Australia: Proposed bills related to superannuation concessions, ACNC secrecy reforms, payments regulatory framework

Federal government introduced two bills to Parliament

Federal government introduced two bills to Parliament

The federal government introduced two bills to Parliament that seek to introduce several measures related to superannuation concessions, Australian Charities and Not-for-profits Commission (ACNC) secrecy reforms, foreign financial service provider licensing, and the payments regulatory framework.

The two bills that were introduced are the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023.

  • Schedules 1 to 3 are related to the implementation of the “Better Targeted Superannuation Concessions” measure from the 2023-2024 budget. The measure seeks to reduce the tax concessions available to individuals with total superannuation balances exceeding $3 million*.
  • Schedule 4 partially implements the “Treasury Portfolio – additional resourcing” measure in the 2023-2024 budget, which amends the ACNC Act 2012 to provide two new exceptions for the public disclosure of protected ACNC information about new and ongoing investigations.
  • Schedule 7 seeks to establish three exemptions for foreign financial services providers from the requirement to hold an Australian financial services licence: the comparable regulator exemption; the professional investor exemption; and the market maker exemption.
  • Schedule 8 is intended to amend the Payment Systems (Regulation) Act 1998 to modernise the payments regulatory framework so that it is fit-for-purpose and can address emerging risks related to payments.

Read more on the Parliament of Australia website [PDF 3 MB]

*$ = Australian dollar



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