Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Before Reps
Parliament no
47

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Summary

Amends: the Superannuation Industry (Supervision) Act 1993 and Income Tax Assessment Act 1997 to provide a legal basis for payment of advice fees from a member’s superannuation account and clarify the associated tax consequences; the Corporations Act 2001 in relation to: ongoing fee renewal and consent requirements; financial services guide requirements; rules banning conflicted remuneration; and standardised consumer consent requirements for certain insurance commissions; the Petroleum Resource Rent Tax Assessment Act 1987 to: align the petroleum resource rent tax general anti-avoidance provisions with the general anti-avoidance provisions in the Income Tax Assessment Act 1936; and clarify the meaning of ‘exploration for petroleum’; the Income Tax Assessment Act 1997 to: clarify mining, quarrying or prospecting rights (MQPRs) cannot be depreciated for income tax purposes until they are used; clarify when income tax balancing adjustments occur to MQPRs; and amend the location offset and producer offset for films; 15 Acts to amend the process by which amendments to agreements with multilateral development banks are incorporated into domestic legislation; and 8 Acts to make miscellaneous and technical amendments to Treasury portfolio legislation.

Progress

House of Representatives
Introduced and read a first time 27 Mar 2024
Second reading moved 27 Mar 2024
Second reading debate 28 May 2024
Referred to Federation Chamber 28 May 2024
Second reading debate 28 May 2024
Reported from Federation Chamber 29 May 2024
Second reading agreed to 29 May 2024
Consideration in detail debate
  • Amendment details: 11 Government agreed to
29 May 2024
Third reading agreed to 29 May 2024

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Schedules of amendments

Notes

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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