Media Releases

Consultation on whistleblower protections

20 December 2016

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released the 'Review of tax and corporate whistleblower protections in Australia' paper for consultation. This consultation is the next step in implementing the Government's commitment to Australia's first Open Government National Action Plan and the announcement in the 2016-17 Budget that protections […]

Government appointments

16 December 2016

The Turnbull Government has today announced appointments to the Superannuation Complaints Tribunal, the Auditing and Assurance Standards Board (AUASB), the Financial Reporting Council (FRC), the Productivity Commission and the Payments System Board. The Superannuation Complaints Tribunal welcomes 13 new part-time appointments and the reappointment of two part-time members. After today’s appointments the Tribunal comprises of […]

Government delivers on commitment to facilitate more efficient retirement income products

15 December 2016

The Turnbull Government has today released a discussion paper exploring key policy issues to facilitate further development of a framework for the retirement phase of the superannuation system. The discussion paper is part of the Government’s response to the Financial System Inquiry (the Murray Inquiry). Through this process the Government invites feedback from consumer groups, […]

Black Economy Taskforce

14 December 2016

Australians need to have confidence in our tax system. Nothing makes fair minded Australians angrier than having to pay more tax as a result of someone else not paying the tax that they are supposed to pay. That is why Turnbull Government has already acted to close loopholes for multinational tax avoidance, strengthened the powers […]

New tax treaty with Germany enters into force

13 December 2016

The Turnbull Government is pleased to announce that instruments of ratification were exchanged between Australia and Germany on Wednesday 7 December 2016, bringing the new Australia-Germany tax treaty into force. The treaty, which was signed on 12 November 2015, replaces the existing Australia-Germany tax treaty which was signed in 1972. It modernises the arrangements between […]

Increasing the accountability of financial product issuers and distributors

13 December 2016

Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released a consultation paper seeking feedback on two key proposals from the Financial System Inquiry. The first is the introduction of design and distribution obligations on issuers and distributors. The second is a product intervention power for ASIC, which would enable the regulator […]

Multinationals paying tax on Australian profits

9 December 2016

The Turnbull Government's Multinational Anti-Avoidance Law (MAAL) powers have so far forced 24 multinational companies to either restructure their arrangements or signal their intention to do so in order to ensure they pay tax on what they earn in Australia. Several of these taxpayers were already under audit when the MAAL commenced and are now […]

One-stop mega Ombudsman backed by consumer groups

7 December 2016

While consumer groups have welcomed a proposal for a mega ombudsman body to resolve banking and finance disputes and complaints, Labor continues to plays cynical games with people's lives. The Minister for Revenue and Financial Services Kelly O'Dwyer said the response to the recommendations of the Ramsay Review’s interim report had been overwhelmingly positive, particularly […]

Landmark interim report paves the way for new financial disputes framework for consumers

6 December 2016

The Turnbull Government welcomed the release today of the Interim Report by the independent expert panel reviewing the financial system’s external dispute resolution and complaints framework. The Review, chaired by Professor Ian Ramsay, will prepare the way for improved resolutions of disputes between consumers and small businesses and their financial institutions, the Minister for Revenue […]

Backing Australia’s Wine Industry

2 December 2016

The Turnbull Government today announced enhancements to the Wine Equalisation Tax (WET) Rebate to better assist grape growing, winemaking and associated tourism in regional Australia. These reforms come on the back of extensive consultation with the wine industry. The reforms are the result of industry calling for action to support our great Australian wine industry […]

Government delivers on commitment to protect client money

1 December 2016

The Turnbull Government has today introduced client money reforms to further protect retail investors and increase consumer confidence in the financial services sector. As announced by the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, on 8 November 2016, the Treasury Laws Amendment Bill 2016 is part of the Turnbull Government’s response […]

Life insurance commission reductions to benefit consumers

29 November 2016

High upfront life insurance commissions will be reduced with the passage of the Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 in the House of Representatives, the Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer MP, said today. “High upfront commissions have been identified as a significant cause of poor quality life insurance […]

Government response to the final report of the review of the small amount credit contract laws

28 November 2016

The Turnbull Government has today released its response to the final report of the independent review of the small amount credit contract (SACC) laws. The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, said the Government supported the vast majority of the recommendations, in part or in full. “The final report has […]

OECD finalises new multilateral convention on tax avoidance

26 November 2016

The Organisation for Economic Co -Operation and Development (OECD) has released the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the Convention). This represents another significant step in the global fight against multinational tax avoidance and the completion of the final action of the OECD/G20 Base Erosion and […]

