Media Releases

Progressing the Director Identification Number

17 August 2018

In an embarrassing mistake Dr Andrew Leigh has wrongly claimed that the Turnbull Government is not progressing a director identification number as part of our wide ranging reforms to crackdown on illegal phoenixing. It comes as the Turnbull Government yesterday released for consultation draft legislation which will not only deter and disrupt illegal phoenixing, but […]

Making multinationals pay their fair share

16 August 2018

The Turnbull Government is ensuring that those that do business in Australia pay tax in Australia. Improving the integrity of our taxation system helps to ensure the Government can guarantee the essential services that Australians rely on and leave more money in the pockets of hardworking Australians. Legislation giving the force of law in Australia […]

Combating illicit tobacco

16 August 2018

The Turnbull Government is continuing the fight against illicit tobacco, with the Parliament today passing legislation to create a comprehensive set of offences targeting illicit tobacco. These changes deliver on the 2016-17 Budget commitment to stop the illegal tobacco trade which the Australian Taxation Office has identified as a major revenue source for organised crime. […]

Legislation to combat illegal phoenix activity released for consultation

16 August 2018

The Turnbull Government is taking action to protect workers and honest businesses by legislating a package of reforms to tackle illegal phoenix behaviour and level the playing field. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released draft legislation for a comprehensive package of reforms to combat illegal phoenixing. These […]

Two men sentenced after Serious and Financial Crimes Taskforce investigation

10 August 2018

Two New South Wales men have been sentenced for their role in a significant money laundering and tax evasion scheme after an investigation by the Serious Financial Crime Taskforce (SFCT). Anthony Castagna (70) from Gordon was sentenced to seven years' imprisonment, with a non-parole period of four years and Robert Agius (68) from Sydney was […]

Cracking down on black market tobacco

10 August 2018

The Turnbull Government is safeguarding Australia’s tobacco revenue collection as part of a suite of reforms to address the illicit tobacco black market. Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, said the Turnbull Government is consulting on proposed amendments to change the point at which tax is payable on tobacco to prevent its […]

Women talk money to take control of their financial future

9 August 2018

The Turnbull Government welcomes the work of the Australian Securities and Investments Commission (ASIC) in supporting women with financial literacy with the launch of its new video series Women talk money. “The videos feature five well-known Australian women and are designed to inspire Australian women to better manage their money so that have more life […]

Turnbull Government expands ASIC’s armoury

7 August 2018

The Turnbull Government is injecting a further $70.1 million into the Australian Securities and Investments Commission (ASIC) to ensure the corporate regulator has the resources and powers it needs to combat misconduct in the financial services industry and across all corporations for the protection of Australian consumers. This new funding will bolster ASIC's enforcement capabilities […]

Turnbull Government expands ASIC’s armoury

7 August 2018

The Turnbull Government is injecting a further $70.1 million into the Australian Securities and Investments Commission (ASIC) to ensure the corporate regulator has the resources and powers it needs to combat misconduct in the financial services industry and across all corporations for the protection of Australian consumers. This new funding will bolster ASIC’s enforcement capabilities […]

Turnbull Government improves access to ASIC searches

30 July 2018

From 1 July 2019, the Turnbull Government will reduce and remove the fees for accessing certain information from the online business registries maintained by the Australian Securities and Investments Commission (ASIC). Existing search fees of $40 will be cut to $19 to reduce the burden on individuals and businesses that need to access company roles […]

Cracking down on the black economy

23 July 2018

The Turnbull Government’s plan for a stronger economy and more jobs is working. More than 1 million jobs have been created since the Liberal National government was elected. The black economy is a threat to the livelihoods of honest Australians. The Black Economy Taskforce, established by the Turnbull Government, estimated that the black economy could […]

Government consults on reforms to Australian Business Number system

20 July 2018

The Turnbull Government is taking action to strengthen and modernise the Australian Business Number (ABN) system. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has today released a consultation paper seeking views on designing a modern ABN system — one that provides improved confidence in the identity and legitimacy of Australian […]

Turnbull Government seeks further comment on law to improve outcomes for financial consumers

