enacted, and

  Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020

  , when enacted; require trustees of registrable superannuation entities and self managed superannuation funds and directors of the corporate trustee of a registrable superannuation entity to perform their duties and exercise their powers in the best financial interests of the beneficiaries; reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity; allow regulations to be made to prohibit certain payments made by trustees of registrable superannuation entities and prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities; and allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence; and

  Corporations Act 2001

  to remove an exemption from disclosing information about certain investments under the portfolio holdings disclosure rules. 

  Bill | Explanatory Memorandum

• Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020

  Track (What's this?)

  Date

  09 Dec 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Corporations Act 2001

  to: require financial services providers that receive fees under an ongoing fee arrangement to: provide clients with a document each year which outlines the fees they will be charged and the services they will be entitled to in the following 12 months and which seeks annual renewal for all ongoing fee arrangements; and obtain written consent before fees under an ongoing fee arrangement can be deducted from a client’s account; require a financial services licensee or authorised representative to give a written disclosure of lack of independence where they are authorised to provide personal advice to a retail client; and make consequential amendments; and

  Superannuation Industry (Supervision) Act 1993

  to: provide that a superannuation trustee can only charge advice fees to a member where certain conditions are satisfied; and remove a superannuation trustee’s ability to charge fees under an ongoing fee arrangement for financial product advice from MySuper products. 

  Bill | Explanatory Memorandum

• Treasury Laws Amendment (News Media and Digital Platforms Mandatory Bargaining Code) Bill 2021

  Track (What's this?)

  Date

  09 Dec 2020 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Competition and Consumer Act 2010

  to establish a mandatory code of conduct that applies to news media businesses and digital platform corporations when bargaining in relation to news content made available by digital platform services. 

  Bill | Explanatory Memorandum