Turnbull government delivers on fairer, more sustainable superannuation

23 November 2016

The Turnbull Government today secured parliamentary passage of the most comprehensive suite of superannuation reforms in a decade, delivering on our commitment to improve the fairness, sustainability, flexibility and integrity of the superannuation system. The superannuation reform package better targets tax concessions to make our superannuation system fair and sustainable, as the population ages and […]

Professional Standards For Financial Advisors Introduced

23 November 2016

  The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today introduced legislation into Parliament to mandate professional standards for financial advisers. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 includes: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics […]

A fortnight is a long time in politics

17 November 2016

Bill Shorten has had an epiphany following the US election. In just two weeks he’s gone from being Australia’s leading campaigner for more foreign workers to now having launched his anti-foreign worker campaign, according to the Minister for Revenue and Financial Services Kelly O’Dwyer. “Just a fortnight ago Mr Shorten was arguing in favour of […]

Labor’s super backflip to hit women, carers, small business and farmers

8 November 2016

Labor’s superannuation tax grab will thwart people who are in and out of the workforce from catching up on their super contributions, the Minister for Revenue and Financial Services Kelly O’Dwyer said today. The Government’s flexibility reforms to super are aimed at supporting and encouraging all Australians to save for their retirement; and in particular […]

Government moves to protect client monies

8 November 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today announced that the Government will proceed with reforms that will provide better protection for retail investors in over-the-counter derivatives products. Australian financial service licence holders (Firms) can currently use money held on behalf of retail derivatives clients for a wide range of […]

Consultation on collective investment vehicle non-resident withholding taxes

3 November 2016

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released a collective investment vehicle (CIV) non-resident withholding taxes paper for public consultation. This follows Minister O'Dwyer's announcement of 4 May 2016 that the Government will consider non-resident withholding taxes on CIVs in this financial year to ensure that the Australian funds […]

Consultation on making Employee Share Schemes more user-friendly

26 October 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released the ‘National Innovation and Science Agenda – Employee Share Schemes’ paper for consultation. The consultation fulfils part of the Government's commitments under the National Innovation and Science Agenda (NISA). The NISA measures will drive prosperity by putting innovation and science at […]

Government releases revised life insurance remuneration regulations for consultation

19 October 2016

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released revised life insurance remuneration regulations for consultation. The regulations support the Government's reforms to the remuneration practices in the life insurance advice sector, to improve the quality of financial advice and boost consumer confidence. Legislation to progress these reforms, the Corporations […]

ASIC Enforcement Review Taskforce

19 October 2016

As announced last week, in keeping with the Government's commitment to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC), the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, has today released the taskforce members and the terms of reference for the ASIC Enforcement Review Taskforce. "The taskforce […]

Professional standards for financial advisers to benefit consumers

17 October 2016

The Turnbull Government will introduce legislation into the Parliament this year to mandate professional standards for financial advisers, Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, announced today. The reforms will include: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for […]

Takeover Panel Cross-appointment

14 October 2016

I am pleased to announce the appointment of Mr Richard Andrew (Andy) Coupe as the part-time New Zealand member of the Australian Takeovers Panel for a five year period. His appointment is under the cross-appointment agreement between the Australian and New Zealand Takeovers Panels. The Panel is a peer review body that is the main […]

Release of ASIC report on claims handling in life insurance industry

12 October 2016

The Turnbull Government welcomes the release today of the Australian Securities and Investments Commission’s (ASIC) report on claims handling practices in the life insurance industry. Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, said the Government requested the industry-wide review in March 2016, following the allegations around claims handling practices within CommInsure.  The […]

Key life insurance reforms to assist consumers

12 October 2016

Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today reintroduced legislation into Parliament to improve the quality of financial advice and boost consumer confidence in the life insurance sector. The Bill addresses problems with remuneration practices leading to poor quality life insurance advice for consumers that have been highlighted in several independent […]

Government welcomes release of Life Insurance Code of Practice

11 October 2016

The Turnbull Government welcomes today’s release by the Financial Services Council (FSC) of the Life Insurance Code of Practice (the Code). This is a positive step in improving consumer outcomes and builds upon a number of other measures announced by the Government, including reforms to life insurance remuneration frameworks, to better align the interests of […]

Greater certainty on integrity rules regarding the taxation of debt and equity: Exposure draft legislation

10 October 2016

Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, today released Exposure Draft legislation and explanatory material to provide greater certainty in relation to integrity rules regarding the taxation of debt and equity.  Australia’s tax rules classify financing arrangements as debt (with deductible interest) or equity according to their economic substance.  They also […]

New budgeting tool helps Australians take control of their finances

6 October 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, has today launched ASIC’s MoneySmart ‘Simple Money Manager’ at the Australian Bankers’ Association Financial Literacy conference in Sydney. “The Government is committed to increasing financial literacy by providing Australians with resources to improve their understanding of financial products and services,” Minister O’Dwyer said. […]