20 July 2018

The Turnbull Government is continuing to progress important reforms to ensure that financial products are targeted and sold to the right consumers. The Government is holding a second round of consultation on draft legislation for Design and Distribution Obligations and a Product Intervention Power, providing an opportunity for stakeholders to have a further say on […]

New round of consultation on Corporate Collective Investment Vehicle Bill

19 July 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released the second tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 (CCIV Bill) for public consultation. The measure complements the Asia Region Funds Passport initiative which passed the Parliament on 28 June. "It will provide the framework for […]

Extending Superstream to SMSF rollovers

17 July 2018

The Turnbull Government has today released exposure draft regulations to extend SuperStream to Self‑Managed Superannuation Fund (SMSF) rollovers. “The Turnbull Government is supporting Australians who choose to manage their own superannuation through an SMSF by making it easier for them to roll their existing superannuation funds into an SMSF,” said the Minister for Revenue and […]

New Phoenix Hotline to protect Australian workers and small businesses

16 July 2018

The Turnbull Government has established a new Phoenix Hotline to combat the phoenixing activity of dishonest directors and their companies, and protect Australian workers and businesses that comply with our nation's laws. "Phoenixing hurts hardworking Australians, including the company's employees, suppliers, customers and competing businesses. It causes a significant drain on the Australian economy," the […]

Review of Tax Residency Rules for Individuals

9 July 2018

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today welcomed the initial report of the Board of Taxation (the Board) on income tax residency rules for individuals. The Board has conducted a self-initiated review of the individual income tax residency rules. The Board considered whether the existing individual tax residency rules, […]

Cutting red-tape for self-managed superannuation funds

6 July 2018

The Turnbull Government is cutting red tape and reducing the compliance burden for self-managed superannuation funds (SMSFs) that have a history of good record keeping and compliance. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released for public consultation a paper on the 2018-19 Budget measure to change the annual […]

Superannuation catch-up measure commences

5 July 2018

The Turnbull Government’s 2016-17 Budget superannuation taxation reforms continue to improve the flexibility of the superannuation system with the commencement this week of the catch-up carry forward superannuation measure.  From 1 July 2018, millions of individuals with balances below $500,000 will be able to ‘catch up’ on their retirement savings by accessing unused portions of […]

Australia at the cutting edge of tackling offshore tax crime

4 July 2018

Australia has taken the next important step in targeting those who seek to commit transnational tax crime by joining a new international tax enforcement alliance. Representatives from the Australian Taxation Office (ATO) and Australian Criminal Intelligence Commission (ACIC) were in Montreal last week to sign up to the Joint Chiefs of Global Tax Enforcement alliance […]

Illicit Tobacco Taskforce to target $600 million black market

3 July 2018

This week the Turnbull Government marks a new era in Australia's fight against illicit tobacco with the stand-up of the Illicit Tobacco Taskforce. The criminal networks behind this lucrative black market will now have to contend with the combined operational, investigative and intelligence capabilities of the Australian Border Force (ABF), Department of Home Affairs, Australian […]

Correcting the record on ASIC registry fees

3 July 2018

Recent media reports that characterise ASIC's business registry function as fee gouging are misleading and incorrect. The business registries that are maintained by ASIC are Government-owned infrastructure. Individuals and businesses that use the registry infrastructure pay a fee for that use. The fee is payable for access to the register, not for any service provided […]

Registered charities not required to pay ASIC levy

2 July 2018

The Turnbull Government is committed to improving consumer outcomes in the financial services sector. The ASIC industry funding model is an important element in the Government’s plan to deliver on this commitment. Under the ASIC industry funding model, the costs of regulation are borne by those that have created the need for it through the […]

Development of Asia Region Funds Passport

29 June 2018

Australia’s funds management industry has gained access to a far larger market thanks to the passage of legislation which will open the gateway to the Asia region’s financial services market. Australia has one of the world’s largest and most sophisticated funds management industries looking after $3 trillion of assets under management, but only around 4 […]

Starting or growing a business starts here

29 June 2018

The Turnbull Government has today officially launched the Business Registration Service providing a simpler and clearer way to register a business. “Every year thousands of new businesses start-up around Australia, and to speed them through this process the Turnbull Government is making it possible to get multiple business and tax registrations online through our new […]

