Media Releases

Appointments to the Takeovers Panel

11 August 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, is pleased to announce that the Governor-General recently appointed Ms Tara Page and reappointed Mr Robert McKenzie as part-time members of the Takeovers Panel until 22 March 2020. The Panel is a peer review body that is the main forum for resolving disputes […]

Appointment of Financial Adviser Standards and Ethics Authority CEO

11 August 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, welcomes the appointment of Dr Deen Sanders OAM as CEO of the Financial Adviser Standards and Ethics Authority Limited (FASEA). Announcing his appointment today, the Chair of FASEA, Catherine Walter AM, said the Board was delighted to welcome Dr Sanders in what will […]

Tobacco duty harmonisation

10 August 2017

Today Parliament passed legislation to ensure that manufactured cigarettes and roll your own (loose leaf) tobacco receives comparable taxation treatment. Currently, there is a disparity in the duty applied to cigarettes and loose leaf tobacco. The disparity occurs because the duty on cigarettes is a set amount per cigarette stick – an assumed 0.8 grams […]

Modernising business registers to make business simpler

9 August 2017

The Turnbull Government today has commenced consultation on ways to modernise business registers to make it simpler for business to get on with business. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the consultation, which is part of the National Business Simplification Initiative (NBSI), is designed to streamline and simplify […]

Appointment of members to the Companies Auditors Disciplinary Board

4 August 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has announced the reappointment of Mr Eric Passaris and the appointment of Mr Tony Brain as Members of the Companies Auditors Disciplinary Board (CADB) for a period of three years. The CADB is an independent statutory body established under the Australian Securities and […]

Black Economy Taskforce: Consultation Paper

2 August 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today noted the release of a paper by the Black Economy Taskforce outlining a number of additional policy ideas which draw on recent public and stakeholder consultations. In June, the Chair of the Black Economy Taskforce, Mr Michael Andrew AO, led a national […]

Taxation Administration Regulations 2017: exposure draft released

31 July 2017

The Government has today released an exposure draft of the Taxation Administration Regulations 2017 and explanatory material. The Taxation Administration Regulations 1976 are due to sunset on 1 October 2017 and will need to be remade so they continue to support the administration of Australia’s tax laws. The exposure draft regulations will remake the current […]

Turnbull Government delivering for Gosford

28 July 2017

New Australian Taxation Office (ATO) jobs will soon be advertised for positions within the new, purpose built ATO office in Gosford. Construction is nearing completion, with new recruits expected to begin work from December this year. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said this is an exciting time for […]

Overhauling the dispute resolution framework

26 July 2017

The Turnbull Government is continuing to deliver on its commitment to overhaul the dispute resolution framework for financial services in Australia with the creation of a transition team to lead the establishment of the Australian Financial Complaints Authority (AFCA). The transition team has been tasked with ensuring that AFCA, the new one-stop-shop for all financial […]

Reforms to give consumers more power at the heart of a stronger superannuation system

24 July 2017

The Turnbull Government will introduce legislation to give everyday Australians more power over their superannuation providers and strengthen the prudential framework to deliver a more transparent and accountable compulsory retirement savings system, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, announced today. “This comprehensive package will help deliver all Australians a strong […]

Bill Shorten’s tax on everything

21 July 2017

In an unprecedented and irresponsible move, Mr Shorten has said that a Labor Government would increase tax and take an axe to a broad range of tax concessions. But when questioned directly about his planned tax increases, Mr Shorten refused to go into specifics. This is unacceptable. He must immediately reveal his tax hit list. […]

Excise refund scheme for distillers

21 July 2017

The Turnbull Government has delivered on its 2016-17 Budget commitment to provide targeted support to small Australian alcohol producers who distil or ferment alcoholic drinks. From 1 July 2017, distillers can access a refund of 60 per cent of excise paid up to $30,000 per financial year. The excise must have been paid on or […]

Appointment of members to the Tax Practitioners Board

21 July 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has appointed Mr Peter de Cure and Ms Ria Sotiropoulos, and reappointed Ms Julie-Anne Berry, as part-time members to the Tax Practitioners Board (TPB), each for a three-year period. “The TPB is responsible for regulating the provision of tax agent services across all […]

ASIC Enforcement Review Taskforce consults on ASIC’s telecommunications intercept powers