Appointment of part-time members of the Australian Reinsurance Pool Corporation

5 October 2016

I am pleased to announce today the appointment to the Board of the Australian Reinsurance Pool Corporation (ARPC) of two part-time members for three year terms and the reappointment of one part-time member for a further year: Mr Michael Callaghan AM, for a period of three years; Ms Robin Low, for a period of three […]

Superannuation reform: Second tranche of exposure draft

28 September 2016

 The Turnbull Government has today released further Exposure Draft legislation and explanatory material for the superannuation reforms first announced in the 2016-17 Budget. The reforms will make the superannuation system fairer, more flexible and more sustainable. The majority of Australians – 96 per cent of individuals with superannuation – will either be better off or […]

Even fairer, more flexible and sustainable superannuation

15 September 2016

The Government has today announced improvements to the superannuation changes announced in the 2016-17 Budget that make Australia’s superannuation system even fairer, more flexible and more sustainable. Following extensive consultation, the Government will amend the package to improve the measures that seek to restrict superannuation being used as an estate planning vehicle, while providing greater […]

Government introduces further tax improvements

14 September 2016

The Turnbull Government is ensuring the sustainability of Australia's tax system through the introduction of the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 into Parliament today. "This Bill amends various taxation laws to improve their flexibility and effectiveness while reducing red-tape on individuals, businesses and community organisations," Minister O'Dwyer said.

External dispute resolution framework issues paper released

9 September 2016

The independent expert panel that is conducting the review into the financial system’s external dispute resolution and complaints framework has today released an Issues Paper calling for submissions. Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Government was committed to ensuring that consumers can access justice and appropriate compensation in […]

Superannuation reforms: first tranche of Exposure Drafts

7 September 2016

Today the Turnbull Government has released the first tranche of Exposure Draft legislation for superannuation reforms announced in the 2016-17 Budget. The reforms will make the superannuation system fairer, more flexible and more sustainable.  The majority of Australians – 96 per cent of individuals with superannuation – will either be better off or unaffected as […]

No one hides outside the tax system

6 September 2016

Tax criminals have nowhere to hide following investigations by the Serious Financial Crime Taskforce (SFCT) as part of a 'week of action’ in response to tax evasion and crime identified in the Panama papers. Led by the ATO, the SFCT has made 15 unannounced access visits in Victoria and Queensland, and executed three search warrants […]

Wine Equalisation Tax rebate paper released

2 September 2016

The Turnbull Government today released an implementation paper on tightened eligibility criteria for the Wine Equalisation Tax (WET) rebate, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP and Assistant Minister for Agriculture and Water Resources, Senator Anne Ruston said. “In the recent Budget, the Turnbull Government announced it would address integrity […]

New Australia-Germany double taxation agreement

1 September 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP today introduced legislation to give the force of law to a new tax treaty between Australia and Germany. "This new treaty was signed in November 2015 and will replace the existing 1972 Double Taxation Agreement," Minister O’Dwyer said.

Inquiry into small business lending practices

31 August 2016

The Australian Small Business and Family Enterprise Ombudsman has been directed by the Turnbull Government to undertake an inquiry into the adequacy of the law to address concerns raised by the Parliamentary Joint Committee on Corporations and Financial Services in its report, Impairment of Customer Loans. Minister for Small Business Michael McCormack said the Ombudsman […]

Labor seeks to deny Australians fairness and flexibility in superannuation

24 August 2016

Labor's announced changes to superannuation today will hollow out crucial support designed to assist more Australians to be independent in their retirement. The Coalition Government's reform of superannuation will make the super system fairer, more flexible and help more Australians in their efforts to be self-sufficient in retirement, consistent with the purpose of superannuation as […]

Insolvency Law Reform Act

23 August 2016

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP today announced that the industry is being given more time to implement the Insolvency Law Reform Act 2016 reforms.

Labor missing key details

22 August 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said the Opposition has conveniently left out crucial numbers to push their own misguided agenda for a Royal Commission - releasing select numbers on the complaints to the Financial Ombudsman Service (FOS) for 2008-09 and 2014-15. “We will be looking at every measure […]

Multinationals transparency action

15 August 2016

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said implementation of the Turnbull Government’s commitment to ensure greater transparency by large multinational companies in Australia moves forward with the Australian Taxation Office (ATO) starting consultation with affected businesses. “There are up to 2,000 multinational companies operating in Australia with annual global […]

Reappointment of Auditing and Assurance Standards Board Chair

9 August 2016

Minister for Revenue and Financial Services, Kelly O’Dwyer MP today announced the reappointment of Ms Merran Kelsall as the Chair of the Auditing and Assurance Standards Board (AUASB).

