Welcome to Issue 78 of the FSC Policy Update. This article outlines legislative and regulatory developments in the superannuation, investments, financial advice, tax, technology and innovation sectors, plus more. Learn about what’s impacting the financial services industry below.
.Click on the topic of interest below to read more.
Superannuation Bills Referred to Senate Committee
Government Consults on $3M Cap Regulations
Climate-related financial disclosures Bill introduced and referred to Senate Committee
Wholesale Investor Test - Parliamentary Inquiry
Multinational Tax - Thin Capitalisation
Digital ID Legislation Passes Parliament
The Government Consults on Performance Test Design Options
Quality of Advice Review - Superannuation nudges
APRA Releases Operational Risk Financial Requirement Draft Standard and Guidance
Strategic Planning and Member Outcomes - Consultation Update
APRA Responds to SDT Publishing and Confidentiality Consultation
Compensation Scheme of Last Resort
Tranche 1 Financial Advice Reforms introduce to Parliament
Financial adviser registration and ASIC's Financial Adviser Dataset
Anti-Money Laundering and Counter-Terrorism Financing Laws (AML-CTF)
Financial Accounting Regime (FAR)
ASX Corporate Governance Principles and Recommendations - Draft 5th Edition
Public Country-by-Country Reporting
Global and Domestic Minimum Tax
Expansion of Australia's Tax Treaty Network
PARLIAMENT, LEGISLATION AND REGULATION
Superannuation Bills Referred to Senate Committee
The Treasury Laws Amendment (Better targeted Superannuation Concessions and Other Measures) Bill 2023 was referred to the Senate Economics Legislation Committee for inquiry. The FSC made a submission focusing on concerns around lack of indexation and the approach to taxing unrealised gains, as submitted to the Treasury on the exposure draft of the legislation. The committee is due to report by 19 April 2024. The Government has also released corresponding draft regulations to support the Bill, see further details on this consultation below.
The FSC has also made a submission to the committee’s inquiry on the Superannuation (Objective) Bill 2023 in support of the Bill. The committee handed down its report on 2 April 2024, including a cross-party recommendation that the Senate pass the Bill.
Please contact Aidan Johnson if you would like any further information.
For more information, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
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Government Consults on $3M Cap Regulations
The Government has commenced consultation on exposure draft regulations for the new Div 296 $3M Superannuation Tax.
The proposed regulations provide technical details on the treatment of defined benefits in both the retirement and accumulation phase and how these interests contribute towards the Total Superannuation Balance for the purpose of the $3 million super tax. This includes various methods of calculating the interests depending on the availability of certain information, these include:
- Family law methods - determined using the method approved for that interest in the family law regulations;
- Certificates (when available) – prescribed in a certificate issued under the law;
- Vested benefits total - the total value of the benefits to which an individual would become entitled if the individual had the right to, and did voluntarily, cause the superannuation to cease, or became entitled to a pension or deferred superannuation benefit ; and
- Maximum contribution amount - the total at the time of the amount worked out under paragraph 1.06B(1)(c) of the SIS Regulations for each of those superannuation income streams.
Of particular interest are the provisions relating to defined benefit interests including:
- Outlining the methods to value defined benefit interests; and
- Any modifications that need to be made to the Div 296 earnings formula to appropriately capture notional contributions to defined benefit interests.
The FSC will make a submission to the consultation.
Please contact Kirsten Samuels if you would like any further information.
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Climate-related financial disclosures Bill introduced and referred to Senate Committee
On March 27, the Treasurer introduced into Parliament the Treasury Laws Amendment (Financial Market Infrastructure and other measures) Bill which implements the climate-related financial disclosures regime and the regime to protect financial market infrastructure in the event of a crisis. The draft Bill and explanatory memorandum can be found here.
The primary intention of Treasury is that fund managers and superannuation funds are caught under Group 2 where underlying managed investment schemes (MIS) or registrable superannuation entities (RSE) have funds under management above $5 billion.