20 July 2017

The Government welcomes today’s release of the ASIC Enforcement Review Taskforce position paper titled ‘ASIC’s Access to Telecommunications Intercept Material’. The ASIC Enforcement Review Taskforce was established by the Turnbull Government in October 2016 to conduct a thorough examination of the adequacy of ASIC's enforcement regime. As part of its review the Taskforce is examining […]

More Australian students to benefit from new funds for financial literacy

19 July 2017

The Turnbull Government has announced a further commitment to support the states and territories to expand the delivery of the ASIC MoneySmart Teaching program for a further four years. By building teacher capacity, the program provides teachers with the skills and resources to develop stronger financial capabilities in young people. “We want more students to […]

Improving Australia’s financial services taxation regime

19 July 2017

The Turnbull Government is committed to ensuring our policy settings promote Australia as a regional financial centre and to improving the ability of the financial sector to grow and export their services. Industry has identified, however, some technical issues with the practical operation of the Investment Manager Regime (IMR) and the new tax system for […]

Turnbull Government acts to further strengthen financial stability

17 July 2017

The Turnbull Government is taking action to further strengthen Australia’s financial resilience by extending our prudential regulator’s powers to non-bank lenders, as announced in the 2017 Budget. The Turnbull Government is getting on with the job of implementing our Budget measures which will deliver a fairer and stronger financial system for Australians. Since December 2014, […]

Further action to create a more competitive banking system for Australians

17 July 2017

More competitive loans and other financial products for Australians will be encouraged through new reforms announced by the Turnbull Government in the 2017 Budget. The Turnbull Government is getting on with the job of implementing our Budget measures which will deliver a fairer and stronger financial system for Australians. New entrants to the Australian banking […]

Better targeting housing tax deductions: exposure draft legislation

14 July 2017

The Turnbull Government has today released exposure draft legislation and explanatory material for the housing affordability and tax integrity measures the Government announced in the 2017-18 Budget. There are concerns around the abuse of deductions for travel expenses that do not represent a legitimate commercial need. Travel deductions for individual investors with residential investment properties, […]

Government takes action to address superannuation guarantee non compliance

14 July 2017

The Government will seek to legislate a key recommendation of the Superannuation Guarantee Cross‑Agency Working Group to close a loophole that could be used by unscrupulous employers to short‑change employees who choose to make salary sacrifice contributions into their superannuation accounts. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Turnbull Government will […]

Banking Executive Accountability Regime

13 July 2017

The Turnbull Government is continuing to work to deliver on its commitment to strengthen accountability in the banking system. Banks play a critical role in the lives of their customers, who rely on banks for a variety of services including depositing money, making payments and borrowing funds. Because they provide such important services to the […]

Taxation treatment of superannuation income streams

7 July 2017

It has been a longstanding feature of the Australian superannuation system that military personnel and military invalidity pensioners are subject to tax on their superannuation income streams. Under the Commonwealth Superannuation Corporation system, payments made before preservation age are treated as income and taxed accordingly. Before the 2016-17 Budget, some superannuants were using a loophole […]

Northern Australia Insurance Update

7 July 2017

In the 2017 Budget the Turnbull Government announced that it will provide $7.9 million to the Australian Competition and Consumer Commission ACCC to fund an inquiry into insurance premiums in Northern Australia. The ACCC inquiry will monitor and report on prices, costs and profits in the insurance market for home, contents and strata insurance in northern Australia, with […]

ATO tax ruling

4 July 2017

Reports today that the Australian Taxation Office (ATO) has broadened the interpretation of company tax cuts are premature. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the ATO has issued a draft ruling and will in due course provide other guidance. “As always it is up to the ATO to […]

Biggest move on multinational taxation in a generation

30 June 2017

The Turnbull Government has instigated one of the most important changes to the taxation of multinationals in a generation, and all the Labor Party can say in response is a series of window dressing proposals. After opposing our earlier crackdown on international tax avoidance — the Multinational Anti‑Avoidance Law (MAAL) — Labor refuses to acknowledge the new […]

Review into the efficiency and competitiveness of the superannuation system commences

30 June 2017

The Turnbull Government has taken further action to ensure Australia’s superannuation system is as efficient and competitive as possible with the release of the Terms of Reference for the Productivity Commission’s system wide review. The third and final stage of the review, a key recommendation of the 2014 Financial System Inquiry, is a critical step […]