Review of external dispute resolution and complaints schemes

8 August 2016

The terms of reference for the independent review into the financial system’s external dispute resolution and complaints framework have been released today by Minister for Revenue and Financial Services, Kelly O’Dwyer MP. "The role, powers, governance and accountability of the existing financial system external dispute resolution and complaints framework will be reviewed by the panel," […]

New mandatory safety standard

14 July 2016

The Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer MP today introduced a new national mandatory safety standard for self-balancing scooters, also known as hoverboards. Minister O’Dwyer took this action following advice from the Australian Competition and Consumer Commission (ACCC) that hoverboards that do not meet safety standards for batteries and related circuits create […]

Hoverboards interim ban extended by another 30 days

16 June 2016

The Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer today announced the national interim ban on hoverboards that do not meet safety standards is to be extended by another 30 days. The original interim ban was imposed in March after advice from the Australian Competition and Consumer Commission (ACCC) that hoverboards that do not meet […]

Hoverboards interim ban extended by 30 days

11 May 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer today announced the national interim ban on hoverboards that do not meet safety standards is to be extended. The interim ban was imposed in March after advice from the Australian Competition and Consumer Commission (ACCC) that hoverboards that do not meet safety standards […]

Australian Consumer Law positive for consumers and businesses

8 May 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP has welcomed the release of the results of the second Australian Consumer Survey. “It is encouraging to see the findings point to positive improvements in consumer and business awareness and experiences since the introduction of the Australian Consumer Law,” Minister O’Dwyer said. “The […]

Financial Sector Advisory Council

6 May 2016

The Minister for Small Business and the Assistant Treasurer the Hon Kelly O’Dwyer MP, announced the reconstitution of the Financial Sector Advisory Council. “I would like to announce that the Council will be chaired by Mr Michael Cameron, Managing Director and Group Chief Executive Officer of Suncorp Group, and supported by a further eight members,” […]

Wine Equalisation Tax Rebate – consultation on implementation

6 May 2016

The Turnbull Government announced on Budget night our plan to strengthen the Wine Equalisation Tax (WET) Rebate integrity rules to put the wine industry in a stronger, long term position. The first of the Government’s integrity rule changes will be legislated as soon as possible - the associated producer provisions will be amended to help […]

Extension of ASIC Chairperson

6 May 2016

I am pleased to announce that the Governor-General has approved the extension of Mr Greg Medcraft's term as the Chairperson of the Australian Securities and Investments Commission (ASIC), Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer MP said. "This extension will provide continuity of leadership which will support ASIC's implementation of important reforms announced […]

Reforms actioned to make resilient financial system

6 May 2016

The Turnbull Government has delivered important new reforms to make Australia's financial system more resilient and ensure our financial institutions can continue to participate in global capital markets, Minister for Small Business and Assistant Treasurer Kelly O’Dwyer MP said. “Without this reform, Australian businesses would have soon faced significant restrictions and increased costs to trade […]

Labor hangs small business out to dry

5 May 2016

“The Turnbull Government is backing over three million hardworking small businesses by cutting their taxes,” Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP said. “Tonight Bill Shorten made the same vague pledges about small business, and confirmed he will oppose our plans to deliver tax relief for small businesses. “He failed to offer […]

Government response to Senate Inquiry into Digital Currency

5 May 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, today announced the release of the Government’s response to the Senate Economics References Committee’s report on the Inquiry into Digital Currency – Digital currency — game changer or bit player. “The Turnbull Government is committed to fostering innovation in the financial sector and […]

Release of the Retirement Income Streams Review

5 May 2016

The Government announced its response to the Retirement Income Streams review and released the final report, as part of the Budget. This delivers on our commitments to review the minimum drawdown rules for account-based pensions and regulatory barriers to the development of appropriate income stream products in the Australian market. The Government has accepted the […]

Consultation on Technology Neutrality in Meetings Communications

5 May 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, today released a proposal paper entitled ‘Technology neutrality in distributing company meeting notices and materials' for public consultation. "It is essential that the regulatory framework for calling company meetings supports innovation, facilitates good corporate governance, reduces the compliance burden on business, and […]

Appointment of Members to the Australian Government Financial Literacy Board

5 May 2016

The Turnbull Government has today announced the appointments of the Chairman and members of the Australian Government Financial Literacy Board. The newly appointed to make up the Board are: Chair: Mr Paul Clitheroe AM is reappointed for a further two years; Members: Mr Robert Brown AM, Ms Fiona Guthrie and Ms Elaine Henry OAM who […]

