Media Releases

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 […]