Passage of ASIC’s industry funding fees-for-service bill

28 June 2018

The Turnbull Government is committed to ensuring that the Australian Securities and Investments Commission (ASIC) has the resources and powers it needs to combat misconduct in Australia’s financial services industry and bolster consumer confidence in the sector. The Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and related bills successfully passed through the Parliament today. “Industry […]

Extending unfair contract terms protections to insurance contracts consultation

27 June 2018

Insurance plays a fundamental role in maintaining the financial stability of both individuals and the Australian economy. The Government is committed to strengthening protections for consumers and small businesses who purchase standard form insurance contracts. The Turnbull Government has today released a Proposals Paper on extending the unfair contract term (UCT) protections to insurance contracts. […]

Appointment of new Deputy Chairperson to the Australian Securities and Investments Commission

22 June 2018

I am pleased to announce the appointment of Mr Daniel Crennan QC as a new Deputy Chairperson to the Australian Securities and Investments Commission (ASIC) for a period of five years from 16 July 2018. ASIC is the independent Australian regulatory agency responsible for administering our world-leading corporate and financial markets regulatory framework. Its work […]

Advisory Board to help clamp down on the black economy

22 June 2018

The Turnbull Government is establishing a new Advisory Board to support its ambitious reform agenda to disrupt the black economy. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced that Mr Michael Andrew AO, who provided strong leadership to the Black Economy Taskforce last year, will chair the Black Economy […]

New laws will protect your superannuation savings

21 June 2018

The Turnbull Government has taken action to protect the hard-earned superannuation savings of millions of Australians from rorts and rip-offs. Today's introduction into the Parliament of the Treasury Laws Amendment (Protecting Your Superannuation Savings Package) Bill 2018 introduces a range of reforms which will protect against the undue erosion of superannuation balances through excessive fees […]

Improving the Attribution Managed Investment Trust regime

18 June 2018

The Turnbull Government is continuing with important reforms to improve Australia's taxation regime for the managed funds industry. We are committed to setting an appropriate legislative framework for what is the largest managed funds industry in our region. The Government has today released exposure draft legislation and explanatory material for public consultation on a package […]

John Conde AO reappointed President of the Remuneration Tribunal

15 June 2018

I am pleased to announce that Mr John Conde AO has been reappointed as President of the Remuneration Tribunal for a further five-year period, commencing from 25 June 2018. The Remuneration Tribunal is responsible for reporting on or determining the remuneration, including allowances and work expenses, of members of the Federal Parliament, the additional salary for Ministers […]

Consultation on the first tranche of the Corporate Collective Investment Vehicle Bill

13 June 2018

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released the first tranche of the Corporate Collective Investment Vehicle (CCIV) Bill for public consultation. “The CCIV vehicle will allow Australian fund managers to market to participating Asian financial markets using a well-recognised corporate structure vehicle — creating access to Asia’s expanding […]

Early release of superannuation on compassionate grounds transferred to the Australian Taxation Office

12 June 2018

The Turnbull Government is improving the early release of superannuation process by ensuring successful applicants receive funds sooner in their time of need. From 1 July 2018, responsibility for the administration of the early release of superannuation benefits on compassionate grounds will be transferred from the Department of Human Services (DHS) to the Australian Taxation […]

Reforms to address corporate misuse of taxpayer funded Fair Entitlements Guarantee scheme

12 June 2018

The Turnbull Government is committed to putting workers first by ensuring employers pay the entitlements they owe their workers. That's why the Government will implement changes to stop the corporate misuse of the taxpayer funded Fair Entitlements Guarantee (FEG) scheme. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, and the Minister […]

Merit Protection Commissioner

8 June 2018

The Minister Assisting the Prime Minister for the Public Service, the Hon Kelly O'Dwyer MP, today announced the appointment of Ms Linda Waugh as the new Merit Protection Commissioner. Ms Waugh has extensive experience in complaint handling and oversight, investigations, prevention and education. Ms Waugh has held senior roles in state governments, most recently working […]