However, at the corporate or entity level, the Responsible Entity, Registrable Superannuation Entity Licensee or corporate parent may be captured under group 1 if meets two of the three asset, revenue and employee size thresholds. Reporting would only be required in respect of the corporate entity, not the underlying MIS or RSEs.
The phasing of the regime is as follows:
- Group 1 (1 January 2025): Consolidated revenue ($500 million), Consolidated gross assets ($1 billion), Employees (500)
- Group 2 (1 July 2026): Consolidated revenue ($200 million), Consolidated gross assets (500 million), Employees (250)
- At the fund level (MIS/RSE), a $5 billion threshold applies and is intended to be phased in under Group 2 (see EM 4.182).
- Group 3: (1 July 2027): Consolidated revenue ($50 million), Consolidated gross assets ($25 million), Employees (100)
The size thresholds in the final phase are equivalent to the existing large propriety company definition.
The Bill allows for consolidated reporting where a corporate entity (RE/RSEL) has multiple MISs and RSEs such that the obligation to report falls at the parent company level and not to each individual underlying reporting entity.
Other key features of the Bill include:
- Required disclosures including Scope 3 emissions: Disclosures must include disclosure of scope 1, scope 2 and scope 3 emissions (which includes financed emissions) (section 296D), and information about the governance, strategy and risk management by the entity in relation to the risks, opportunities, metrics and targets for any material financial risks there are for the entity or any material financial opportunities relating to climate there are for the entity (section 29D). The detailed disclosure requirements will be provided by the AASB Standards.
- The AASB standards currently require that an entity is only expected to use all reasonable and supportable information that is available to it at the reporting date without undue cost and effort.
- Financed emissions are defined in the EM at 4.25 as ‘the portion of greenhouse has emissions of an investee or counterparty attributed to the loans and investments made by an entity to the investee or counterparty. These emissions are part of Scope 3 Category 15 (investments) as defined in the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard.’
- Modified liability: ASIC-only action will be permitted for misleading and deceptive and other conduct (including alleged breaches of directors’ duties) in relation to ‘protected statements’ for a period of three years under section 1707D. A ‘protected statement’ under section 1707D(3) is a statement about scope 3 greenhouse gas emissions (including financed emissions), scenario analysis and a transition plan. This does not prevent criminal proceedings to be brought by ASIC. Modified liability also extends to statements made in an auditors’ report and all forward-looking statements related to climate and for the purpose of complying with sustainability standards if they are made in reports for financial years commencing within the first 12 months starting on the start date. Following the three-year period, ordinary liability provisions will apply.
- Auditing: The sustainability report is subject to mandatory audit requirements in accordance with the auditing standards. It is intended to be phased in under section 1707E(2). The AUASB must make auditing standards that specify the extent to which sustainability reports for financial years commencing on or before 30 June 2030 must be audited and/or reviewed, and provide standards for such audits and reviews.
- Disclosure requirements: The Bill includes the requirement that a prospectus for a continually quoted security or a PDS relating to a managed investment scheme that is an ED security must inform people of their right to obtain a copy of the most recently lodged sustainability report of the body has lodged a sustainability report with ASIC. Issuers for superannuation products relating to a registrable superannuation entity must give a concerned person a copy of the sustainability report the entity has prepared for the financial year if the concerned person made the request in writing.
- Commencement: Reporting requirements commencement has moved to 1 January 2025, which provides more time to the consultation draft commencement of 1 July 2024.
The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report. The Committee is due to report on 30 April 2024.
Please contact Chaneg Torres if you would like any further information.
Wholesale Investor Test - Parliamentary Inquiry
The Parliamentary Joint Committee on Corporations and Financial Services has announced an inquiry into the wholesale investor test for offers of securities under section 708 of the Corporations Act 2001 and the wholesale client test for financial products and services under sections 761G & 761GA of the Act.
The terms of reference can be found here.