Amendments to the Private and Public Ancillary Fund Guidelines

5 May 2016

The Government has made amendments to the Private Ancillary Fund Guidelines 2009 and the Public Ancillary Fund Guidelines 2011, which set minimum standards for the governance and conduct of ancillary funds and their trustees. The amendments to the Guidelines incorporate a number of changes to the existing guidelines, including: updating the Private Ancillary Fund Guidelines […]

Appointment to Companies Auditors and Liquidators Disciplinary Board

5 May 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP, today announced the appointment of Ms Clare Lethlean as the part-time Deputy Chairperson of the Companies Auditors and Liquidators Disciplinary Board (CALDB) for a three-year term. “Ms Lethlean is currently a Professional Practice Consultant at McGrathNicol and brings significant experience in insolvency […]

Government delivers Managed Investment Trusts reforms

5 May 2016

The Government’s package of Bills to implement the Managed Investment Trusts reforms was passed by Parliament yesterday, Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP said. “These reforms were promised by Labor but never delivered,” Minister O’Dwyer said. “The reforms modernise and enhance the competitiveness of Australia's funds management industry, one of the […]

New independent expert panel

5 May 2016

The Turnbull government is today announcing the new independent expert panel to lead the review into the financial system’s external dispute resolution and complaints framework, Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP said. “I am pleased to announce the expert panel will be chaired by Professor Ian Ramsay, with Mr Alan Kirkland […]

Wine Equalisation Tax rebate – improving integrity and growing exports

3 May 2016

The Turnbull Government is putting the wine industry in a stronger, long-term position by making a record investment in international and domestic wine promotion, while strengthening Wine Equalisation Tax (WET) integrity rules and reducing the WET rebate. “The wine industry has called for reform of the WET rebate based on their concern it has moved […]

Easing the tax burden and making life easier for hard working small businesses

3 May 2016

Australia’s hard working small businesses are the engine room of our economy. As we transition from the mining boom, it is vital that opportunities are created for our small businesses to innovate, grow and employ more Australians. Small business tax relief for companies and unincorporated small businesses The Turnbull Government will cut the small business […]

A new Tax Avoidance Taskforce

3 May 2016

The Turnbull Government will establish a new Tax Avoidance Taskforce to crack-down on multinational tax avoidance and secure revenue for the Australian community. The Government will provide the ATO with $679m for the Taskforce over four years to strengthen efforts to ensure that multinational companies, private companies and high wealth individuals pay the right amount […]

A more sustainable superannuation system

3 May 2016

The Turnbull Government is today announcing a package of superannuation tax reforms to improve the sustainability, flexibility and integrity of the superannuation system. As Australia’s population ages it is becoming increasingly important to ensure that the superannuation system is based on a clearly stated objective, is providing the right incentives to save, and is flexible […]

Consultation on improving bankruptcy and insolvency law

29 April 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, and the Attorney General, Senator the Hon George Brandis QC, today released a discussion paper titled 'Improving Bankruptcy and Insolvency Laws' for public consultation as part of the Government's National Innovation and Science Agenda (NISA).

Productivity Commission to examine arrangements supporting Australian Consumer Law

29 April 2016

Treasurer, the Hon Scott Morrison and the Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer today released the terms of reference for a Productivity Commission study into the enforcement and administration arrangements underpinning the Australian Consumer Law. The study will focus on the effectiveness of the ‘single-law, multiple regulator’ model – a […]

Northern Australia Tourism Initiative – new Australian Small Business Advisory Services funding

29 April 2016

Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP, today announced the establishment of seven new Australian Small Business Advisory Services (ASBAS) as part of the Northern Australia Tourism Initiative. “The organisations to be offered $4.6 million over the next three years are based in the Northern Territory, Queensland, and Western Australia,” Minister O’Dwyer […]

Asia Region Funds Passport – signing the Memorandum of Cooperation

28 April 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP today signed the Asia Region Funds Passport’s Memorandum of Co-operation (MoC) with Japan, Korea and New Zealand. The Passport is an international initiative that facilitates the crossborder offering of eligible collective investment schemes while ensuring investor protection in economies participating in the Passport. […]

Progressing professional standards reforms

28 April 2016

The Turnbull Government has today announced proposed changes to ensure existing financial advisers are provided with a smooth transition as part of reforms to raise the education, training and ethical standards of the financial advice industry. The Government is also proposing to establish a standard setting body, initially as a Commonwealth company, to administer the […]

Hoverboards interim ban to remain

23 April 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer, has decided to maintain the national interim ban on the supply of hoverboards that do not meet safety standards. Minister O’Dwyer imposed the interim ban in March after advice from the Australian Competition and Consumer Commission (ACCC) that unsafe hoverboards create an imminent […]

Saving time for small business owners

22 April 2016

New user-friendly online tools have been released to help Australian small businesses taking on a new employee. Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer, said a new online checklist is now available to guide small business owners through the federal and state laws that apply when taking on an employee.