Reappointments to the Australian Reinsurance Pool Corporation

5 June 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced the reappointments of Ms Elaine Collins, Ms Janet Torney and Mr John Peberdy as part-time members of the Australian Reinsurance Pool Corporation Board (ARPC). "Ms Collins, Ms Torney and Mr Peberdy have been valuable part-time members of the ARPC since 2015 […]

Public submissions open for the Independent Review of the Australian Public Service

4 June 2018

The Panel for the Independent Review of the Australian Public Service has today called for public submissions. Minister Assisting the Prime Minister for the Public Service, the Hon Kelly O'Dwyer, said public consultations were an opportunity for people to have their say about the future of the Australian Public Service. "It is important that our […]

Government progressing eInvoicing

31 May 2018

The Turnbull Government is making it easier for industry to do business by announcing today that work to progressively adopt electronic invoicing (eInvoicing) will begin across all levels of government. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, said embracing eInvoicing is a win-win situation, which will both improve government processes […]

New proposals to improve compensation for victims of crime

28 May 2018

The Turnbull Government is acting to ensure that the superannuation accounts of criminals cannot be used as a safe haven to protect their assets from the victims of their serious crimes. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released for public consultation two draft proposals on access to superannuation […]

Boosting financial capability across Australia

28 May 2018

The Turnbull Government is establishing a new body to boost the advancement of financial capability across Australia. “Financial literacy and capability is critical for economic empowerment, including for Australian women and young and older Australians,” said the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP. “This new body will be a game-changer, […]

Government commences consultation to clamp down on large cash payments

25 May 2018

The Turnbull Government is committed to tackling the black economy and has today issued a consultation paper inviting comment on its Budget announcement to introduce an economy-wide cash payment limit of $10,000. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP said the cash payment limit is one of many measures announced […]

Second and final phase of industry funding model
ASIC fees-for-services

24 May 2018

The Turnbull Government is committed to ensuring that the Australian Securities and Investments Commission (ASIC) has the resources and powers it needs to combat misconduct in Australia's financial services industry and promote trust and confidence in the financial sector. The Government has today introduced into Parliament legislation on the second phase of the ASIC industry […]

Tackling non-payment of workers’ superannuation

24 May 2018

The Turnbull Government is continuing to take action to ensure Australian workers are paid the superannuation entitlements that they are owed. Today the Turnbull Government introduced legislation to complement the sweeping superannuation guarantee (SG) integrity package already before Parliament by introducing a one‑off, twelve month amnesty for historical underpayment of SG. The Bill incentivises employers […]

Helping make your super work harder in retirement

17 May 2018

The Turnbull Government is progressing reforms announced in the 2018-19 Budget to secure the retirement incomes of Australians and improve their standard of living in retirement. Building on the expert input of an industry advisory group announced in February this year, the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, has today […]

Consultation commenced on strengthening commonwealth procurement processes

15 May 2018

The Turnbull Government is leading the charge against the black economy by strengthening procurement processes to ensure that contracts are only awarded to businesses which have a good compliance history. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, has today released a consultation paper on improving the integrity of the Commonwealth […]

Deductibility of gifts to key organisations

11 May 2018

The Turnbull Government understands that charitable organisations contribute immensely to our communities right across Australia. The 2018-19 Budget will allow a number of additional organisations to receive tax deductible gifts of $2 or more. The following organisations will receive tax deductible gift recipient (DGR) status: Paul Ramsay Charitable Foundation Limited (ACN 623 132 472), which […]

Women’s budget 2018-19 snapshot

8 May 2018

The Turnbull Government recognises the extraordinary contributions that Australia's more than 12 million women make every day to our communities, families, workplaces and the economy. The 2018-19 Budget will enhance the lives of all Australian women by pursuing practical changes to support opportunity and choice. The Government is continuing to put in place the right […]

Tackling illegal behaviour in the Black Economy

8 May 2018

The Turnbull Government is taking decisive action in the fight against the black economy. The black economy undermines community trust in the tax system, gives some businesses an unfair competitive advantage, puts pressure on the margins of honest businesses and often includes the exploitation of vulnerable employees through the underpayment of wages and the loss […]