The Committee will look into, among other things:
- comparison with comparable overseas jurisdictions, including any proposed or recent changes to tests used in similar contexts;
- consideration of any proposals to change the wholesale investor/client tests, including: any evidence to support such proposals, the possible consequences (both intended and unintended) of any change to the wholesale investor/client tests, the costs and benefits of any change, the impact of any change on different cohorts of investor/client and other stakeholders;
- any potential adjustments to proposals to change the wholesale investor/client tests to address the concerns of stakeholders;
- the process to be adopted prior to settling any change to the wholesale investor/client tests, including any additional Government consultation process necessary to ensure full and proper consultation prior to implementing any change.
The Government is also considering changes to the wholesale investor test as part of the Treasury review of the Managed Investment Scheme regulatory framework.
Written submissions are due by 15 May 2024. The FSC will be providing a submission to the PJC that reiterates the position we have previously taken in our submissions to Treasury in support of raising the net asset threshold, maintaining the current income and product value thresholds and making the sophisticated investor limb more objective.
Please contact Chaneg Torres if you would like any further information.
Multinational Tax - Thin Capitalisation
On 27 March 2024, Parliament passed the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share—Integrity and Transparency) Bill 2023. The final legislation incorporates amendments relating to Schedule 2 on thin capitalisation in response to issues raised during consultation with Treasury and the Senate Economics Legislation Committee.
The amendments more closely target the proposed new debt deduction creation rules to capture arrangements more likely to be used in schemes that are not commercially justified. The changes will also improve how key tests under the rules apply to trusts and partnerships.
Please contact James Young if you would like any further information.
Digital ID Legislation Passes Parliament
The Digital ID legislation, introduced in November, has now passed Parliament. This legislation expands the use of the existing Government's Digital Verification Service, allowing private companies to begin offering ID verification services, known as Digital ID.
The FSC will continue to monitor updates to the Digital ID program as further private organisations seek to be accredited for the scheme.
Please contact Kirsten Samuels if you would like any further information.
SUPERANNUATION
The Government Consults on Performance Test Design Options
On 8 March 2024, the Government released its consultation on a review of the Your Future Your Super (YFYS) performance test which contains multiple design options, including:
- Status quo – retain the current testing framework but with some minor changes;
- Alternative single-metric – consideration of a different single-metric framework, where the consultation includes three examples: the Sharpe ratio, a peer comparison, and a simple-reference portfolio frontier;
- Multi-metric framework – consideration of a multiple metric framework. This consultation includes two specific examples which are a framework that aligns with the APRA heatmaps, and a targeted three-metric test; or
- Alternative framework – an opportunity to put forward an alternative to the Government’s provided options.
The Government is also requesting feedback on some components of the current test such as fees and barriers to consolidation.
The Government’s review is being driven by its concerns the performance test is encouraging benchmark hugging and is holding back investment in some sectors that could provide strong returns for members, such as the energy transition and affordable housing.
The FSC will be making a submission to the Government’s consultation and has been engaging members through the YFYS working groups (both Superannuation and Fund Managers). The FSC is assessing the merits of each design option presented but is also considering the risk involved with any significant change to the performance test. The FSC is also taking this opportunity to present to Government the importance of introducing a product modernisation regime to assist the market to move consumers into more efficient, higher returning investments.
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Quality of Advice Review - Superannuation nudges
The Government is continuing to progress its work on the implementation of the recommendations of the Quality of Advice Review, including to provide superannuation funds with the ability to nudge consumers towards seeking advice on important superannuation-related matters in their retirement savings journey.
The FSC worked with the Super and Advice and Advice Regulatory Affairs working groups to make a submission to the Treasury recommending that:
- Nudges can be used as deemed appropriate by the trustee, subject to the trustee having a reasonable basis for a consumer being part of a cohort and that the nudge is appropriate for the cohort;
- Nudges can include personalised advice to an individual or cohort of people, but will be deemed as general advice;
- The legislative regime for nudges should be technology neutral and not limit the methodology by which trustees are able to provide responsible nudges to members;
- The EM should include examples of nudges to support the new legislative framework under general advice; and
- Nudges should be permitted under the anti-spam, Australian Privacy Principle 7 (APP7) and anti-hawking provisions, in line with the government’s policy intent. This will help ensure industry has legislative certainty to implement the changes for members.