Regulatory approvals process streamlined

22 April 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP today announced that the Turnbull government is improving the process for when firms (financial market operators and clearing and settlement facilities) seek regulatory approval for licensing, operating rules and compensation arrangements. Minister O’Dwyer said the Turnbull Government is committed to supporting innovation and […]

Release of ACCC gas report welcomed

22 April 2016

The Government welcomes the release of the Australian Competition and Consumer Commission's (ACCC) report into the competitiveness of wholesale gas prices in Eastern and Southern Australia. Australia's east coast gas market has undergone substantial change, notably with the development of a liquefied natural gas export industry in Queensland. The Government tasked the ACCC to consider […]

myTax expanded to sole traders and contractors

21 April 2016

The Minister for Small Business and Assistant Treasurer the Hon. Kelly O’Dwyer has announced that sole traders and contractors will be eligible to use the tax return “myTax” from 1 July this year. Minister O’Dwyer confirmed that all individuals are now eligible to use myTax, and the ATO is aiming to deliver a quicker and […]

Turnbull Government bolsters ASIC to protect Australian consumers

20 April 2016

The Turnbull Government today announced a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC). The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster […]

Small amount credit contract final report released

19 April 2016

The Turnbull Government has today released the final report of the independent review of the small amount credit contract (SACC) laws. The Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer said the review has provided an appropriate opportunity to consider the laws that apply to regulated consumer leases. "The final report has made a […]

Government welcomes deep dive in FNQ

19 April 2016

The Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer today welcomed the ACCC’s announcement that Cairns will be the subject of the ACCC’s fourth in-depth study into regional fuel markets in Australia. Minister O’Dwyer said that the Coalition Government is committed to ensuring that fuel markets are operating effectively. “In December 2014 […]

SME’s front and centre of Australia Week in China

10 April 2016

Australia’s largest ever business mission to China will provide new opportunities for Australia’s small and medium sized enterprises (SMEs), Minister for Small Business and Assistant Treasurer Kelly O’Dwyer MP said. Australia Week in China 2016 (AWIC) will include about 1,000 delegates, drawn mostly from small and medium businesses, and representing more than 750 companies. Minister […]

Minister to visit USA

9 April 2016

Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer MP will make her first official visit to the USA from 11 to 16 April. In New York, the Minister will chair a roundtable with venture capital firms focusing on innovation and early stage investing, attend a Down Under New York event, and visit […]

Australians have $1.2 billion of unclaimed money

6 April 2016

Minister for Small Business and Assistant Treasurer the Hon Kelly O'Dwyer MP today urged Australians nationwide to find out if they have a share in $1.2 billion of unclaimed money from bank accounts, life insurance, shares, and other investments. Minister O'Dwyer said there are about 1.3 million individual records of unclaimed money waiting to be […]

Small businesses in the road transport industry encouraged to have their voices heard

1 April 2016

Minister for Small Business and Assistant Treasurer the Hon Kelly O'Dwyer welcomed today's release of two reviews into the road safety remuneration system. "The two independent reviews will consider whether the Road Safety Remuneration System in Australia is an effective and appropriate way of addressing safety concerns in the road transport industry, an industry comprised […]

Government decision on financial assistance relating to the collapse of Trio Capital

1 April 2016

After careful and extensive consideration, the Minister for Small Business and Assistant Treasurer, Kelly O'Dwyer MP, has advised two groups of investors in the now collapsed Trio Capital, that the Government will not provide further compensation. The government has already provided $71.7 million in compensation to eligible investors. The investor groups are made up of […]

Green light for food labelling reforms a win for consumers

31 March 2016

Attachment [PDF 123KB] The Australian Government has welcomed today’s agreement by the states and territories to sweeping reforms to country of origin food labelling which will give Australian consumers clearer and more meaningful information about the products they buy. Today’s agreement comes after decades of frustration on the part of consumers that country of origin […]

Have your say on the Australian Consumer Law

31 March 2016

Consumer Affairs Australia and New Zealand (CAANZ) today released an Issues Paper calling for submissions on the Australian Consumer Law Review. Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP said we all experience being a consumer and it is important we have laws that empower us to confidently participate in the […]

Consumer Ministers to establish a free range egg standard

31 March 2016

Commonwealth, State and Territory Consumer Affairs Ministers have decided to establish a free range egg standard that will provide better information for consumers. Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer met with her State and Territory counterparts for the fourth Legislative and Governance Forum on Consumer Affairs to consider a range […]

