Treasury Laws Amendment (2023 Measures No. 1) Bill 2023

The majority voted in favour of a motion to pass the amended bill in the Senate. It will now return to the House of Representatives, where our MPs will consider whether they agree with the Senate amendments. If so, the bill will become law.

What does this bill do?

According to the bills digest:

Schedule 1 amends the Corporations Act 2001 to:

• allow for multiple registrations of relevant financial advisers and

• allow the Australian Securities and Investments Commission (ASIC) to make decisions using assisted decision-making technology.

Schedule 2 amends the Australian Securities and Investments Commission Act 2001 (ASIC Act) to lay the necessary foundations to implement sustainability reporting standards in Australia.

Schedule 3 amends the Tax Agent Services Act 2009 (TAS Act) to address the regulation of tax and BAS agents. Schedule 3 partially implements the recommendations included in the Government’s response to the Tax Practitioners Board Review released on 27 November 2020.

Schedule 4 amends the Income Tax Assessment Act 1936 (ITAA 1936) and the Income Tax Assessment Act 1997 (ITAA 1997) so that no part of an off-market share buy-back can be taken to be a dividend.

Schedule 5 further limits the ability of companies to issue franked dividends by disallowing the use of franking credits on certain distributions that are funded by capital raising activities.