Encouraging and rewarding Australians by protecting your superannuation

8 May 2018

The Turnbull Government is protecting the hard-earned retirement savings of millions of Australians by introducing new measures to guard against the undue erosion of superannuation balances through excessive fees and inappropriate insurance arrangements. The Protecting Your Super Package — announced today in the Commonwealth Budget and due to commence on 1 July 2019 — will, […]

New Illicit Tobacco Taskforce and Tobacco Duty Measures to Fight Organised Crime

6 May 2018

The Turnbull Government is continuing its crackdown on the illicit tobacco trade with the establishment of the Illicit Tobacco Taskforce, a new framework to protect tobacco duty, and further resources to combat illegal domestic production. The measures announced today are expected to increase revenue by $3.6 billion over the forward estimates. The new multi-agency Illicit […]

Government response to the Senate White Collar Crime Report

4 May 2018

The Turnbull Government has today announced its formal response to the Senate Inquiry into White Collar Crime. The Inquiry was established by the Government in 2015 to consider the inconsistencies and inadequacies of current criminal, civil and administrative penalties for corporate and financial misconduct or ‘white-collar crime’. The Government considered the report’s recommendations alongside the […]

Reappointment of part-time members to the Board of Taxation

4 May 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced the reappointments of Mr Neville Mitchell, Ms Karen Payne and Mrs Ann-Maree Wolff as part-time members of the Board of Taxation (the Board) each for a further three-year period commencing from 14 May 2018. The Board is a non-statutory advisory body […]

Action underway against tax evaders

2 May 2018

The Turnbull Government is committed to uncovering anyone who seeks to mask the true nature of their tax affairs. More than 100 Australians with links to Swiss banking relationship managers alleged to have actively promoted and facilitated tax evasion schemes have been identified as 'high risk' and requiring further investigation by the Australian Taxation Office […]

Government Appoints Inaugural Australian Financial Complaints Authority Board Members

1 May 2018

Earlier this year, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP announced the appointment of the Hon Helen Coonan as Independent Chair of the Australian Financial Complaints Authority (AFCA). “I am delighted to today announce four further appointments to the AFCA board,” said Minister O’Dwyer. AFCA is the new one-stop shop […]

Putting Consumers First: Australian Financial Complaints Authority Takes Shape

1 May 2018

The new one-stop shop for financial complaints is taking shape, delivering on the Turnbull Government’s commitment to overhaul the external dispute resolution framework for financial disputes in Australia, providing consumers and small businesses with access to free, fast and binding dispute resolution. The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has […]

Terms of reference for the 2018 Review of the Terrorism Insurance Act

30 April 2018

The Turnbull Government is continuing to act to ensure that Australians have appropriate insurance cover and remain financially protected from acts of terrorism. The Government has commenced the 2018 review of the Terrorism Insurance Act 2003 (the Act), which established a scheme for replacement terrorism insurance coverage for commercial property, associated business interruption and public […]

Greater flexibility for self-managed super funds

27 April 2018

The Turnbull Government is supporting Australians who want to manage their own superannuation affairs by expanding access to self-managed superannuation funds (SMSFs), and making it easier to roll existing superannuation funds into a self-managed fund. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced that the Turnbull Government will expand […]

ATO Gosford officially open for business

26 April 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today officially opened the Australian Taxation Office's (ATO) new site in Gosford with Federal Member for Robertson, Lucy Wicks MP, and Tax Commissioner, Chris Jordan, boosting local jobs and bringing real economic and social benefits to Gosford. Minister O'Dwyer said that this was […]

Consultation on ASIC Industry Funding Levy Amendments

23 April 2018

The Government is committed to improving consumer outcomes in the financial services sector. The ASIC industry funding model is an important element in the Government’s plan to deliver on this commitment. Under the ASIC Industry Funding Model, the costs of regulation are borne by those that have created the need for it, rather than the […]

Boosting penalties to protect Australian consumers from corporate and financial misconduct

20 April 2018

The Turnbull Government is strengthening criminal and civil penalties for corporate misconduct and boosting the powers of the Australian Securities and Investments Commission (ASIC) to protect Australian consumers from corporate and financial misconduct. These stronger new penalties will ensure that those who do the wrong thing will receive appropriate punishment. These reforms represent the most […]