Interim ban imposed on unsafe hoverboards

18 March 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer has today imposed an interim ban to prevent the supply of hoverboards that do not meet safety standards for batteries and related circuits. Minister O’Dwyer took this action after advice from the Australian Competition and Consumer Commission (ACCC) that unsafe hoverboards create an imminent […]

Government moves to give more employees choice

17 March 2016

Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer today introduced legislation into Parliament to allow employees the option to choose their superannuation fund. “Currently around two million employees do not have the opportunity to choose the fund into which their compulsory employer contributions are paid,” Minister O’Dwyer said.   “A common way […]

Improving transparency in the superannuation industry

17 March 2016

The Bill to improve transparency in the superannuation industry has been introduced into Parliament by Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer today. “Transparency through improved disclosure of information is critical to the efficient operation of Australia’s superannuation system,” Minister O’Dwyer said. “It improves understanding, awareness and engagement for Australians with […]

Fixing competition policy to drive economic growth and jobs

16 March 2016

The Turnbull Government will legislate to fix competition policy in Australia through implementation of the Harper Review’s recommendation to amend Section 46 of the Competition and Consumer Act - the misuse of market power provision. The Harper Review into competition policy - an election commitment of the Coalition Government - found Australia’s current misuse of […]

Financial System Resilience Bill

16 March 2016

Minister for Small Business and Assistant Treasurer Kelly O'Dwyer today introduced to Parliament a Bill to make Australia's financial system more resilient and ensure our financial institutions can continue to participate in global capital markets. "The Financial System Legislation Amendment (Resilience and Collateral Protection) Bill 2016 delivers on Australia's G20, post-GFC commitment, to address systemic […]

First days for first Australian Small Business and Family Enterprise Ombudsman

15 March 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, today announced that the Australian Small Business and Family Enterprise Ombudsman is now ‘open for business’. Today’s announcement delivers on a key Government election commitment to establish a dedicated Ombudsman with real capability to deliver benefits for small businesses. The Ombudsman will be […]

Consultation on the objective of superannuation

9 March 2016

The Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, today released a discussion paper entitled 'The objective of superannuation' for public consultation to kick-start the process for meeting the Government's commitment to enshrine the objective of superannuation in law. The Government agreed as part its response to the Financial System Inquiry […]

Retention of the Australian Charities and Not-for-profits Commission

4 March 2016

The Government will provide certainty to the charitable sector and community organisations by today announcing the decision to retain the Australian Charities and Not-for-profits Commission (ACNC). Minister for Social Services, Christian Porter, and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer, said the decision followed extensive consultation with the sector on the alternative option […]

Northern Australia Insurance Premiums Taskforce report released

4 March 2016

The Turnbull Government has today released the final report of the Northern Australia Insurance Premiums Taskforce. Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer said the Taskforce was established to explore the feasibility of options to lower insurance premiums in northern Australia, where the risk of cyclones has caused affordability concerns. "The Taskforce formed […]

Norfolk Island CGT Exemption Bill passes Parliament

3 March 2016

Parliament has passed the Tax Laws Amendment (Norfolk Island CGT Exemption) Bill, Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP said. "The Government is delivering on another election commitment by delivering taxation, social security and healthcare arrangements to Norfolk Island," Minister O’Dwyer said. "These amendments will enable Norfolk Island residents to […]

Takeovers Panel appointments

3 March 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, today announced the appointments of the President and members of the Takeovers Panel. "I am pleased to announce that Ms Vickki McFadden has been appointed President of the Takeovers Panel," Minister O'Dwyer said.

Small business helpline milestone

3 March 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer announced the Government's workplace relations Small Business Helpline has received more than 300,000 calls from small business operators around Australia. "The helpline provides a priority service for the more than two million small business operators to access fast and reliable information," Minister O’Dwyer said. […]

FOFA amendments pass the Parliament

2 March 2016

Parliament has passed the Corporations Amendment (Financial Advice Measures) Bill, Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP said. "The amendments will improve the advice provided to consumers and alleviate the unintended consequences that have arisen since the laws were introduced", Minister O'Dwyer said. "The Coalition Government is committed to providing […]

Small Business Bill passes Parliament

29 February 2016

Parliament has today passed the Small Business Restructure Roll-over Bill to allow small businesses to amend their legal structure without concurrently attracting a capital gains tax (CGT) liability, Minister for Small Business and Assistant Treasurer Kelly O’Dwyer said. "Small businesses will now be able to restructure their business without incurring an immediate tax bill," Minister […]

Northern Australia tourism businesses given new edge

29 February 2016

The Australian Government is unlocking the vast potential of northern Australia small and medium tourism businesses with a new team of experts deployed to provide one-on-one business advice. This $13.6 million Northern Australia Tourism Initiative is one of a suite of new programmes announced in response to Our North, Our Future: White Paper on Developing […]

New small businesses on the rise

29 February 2016

New figures show the number of small businesses in Australia has increased by more than 21,500. Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer said the latest figures from the Australian Bureau of Statistics (ABS) are encouraging as more Australians are having a go. “This is the second consecutive year the number […]

Statement

24 February 2016

I would like to explain my comments on Sunrise this morning about Labor’s reckless negative gearing policy. The point I was making is that under Labor’s policy there will be increased demand for new property, pushing up prices for new property.