ASIC enforcement review consults on search warrant powers, licensing powers and industry codes

28 June 2017

The Government welcomes the ASIC Enforcement Review Taskforce’s release of the positions papers titled ‘Harmonisation and Enhancement of Search Warrant Powers’, ‘Strengthening ASIC’s Licensing Powers’, and ‘Industry Codes in the Financial Sector’. The Taskforce was established to implement the Government’s commitment, arising from its response to the Financial System (Murray) Inquiry, to strengthen ASIC’s enforcement […]

Appointment of member to the Board of Taxation

27 June 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced the appointment of Dr Julianne Jaques as a part-time member of the Board of Taxation (the Board) for a three-year period from 1 July 2017. The Board is a non-statutory advisory body charged with contributing a business and broader community perspective […]

Wine Equalisation Tax rebate: Improving integrity

23 June 2017

The Australian Government has introduced legislation to improve the integrity of the wine equalisation tax rebate and better target support to small wine producers in rural and regional Australia. The Treasury Laws Amendment (2017 Measures No. 4) Bill 2017 will tighten eligibility for the rebate. From 1 July 2018, wine producers will be required to […]

Strengthening the integrity of GST on precious metals

20 June 2017

The Government has successfully passed legislation to combat GST fraud in the gold trading industry. The passage of the Treasury Laws Amendment (GST Integrity) Bill 2017 prevents entities from exploiting loopholes in the GST law or committing fraud to avoid remitting GST where it is owed or claiming input tax credits where no GST has […]

Appointments to the Australian Reinsurance Pool Corporation

19 June 2017

The Government has appointed Mr Ian Carson and Ms Karen Payne to the Australian Reinsurance Pool Corporation (ARPC). Mr Carson has been appointed as the part-time Chair for a three-year period from 1 July 2017 up to and including 30 June 2020. Mr Carson is currently a Partner and the Chairman of PPB Advisory, a […]

Changes now in effect to support the superannuation tax reform package and amend the insolvency law reform act

15 June 2017

Amendments supporting the integrity of the Government’s comprehensive suite of superannuation taxation reforms have come into effect with the passage of the Treasury Laws Amendment (2017 Measures No. 2) Bill though Parliament. These reforms improve the fairness, sustainability, and flexibility of the superannuation system, including: ensuring  recipients of an existing structured settlement or personal injury […]

ASIC industry funding model passed into law

15 June 2017

The Government has delivered on its commitment to introduce an industry funding model for the Australian Securities and Investments Commission (ASIC), with the ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills receiving passage through the Senate. The industry funding model is a critical component of the Government’s plan to improve consumer outcomes in […]

Deductible Gift Recipient discussion paper

15 June 2017

In recognition of Government assistance and the benefits deductible gift recipient (DGR) organisations provide, the Government wants to ensure that compliance arrangements support continued trust and confidence in the not-for-profit (NFP) sector, while also minimising the burden of red tape. A discussion paper outlining a number of proposals to strengthen DGR governance arrangements, reduce administrative […]

Australia signs new multilateral convention to prevent tax avoidance

8 June 2017

Australia has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Convention).  The Minister for Trade, Tourism and Investment, the Hon Steven Ciobo MP, signed the Convention for Australia at a ceremony hosted by the Organisation for Economic Cooperation and Development (OECD) in Paris on 7 June 2017.  […]

External dispute resolution framework Supplementary Issues Paper

8 June 2017

Earlier this year the Government extended the terms of reference for the independent review conducted by Professor Ian Ramsey into external dispute resolution in the financial services sector. The new terms of reference enables the independent panel to make recommendations on the establishment, merits and potential design of a compensation scheme of last resort as […]

Insolvency Practitioner Disciplinary Committees

7 June 2017

Liquidators play an important front line role in combating a range of corporate misconduct including illegal phoenixing behaviour. The Government has established a new committee system, which allows the Australian Securities and Investments Commission (ASIC) to complement its own experience with that of members of the industry, when considering new applicants for registration. Under this […]

Reappointment of ASIC Commissioner Cathie Armour

23 May 2017

The Government has reappointed Ms Cathie Armour as a full-time member of the Australian Securities and Investments Commission (ASIC). Ms Armour has been a member of ASIC since 2013 and her position as a Commissioner has been extended to 2 June 2022. I would like to express my appreciation to Ms Armour for her ongoing […]