Consultation on regulations to protect client money in the financial sector

17 April 2018

The Turnbull Government has today released exposure draft regulations (the Regulations) to support and improve the powers of the Australian Securities and Investments Commission (ASIC) to enforce the new client money regime which commenced on 4 April 2018. "The Turnbull Government has delivered better protections for client monies held in relation to over-the-counter derivatives products, […]

Consultation on Ipso Facto Insolvency Regulations

16 April 2018

The Turnbull Government is committed to promoting a culture of entrepreneurship and innovation to help drive economic growth, investment and local jobs. The Government today released for public consultation draft regulations and a draft declaration to support the stay on enforcement of ipso facto clauses against relevant entities, which was part of the insolvency law […]

Consultation on ASIC fees-for-service draft legislation

11 April 2018

The Turnbull Government is committed to ensuring that ASIC has the resources and powers it needs to combat misconduct in Australia's financial services industry and bolster consumer confidence in the sector. Consistent with this commitment, the Government has today released draft legislation on the second phase of the ASIC industry funding model - the introduction […]

Appointments to the Takeovers Panel

29 March 2018

I am pleased to announce the appointments of part-time members to the Takeovers Panel (the Panel). The Takeovers Panel provides 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 conferred by the Corporations […]

Serious financial crime taskforce smashes Australia’s biggest ever tax fraud

29 March 2018

Australia's biggest tax fraud was brought to an end today following the hard work of the Turnbull Government's Serious Financial Crime Taskforce (SFCT). The Supreme Court of NSW sentenced Michael Issakidis to 10 years and 3 months jail, with a non-parole period of 7 years and 6 months, for his involvement in the largest ever […]

New laws will clamp down on tax evasion in property development sector

28 March 2018

The Turnbull Government has successfully passed legislation to clamp down on GST evasion in the property development sector. From 1 July 2018, the tax law will require purchasers of new residential premises and new residential subdivisions to withhold the GST on the purchase price at settlement and pay it directly to the Australian Taxation Office […]

Protecting workers’ superannuation

28 March 2018

After the inaction of the previous Labor Government, where Bill Shorten and Chris Bowen were responsible for superannuation, it has taken a Liberal Government to protect members' money. According to ATO estimates there is $2.85 billion in unpaid superannuation each year. It is not acceptable for employers to cheat staff out of their superannuation entitlements. […]

Government takes action to enhance ASIC’s capabilities

28 March 2018

The Turnbull Government has today introduced legislation into the Parliament to enhance the Australian Securities and Investments Commission’s (ASIC’s) capabilities, by providing it with greater operational flexibility and making express provision for the regulator to consider competition in its decision‑making processes. Removing the requirement for ASIC to employ people under the Public Service Act 1999 […]

Crackdown on tax avoidance

28 March 2018

The Turnbull Government has introduced legislation to further ensure the integrity of Australia’s international tax arrangements, building on our strong measures to ensure if profit is earned here, it is taxed here. The legislation gives the force of law in Australia to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion […]

Introduction of the Asia Region Funds Passport Bill

28 March 2018

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today introduced the Corporations Amendment (Asia Region Funds Passport) Bill. “The Funds Passport is an important step to further Australia’s economic integration with the Asia region. It will provide Australian fund managers with access to Asia’s expanding middle class and high net worth […]

Strengthening ASIC’s leadership

28 March 2018

The Government has today introduced legislation into Parliament to enhance the Australian Securities and Investments Commission’s (ASIC’s) capability by creating a second Deputy Chairperson position.  “I am also delighted to announce that the Turnbull Government intends to nominate Mr Daniel Crennan QC for the Governor-General’s consideration as an additional Deputy Chair of ASIC,” the Minister […]

Closing tax consolidation loopholes

22 March 2018

Today the Turnbull Government’s commitment to ensure multinationals pay the right amount of tax in Australia continued with the passage through Parliament of the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018. This Bill implements recommendations made by the Board of Taxation to improve the integrity and operation of Australia’s tax system, by closing […]

