Treasury Laws Amendment (Mutual Reforms) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
Senate
Status
Act
Parliament no
45

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Summary

Implements certain recommendations of the Report on Reforms for Cooperatives, Mutuals and Member-owned Firms (the Hammond report) by amending the: Corporations Act 2001 to: introduce a definition of 'mutual entity'; clarify for transferring financial institutions and friendly societies that the demutualisation provisions apply only if an entity no longer meets the new definition of a mutual entity; provide for mutual capital instruments as a new bespoke capital instrument for mutual entities; and provide for eligible mutual entities to amend their constitutions by a standardised process to take advantage of the new arrangements; and Financial Sector (Shareholdings) Act 1998, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Insurance Acquisitions and Takeovers Act 1991 to make consequential amendments.

Progress

Senate
Introduced and read a first time 13 Feb 2019
Second reading moved 13 Feb 2019
Second reading agreed to 03 Apr 2019
Third reading agreed to 03 Apr 2019
House of Representatives
Introduced and read a first time 04 Apr 2019
Second reading moved 04 Apr 2019
Second reading debate 04 Apr 2019
Second reading agreed to 04 Apr 2019
Third reading agreed to 04 Apr 2019
Finally passed both Houses 04 Apr 2019
Assent
  • Act no: 37
  • Year: 2019
05 Apr 2019

Documents and transcripts

Text of bill

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Word Format PDF Format HTML Format

Explanatory memoranda

Word Format PDF Format HTML Format

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

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.