Strengthening the integrity of Australia’s tax system

9 May 2017

The Turnbull Government continues to strengthen the integrity of Australia’s tax system by reducing opportunities for multinational tax avoidance and shining a light on the black economy. Everyone, including multinational companies, has a responsibility to pay their fair share of tax in Australia on the profits they earn in Australia. This is important to ensure […]

Release of the interim report into the black economy

9 May 2017

The interim report of the Black Economy Taskforce is a timely and important step in the fight against the black economy in Australia. Black economy activities disproportionately affect the most vulnerable in our community. Participation in the black economy undermines the community’s trust in the tax system, creates an uneven playing field for business, fosters […]

Regulations to support the ASIC industry funding model released for consultation

4 May 2017

The Government has today released draft regulations on the operation of the industry funding model for the Australian Securities and Investments Commission (ASIC). This is the next step in meeting the Government’s commitment to an industry funding model in place from 1 July 2017. Industry funding is a critical component of the Government’s plan to […]

Appointment of Commissioners of Taxation

27 April 2017

The Turnbull Government has today announced the reappointment of Mr Chris Jordan AO as Commissioner of Taxation and the appointment of Mr Ramez Katf as Second Commissioner of Taxation. Mr Jordan’s term as Commissioner of Taxation, and Registrar of the Australian Business Register, which had been slated to conclude at the end of 2019, will […]

Government welcomes Federal Court’s decision in Chevron case

21 April 2017

The Turnbull Government today welcomed the Full Federal Court’s decision confirming the Australian Taxation Office’s assessment of $340 million in taxes and penalties owed by Chevron. The assessment followed the ATO’s decision to disallow deductions claimed by Chevron for interest payments made to related offshore parties in respect of a multi-billion dollar loan. It is […]

Further streamlining of regulatory approvals

12 April 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced that the Turnbull Government is providing greater certainty for financial market operators and reducing cost incurring delays. The Turnbull Government has successfully legislated to give partial licence exemptions and additional powers to partially or fully exempt a particular market or class […]

Declaring Cyclone Debbie a disaster for tax purposes

11 April 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today declared Tropical Cyclone Debbie, and the associated rainfall and flooding, a disaster for the purposes of establishing Australian disaster relief funds. “The people of Queensland and northern New South Wales have shown remarkable resilience in the aftermath of this terrible event,” Minister […]

ASIC enforcement review consults on breach reporting

11 April 2017

The Turnbull Government welcomes the release today of a positions paper on ‘Self-reporting of contraventions by financial services and credit licensees’ by the Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Government is committed to ensuring that ASIC has the […]

Financial Adviser Standards and Ethics Authority appointments

10 April 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced the appointment of Mrs Catherine Walter AM as Chairman of the new Financial Adviser Standards and Ethics Authority (FASEA), for a four-year period.

Multinational tax crackdown reaping results

6 April 2017

The Turnbull Government’s tough new tax laws provide the Australian Taxation Office (ATO) with the powers and penalties it needs to ensure the Australian people receive the tax owed to them. Treasurer the Hon. Scott Morrison and the Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer, said the ATO has made significant progress […]

Exposure draft: wine equalisation tax rebate

5 April 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, and Assistant Minister for Agriculture and Water Resources, Senator the Hon Anne Ruston, are inviting wine producers to take part in consultation on the exposure draft legislation to reform the wine equalisation tax (WET) rebate, as announced on 2 December 2016. “The Government […]

Shining a light on offshore tax evasion

31 March 2017

More than 340 Australians with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes have been identified by the Serious Financial Crime Taskforce (SFCT) through a joint international investigation. In the coming week, the SFCT will interview bank employees, taxpayers and lawyers as part of its investigation into […]

Combatting fraud in the precious metals industry

31 March 2017

The Australian Government is taking action to combat fraud in the gold trading industry. From 1 April 2017, entities buying gold, silver and platinum that have been supplied as a taxable supply for GST purposes will be required to apply a reverse charge. This means that if you buy gold, silver or platinum from another business, […]