New Educational Standards for Financial Advisers Released for Comment

20 March 2018

The Turnbull Government established the Financial Adviser Standards and Ethics Authority (FASEA) – a body comprising industry, consumer ethics and education experts – to raise the education, training and ethical standards of financial advisers. The Financial Adviser Standards and Ethics Authority has today released its much anticipated draft guidance on education pathways for existing financial […]

Building and strengthening ASIC

19 March 2018

Today I am pleased to announce that the Turnbull Government intends to create a new Deputy Chairperson role at the Australian Securities and Investments Commission (ASIC). “This will build on and strengthen ASIC’s leadership to assist it to operate as a world-class regulator,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP […]

Labor’s retiree tax

13 March 2018

The Labor party's latest bright idea, a $59 billion raid on imputation credits, is a direct attack on retirees, pensioners and low income earners that will mean dividends are no longer protected from double taxation. As well as the more than one million individuals who will have their income squeezed, Labor's proposal will also impact […]

ASIC consults on its oversight of AFCA

5 March 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today welcomed the Australian Securities and Investments Commission’s (ASIC) public consultation on draft regulatory guidance on its oversight of the Australian Financial Complaints Authority (AFCA). “ASIC’s draft guidance is another important step in establishing the AFCA — a new one-stop shop for external […]

Inaugural Chair of the Australian Financial Complaints Authority

1 March 2018

The Turnbull Government is focussed on ensuring that the Australian Financial Complaints Authority (AFCA) provides consumers and small businesses with access to a free, fast and binding dispute resolution service for financial complaints. It is important that the inaugural Chair of the AFCA Board has experience across the financial services industry, and in dispute resolution […]

Turnbull Government Seeks States’ Support to Expand Financial Literacy in Schools

27 February 2018

The Turnbull Government knows that supporting financial literacy can improve the lives of Australians, as poor financial literacy is an impediment to financial security for Australian families. The Government has invited the states and territories to participate in a new agreement that will support the expansion of the ASIC MoneySmart Teaching program for a further […]

Supporting early release of superannuation benefits on compassionate grounds

21 February 2018

The Turnbull Government has today released for consultation the exposure draft regulations on the transfer of the early release of superannuation benefits on compassionate grounds to the Australian Taxation Office (ATO). These regulations provide the necessary administrative changes to reflect the transfer of responsibility for early release on compassionate grounds from the Department of Human […]

Further consultation on revised Asia Region Funds Passport legislation

19 February 2018

The Turnbull Government is seeking further public comment on revisions to draft legislation for the Asia Region Funds Passport (Passport) following substantive consultations occurring between December 2017 and January 2018. Whilst the revisions are minor, they are important for ensuring Australian consumers are protected, by extending the penalty notices regime and consumer protections measures in […]

Delivering security and choice for older Australians

19 February 2018

Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today announced the establishment of a consumer and industry advisory group to assist in the next phase of development for a framework for Comprehensive Income Products for Retirement (CIPRs). The Group's feedback and advice will help to ensure that Australia's $2.5 trillion superannuation system […]

Acting to ensure multinationals pay their fair share

15 February 2018

The Government is acting to improve the integrity and operation of the business tax system by introducing legislation to close loopholes in the tax consolidation regime that create unintended tax outcomes. Tax consolidation allows wholly-owned corporate groups to be treated as a single entity for tax purposes. There are around 12,000 tax consolidated groups in […]

Combating illicit tobacco

15 February 2018

The Turnbull Government is continuing the fight against illicit tobacco – today introducing into Parliament legislation to create a comprehensive set of offences targeting illicit tobacco. This is the first of two bills that together will deliver on the Turnbull Government's commitment to close down the illicit tobacco market. Maximum penalties for excise offences will […]

Consumers win as a one-stop-shop for financial complaints passes through parliament

14 February 2018

Millions of Australian consumers and small businesses are today the big winners, with the passage of legislation to establish the Australian Financial Complaints Authority (AFCA), and confirmation of how access to the new body will be significantly increased. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, and Minister for Small and […]

Release of the Board of Taxation’s report on Bare Trusts

13 February 2018

The Government welcomes the release of the Board of Taxation's report Review of the Tax Treatment of Bare Trusts and Similar Arrangements, which follows the completion of a self-initiated review. The Board of Taxation has identified opportunities to simplify arrangements where the trustee has no or only minor powers of active management. "This report is […]

