Media Releases

Government welcomes Federal Court’s decision in Chevron case

21 April 2017

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

Further streamlining of regulatory approvals

12 April 2017

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

Declaring Cyclone Debbie a disaster for tax purposes

11 April 2017

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

ASIC enforcement review consults on breach reporting

11 April 2017

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

Financial Adviser Standards and Ethics Authority appointments

10 April 2017

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

Multinational tax crackdown reaping results

6 April 2017

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

Exposure draft: wine equalisation tax rebate

5 April 2017

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

Shining a light on offshore tax evasion

31 March 2017

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

Combatting fraud in the precious metals industry

31 March 2017

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

Government improves tax system to encourage innovation

30 March 2017

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

Industry funding model for ASIC introduced into parliament

30 March 2017

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

Productivity Commission releases draft report

29 March 2017

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

Government releases insolvency law reforms for consultation

28 March 2017

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

Diverted profits tax passes Senate

27 March 2017

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

Government strengthens NISA tax incentives and tax compliance

27 March 2017

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

Protecting consumers and encouraging growth and jobs

27 March 2017

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

Reappointment of members to the Financial Reporting Council

24 March 2017

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

Appointments of members to the Takeovers Panel

23 March 2017

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

Government releases innovative superannuation income stream regulations for consultation

21 March 2017

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

Another union scare campaign wasting members’ super savings

20 March 2017

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

Government welcomes ASIC review into financial advice firms

17 March 2017

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

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

16 March 2017

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

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

13 March 2017

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

Labor support for super governance reforms welcome

2 March 2017

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

ASIC Action on Cash Converters

1 March 2017

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

Turnbull Government welcomes ongoing parliamentary scrutiny of big four banks

28 February 2017

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

Donations to the Bourke Street Fund now tax deductible

17 February 2017

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

Members let down by industry self-interest

16 February 2017

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

Consultation on increasing transparency of the beneficial ownership of companies

13 February 2017

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

Fairer tax laws to benefit taxpayers

9 February 2017

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

Win for consumers on life insurance

9 February 2017

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

Higher standards for financial advisers to commence

9 February 2017

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

Carnell report into banking practices released

3 February 2017

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

Labor denies job opportunities for Australians

27 January 2017

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

Government acting on Super Guarantee non-compliance

25 January 2017

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

Commonwealth contribution to Bourke Street Fund

22 January 2017

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

Black Economy Taskforce – invitation for public comment

19 January 2017

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