Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023

The majority voted in favour of a motion "that the bill be agreed to." This means they can now vote on whether to pass the bill.

What does the bill do?

According to the bills digest:

*Schedules 1-3 of the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures Bill 2023 amend a number of Commonwealth statutes to reduce the tax concessions available to individuals with a total superannuation balance of more than $3 million. The Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 implements that measure.

Schedule 6 makes minor and technical amendments to the A New Tax System (Goods and Services Tax Act) 1999 (GST Act), the Fuel Tax Act 2006 and the Income Tax Assessment Act 1997.*

Schedule 8 expands the regulatory coverage of the Payment Systems (Regulation) Act 1998 by inserting new definitions of payment system and participant so that entities providing buy-now pay-later products, digital wallet passthrough services (such as ApplePay and Google Wallet), cash distribution services, and services that facilitate payment in crypto assets are able to be regulated.