Consultation on the treatment of reversionary transition to retirement income streams

12 February 2018

The Government has today released exposure draft legislation to ensure that a reversionary Transition to Retirement Income Stream (TRIS) will always be allowed to automatically transfer to eligible dependants upon the death of the primary recipient. "Allowing a TRIS to automatically revert in all cases will simplify administrative processes for superannuation funds. It will also […]

Public consultation on draft legislation to toughen the Multinational Anti-Avoidance Law

12 February 2018

If a multinational corporation makes money in Australia, it’s only right that they pay tax in Australia, which is why the Turnbull Government has introduced new laws to close loopholes and ensure profits are taxed here. Today the Government has released for public consultation new Exposure Draft legislation and draft Explanatory Memorandum to implement the […]

Consultation on multilateral treaty preventing tax avoidance

8 February 2018

The Government today has released for public consultation Exposure Draft legislation and an accompanying draft Explanatory Memorandum for the implementation of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Convention). Signed by Australia on 7 June 2017, the Convention is a key outcome of the OECD/G20 […]

Targeting key areas of the black economy

7 February 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today introduced a Bill into Parliament specifically aimed at black economy activities. The Bill delivers on the 2017-18 Budget decision responding to recommendations in the Black Economy Taskforce's Interim Report. Minister O'Dwyer said "This new law will restrict the avenues for people participating […]

Clamping down on tax evasion

7 February 2018

The Government has today introduced legislation that delivers on its 2017-18 Budget commitment to strengthen compliance with GST law in the property development sector. Under the new arrangements, purchasers will withhold the GST on the purchase price of new residential premises and new residential subdivisions, and remit the GST directly to the Australian Taxation Office […]

Appointment of members to the Australian Government Financial Literacy Board

25 January 2018

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has today announced reappointments to the Australian Government Financial Literacy Board (the Board). Mr Paul Clitheroe AM has been reappointed as the part-time Chair of the Board for a further two year period, and Air Commodore Robert Brown AM, Ms Elaine Henry OAM […]

Consultation on protecting your superannuation entitlements

24 January 2018

It is not acceptable for people not to be paid their superannuation entitlements. The Government has released draft legislation to protect workers’ superannuation entitlements and modernise the enforcement of the superannuation guarantee. The draft laws will extend Single Touch Payroll to all employers from 1 July 2019, which will improve the reporting of superannuation obligations and […]

Consultation on key Turnbull Government housing measures

12 January 2018

Acting Treasurer, the Hon Kelly O'Dwyer MP, today released for public consultation exposure draft legislation to establish a new corporate Commonwealth entity, the National Housing Finance and Investment Corporation (NHFIC), to improve housing outcomes for Australians. The NHFIC, which is due to commence operations on 1 July 2018, is an important part of the Government's […]

Consultation on Superannuation Taxation Integrity Measures

11 January 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released for public consultation draft legislation and a consultation paper entitled ‘Superannuation Taxation Integrity Measures’. This consultation paper covers two superannuation taxation measures that were announced in the 2017-18 Budget and support the integrity of the Government’s comprehensive suite of superannuation taxation […]

Australian companies take up crowdfunding opportunity

11 January 2018

The Coalition Government welcomes ASIC's ground-breaking issuance of the first batch of licences allowing seven intermediaries to help small and innovative companies to raise funds from a crowd of investors, following commencement of the Government's equity crowdfunding framework in September 2017. This framework, which was a landmark reform of the Turnbull Government, has removed regulatory […]

Transparency of business tax debts

11 January 2018

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released exposure draft legislation and explanatory material for public consultation that will authorise the Australian Taxation Office (ATO) to disclose business tax debts to credit reporting bureaus where the businesses have not effectively engaged with the ATO to manage their debt. The […]

Encouraging innovation and trade in funds management in our region

10 January 2018

On 15 January, the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP will attend the Asian Financial Forum in Hong Kong. The Forum is an opportunity to discuss innovation in financial markets and Australia's role in encouraging economic growth in the Asia region. The visit to Hong Kong will kick start a […]