Government improves tax system to encourage innovation

30 March 2017

The Turnbull Government has taken another step to improve our tax system and encourage innovation by introducing legislation into Parliament today, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said. The Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017 introduced today is part of the National Innovation and Science […]

Industry funding model for ASIC introduced into parliament

30 March 2017

The Turnbull Government has today introduced the ASIC Supervisory Cost Recovery Levy Bill 2017, and related bills necessary to implement an industry funding model for the Australian Securities and Investments Commission (ASIC), the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP said. This is the next step in implementing the Government's commitment […]

Productivity Commission releases draft report

29 March 2017

In response to the recommendations of the Financial System Inquiry, the Turnbull Government commissioned the independent Productivity Commission to undertake a comprehensive review to assess the competitiveness and efficiency of the superannuation system. This involves a three stage process: developing performance indicators (Stage One); developing alternative models for allocating default fund members to products (Stage […]

Government releases insolvency law reforms for consultation

28 March 2017

As part of the National Innovation and Science Agenda (NISA), the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released draft legislation which reforms Australia’s insolvency laws and an accompanying explanatory statement for public consultation. This legislation creates a ‘safe harbour’ from personal liability for company directors and institutes a stay […]

Diverted profits tax passes Senate

27 March 2017

Today the Turnbull Government successfully legislated a new Diverted Profits Tax, which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19. It provides a powerful new tool for […]

Government strengthens NISA tax incentives and tax compliance

27 March 2017

The Turnbull Government has strengthened tax incentives available to investors in start-ups and simplified information sharing between the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) with the passage of the Treasury Laws Amendment (2017 Measures No.1) Bill 2017 through the Parliament today. The Minister for Revenue and Financial Services, the […]

Protecting consumers and encouraging growth and jobs

27 March 2017

Today's successful passage of the Treasury Laws Amendment (Measures No 1) Bill 2016 will better protect retail investors and promote innovation, growth and jobs. "The Bill demonstrates the Government's commitment to taking practical action to ensure Australian consumers are protected when they engage with financial product and service providers, whilst at the same time fostering […]

Reappointment of members to the Financial Reporting Council

24 March 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, is pleased to announce the reappointment of part-time members of the Financial Reporting Council (FRC). The FRC is responsible for overseeing the effectiveness of the financial reporting framework in Australia. Its key functions include the oversight of processes for setting the accounting and […]

Appointments of members to the Takeovers Panel

23 March 2017

I am pleased to announce the appointments and reappointments of part-time members to the Takeovers Panel. The purpose of the Panel is to provide a mechanism for peer review of takeovers activity, with the aim of being more efficient, less formal and more expeditious than the courts. The functions and powers of the Panel are […]

Government releases innovative superannuation income stream regulations for consultation

21 March 2017

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released draft superannuation income stream regulations and an explanatory statement for public consultation. The regulations, when made, will continue the implementation of the Government’s superannuation taxation reforms and introduce a new set of design rules for lifetime superannuation income stream products that […]

Another union scare campaign wasting members’ super savings

20 March 2017

The latest ISA advertising campaign is just another example of union-backed industry funds using members’ superannuation savings to bankroll political activism, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said today. “This campaign is jumping at shadows. There is currently no government legislation designed to change the default superannuation model before […]

Government welcomes ASIC review into financial advice firms

17 March 2017

The Turnbull Government welcomes ASIC’s final report into the supervision of financial advisers by the major banks and AMP. The review looked at legacy cases that occurred between January 2009 and June 2015 and assessed how the large licensees have monitored and supervised their adviser networks, including how they have dealt with advisers suspected to […]

Government releases ASIC’s review of mortgage broker remuneration for public consultation

16 March 2017

The Turnbull Government today released the Australian Securities and Investment Commission’s (ASIC) ‘Review of Mortgage Broker Remuneration’ for public consultation.  The Government requested ASIC undertake an industry-wide review in November 2015 as part of its response to the Financial System Inquiry. The Review found that some aspects of the current mortgage broker remuneration and ownership […]

‘Sir Ivan Fire’ bushfires declared a disaster for tax purposes

13 March 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today declared the February 2017 ‘Sir Ivan Fires’ bushfires (Warrumbungle Shire of New South Wales) a disaster for the purposes of establishing Australian disaster relief funds. “Following the fires the Member for Parkes, Mark Coulton MP, immediately raised the plight of his local […]

