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 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.


House of Representatives
Introduced and read a first time 14 Jun 2023
Second reading moved 14 Jun 2023
Second reading debate 21 Jun 2023
Second reading debate 31 Jul 2023
Second reading debate 01 Aug 2023
Second reading agreed to 01 Aug 2023
Third reading agreed to 01 Aug 2023
Introduced and read a first time 02 Aug 2023
Second reading moved 02 Aug 2023
Second reading debate 06 Sep 2023
Second reading agreed to 06 Sep 2023
Third reading agreed to 06 Sep 2023
Finally passed both Houses 06 Sep 2023
  • Act no: 75
  • Year: 2023
20 Sep 2023

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest


Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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