Key tax changes to improve the system

23 February 2016

Two measures have passed Parliament that improve the operation of Australia's capital gains tax regime, Minister for Small Business and Assistant Treasurer Kelly O'Dwyer said. The measures in the Tax and Superannuation Laws Amendment (Measures No. 6) Bill 2015: Amend the capital gains tax (CGT) treatment of earnouts; and Create a withholding obligation to improve […]

Productivity Commission review into the efficiency and competitiveness of the superannuation system

17 February 2016

The Turnbull Government is today releasing the Terms of Reference for the first two stages of a Productivity Commission review into the efficiency and competitiveness of the entire superannuation system. This review is an important step in implementing the Government’s response to the Financial System Inquiry and helping Australians have a better standard of living […]

Strong start for Exploration Development Incentive

12 February 2016

The recently released results for the first year of the Government’s $100 million Exploration Development Incentive (EDI) highlight its broad use in new exploration. The EDI permits small mineral exploration companies with no taxable income to provide exploration credits to their Australian resident shareholders for greenfields mineral exploration. In the EDI’s first year of operation, […]

Government moves to improve life insurance advice

11 February 2016

Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer today introduced legislation into Parliament that will give effect to the industry-agreed life insurance improvements. “In November last year life insurance peak bodies reached agreement on the implementation of these changes to improve the quality of advice and increase consumer confidence in the life […]

Crowd-sourced funding passes the House

10 February 2016

The Turnbull Government is progressing Australia’s first framework for crowd-sourced equity funding (CSEF) with the Bill passing through the House of Representatives today, Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer, and Minister for Industry, Innovation and Science the Hon Christopher Pyne said. “The intent of this Bill is to assist start-ups […]

Improving bankruptcy and insolvency regimes

10 February 2016

The Insolvency Law Reform Bill, which enhances protections for creditors and improves the efficiency of companies being wound up, has passed the House of Representatives today, Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer said. “This legislation supports the Government’s commitment to modernise Australia's insolvency and corporate reorganisation framework,” Minister O’Dwyer said. […]

MOU signed for new Asian Development Bank facility

9 February 2016

Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer MP, and Asian Development Bank President, Takehiko Nakao, today signed the Memorandum of Understanding on the Asia Pacific Project Preparation Facility. “The Bank’s new facility will help member countries in Asia and the Pacific prepare bankable public-private partnership infrastructure projects to better attract and secure financing […]

Introduction of final Small Business Bill

4 February 2016

The Coalition Government has today introduced in Parliament a Bill to enable Australian small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time. Minister for Small Business and Assistant Treasurer Kelly O’Dwyer said this final piece of legislation completes the Government’s record $5.5 billion Growing Jobs and […]

Appointment of first Small Business Ombudsman

1 February 2016

The Hon Kelly O'Dwyer MP today announced the appointment of Ms Anne Katherine (Kate) Carnell AO as the inaugural Australian Small Business and Family Enterprise Ombudsman. Today's appointment fulfils a key Government election commitment to establish an independent Ombudsman with real powers to act as a: Commonwealth advocate for small businesses and family enterprises; Concierge […]

Coalition bolsters ATO in fight against multinational tax avoidance

28 January 2016

The Turnbull Government has delivered on a commitment and taken further action to combat multinational tax avoidance with the signing of a new multilateral agreement to share tax information. This agreement will give the Australian Taxation Office (ATO) further scope to ensure companies pay their fair share of tax. On Wednesday Australia was one of […]

Hoverboard safety warning notice

13 January 2016

Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, has issued a safety warning notice for hoverboards under the Competition and Consumer Act 2010. Minister O'Dwyer said that the ACCC is currently investigating any potential risk of injury to consumers as a result of using hoverboards. "The ACCC investigation will assess whether […]

Social security agreement with India commences

8 January 2016

A new social security agreement between Australia and India is now in force, making retirement easier for residents of both countries. Minister for Social Services, Christian Porter and Minister for Small Business and Assistant Treasurer, Kelly O’Dwyer said the Commonwealth Government wants to make sure people who live and work in more than one country […]