Labor support for super governance reforms welcome

2 March 2017

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today welcomed Labor’s support for strengthening the governance arrangements for the boards of Australia’s $2.1 trillion superannuation sector. During Senate Estimates today, Labor’s spokeswoman on financial services, Senator Katy Gallagher, conceded that “good governance is good governance is good governance” while querying the […]

ASIC Action on Cash Converters

1 March 2017

ASIC last November secured an Enforceable Undertaking against Cash Converters under which approximately 55,000 Australians will be refunded their share of $10.8 million due to Cash Converters breaching their responsible lending obligations for small amount credit contracts. This program is being overseen by an independent expert. I am advised by ASIC that they are currently […]

Turnbull Government welcomes ongoing parliamentary scrutiny of big four banks

28 February 2017

The Turnbull Government welcomes the commencement this week of further House of Representatives Economics Standing Committee hearings with Australia's major banks and will respond to the Committee's first report in the near future. The Review of the four major banks, initiated by the Turnbull Government, provides the opportunity for banks to explain how they are […]

Donations to the Bourke Street Fund now tax deductible

17 February 2017

The Turnbull Government has moved quickly in support for the people of Melbourne, and in particular the immediate families of those who lost their lives or were injured in the Bourke Street tragedy on 20 January. Australians are as one in their condemnation of this vicious and senseless crime. What remains is for us to remember […]

Members let down by industry self-interest

16 February 2017

After almost 15 months of waiting for the arrival of the industry-fund sponsored report into Government legislation on the governance of superannuation funds, its key recommendation is that the status quo must be protected at any cost. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, said the report was a letdown […]

Consultation on increasing transparency of the beneficial ownership of companies

13 February 2017

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released for public consultation a paper entitled 'Increasing Transparency of the Beneficial Ownership of Companies'. This consultation delivers on the Government's commitment in Australia's first Open Government National Action Plan, released on 7 December 2016. It also reaffirms the Government's announcement at […]

Fairer tax laws to benefit taxpayers

9 February 2017

The Government is getting the job done by passing the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 today. The legislation supports the Government’s commitment to a fairer, simpler and stronger tax system. “This Bill includes four measures that make things simpler for taxpayers and demonstrate the Government’s commitment to improving the […]

Win for consumers on life insurance

9 February 2017

Today the Parliament is addressing high upfront life insurance commissions by passing the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said. “The Turnbull Government is delivering real improvements to put the interests of consumers first by working with industry to address the […]

Higher standards for financial advisers to commence

9 February 2017

The Turnbull Government has delivered on its commitment to lift the professional, education and ethical standards of financial advisers, Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced today. These reforms include: compulsory education requirements for both new and existing financial advisers; supervision requirements for new advisers; a code of ethics for […]

Carnell report into banking practices released

3 February 2017

The Turnbull Government today released the report of the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO, into the small business lending practices of the major banks and other lenders. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, and the Minister for Small Business, the Hon Michael McCormack MP, […]

Labor denies job opportunities for Australians

27 January 2017

The Labor Party clearly can't be trusted with the economic security of our nation. They are divided on job producing company tax cuts. Shadow Treasurer Chris Bowen has previously stated that a move towards a more competitive corporate tax rate is required. He even suggested 25 per cent as a target, compared to the current […]

Government acting on Super Guarantee non-compliance

25 January 2017

Superannuation Guarantee non-compliance is a very serious issue. Employers who do not pay employees their superannuation entitlements are breaking the law. The Government has established a new multi-agency working group to investigate and develop practical recommendations to deal with superannuation guarantee non-compliance. The working group has been meeting since December last year. Chaired by the […]

Commonwealth contribution to Bourke Street Fund

22 January 2017

The Turnbull Government joins all Australians in offering our love, solidarity and deepest sympathies to the victims of the vicious and cowardly attack that took place in Bourke Street, Melbourne on 20 January. The Commonwealth will contribute $100,000 to the Bourke Street Fund being established by the Victorian Government. The Turnbull Government will also ensure […]

Black Economy Taskforce – invitation for public comment

19 January 2017

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today called for stakeholder submissions to the Black Economy Taskforce. The black economy refers to people who operate entirely outside the tax system or who are known to the tax system but deliberately understate their income or overstate their expenses. Black economy participants […]