The FSC is continuing to engage with Government and provide information as required to assist in ensuring nudges can be provided.
APRA Releases Operational Risk Financial Requirement Draft Standard and Guidance
APRA released its next consultation on changes to SPS 114 Operational Risk Financial Requirement (ORFR) and associated guidance. This includes a letter to industry responding to the previous consultation, draft SPS 114 and draft SPG 114.
APRA will no longer be pursuing their Baseline+ model they canvassed in the previous consultation in November 2022, due to the costs flagged by industry being higher than any benefits it would provide. APRA has also made a raft of changes including the removal of notification requirements and the expansion of allowable uses to include the management and prevention of operating risk incidents, these include:
- Remediation activities (including addressing identified vulnerabilities and weaknesses);
- Costs associated with the prevention of losses and disruption; and
- A business continuity plan or orderly exit from a service provider agreement in response to an operational risk event.
The guidance also explicitly disallows the ORFR to be used for payment of any fines, as called for by the FSC in previous submissions.
The FSC has developed a draft submission and will work with the Superannuation Technical Working Group to finalise a submission to APRA.
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Strategic Planning and Member Outcomes - Consultation Update
The FSC made a submission to APRA’s Strategic Planning and Member Outcomes consultation package which included drafts of: SPG 515 Strategic and Transfer Planning, SPG 516 Business Performance Review and SPS 515 Strategic Planning and Member Outcomes.
The FSC worked with the Superannuation Technical Working Group to develop a submission which contained 17 recommendations, particularly on: Further guidance needed for how several of the proposed standards would apply to platform products, further clarify on the standards around fees and how they are set, additional detail required on the aspects of the guidance concerning successor fund transfers, and further guidance in relation to the operationalisation of the business performance review.
APRA expects to release final versions of the standard and guidance by 1 July 2025 for a commencement date of 1 January 2026..
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APRA Responds to SDT Publishing and Confidentiality Consultation
APRA has released its response to its October 2023 consultation on the publishing and confidentiality of data collected through the Superannuation Data Transformation Project.
The new expenditure data to be published from August 2024 will provide details on:
- the breakdown of expenses for the whole industry, and for each fund, by more detailed categories including administration, advice, member services, marketing, trustee board (including director remuneration), and other corporate overheads (such as travel and entertainment); and
- recipients of payments made by each fund to industrial bodies and related parties, in relation to promotion, marketing or sponsorship expenses and any political donations.
APRA is now commencing consultation on the definition of the term ‘promoter’ and will delay publication of expenses by service providers classified as a ‘promoter’ until the definition is finalised.
Please contact Kirsten Samuels if you would like any further information.
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INVESTMENTS
For climate related financial disclosures and potential changes to the wholesale investor test, see the Parliament, Legislation & Regulation section of the Policy Update. Please contact Chaneg Torres for further information.
Compensation Scheme of Last Resort
The Compensation Scheme of Last Resort (CSLR) has commenced operation from 2 April 2024 and is open for consumers to submit claims.
Consumers who have received a determination from the Australian Financial Complaints Authority (AFCA) awarding them compensation in cases of financial misconduct relating to a product covered by the scheme, are able to apply. Compensation may be provided where the responsible firm has not made payment and all reasonable steps have been taken by the consumer to receive the awarded amount by other means.
The CSLR is funded by the Federal Government until 30 June 2024, after which it will be funded by industry levies. Claims for compensation made prior to the CSLR legislation being introduced to Parliament will be funded by a one-off levy on the ten largest eligible financial firms by total income in 2021-22.
Further information on application criteria and making a claim under the scheme is available on the CSLR website at https://cslr.org.au.
ADVICE
Tranche 1 Financial Advice Reforms introduce to Parliament
The Government has introduced to Parliament the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024. The Bill implements Tranche 1 of its Delivering Better Financial Outcomes package which provides reforms to:
- Provide greater legal certainty for superannuation funds when deducting adviser fees from superannuation;
- Simplify fee consent requirements for ongoing fee arrangements;
- Tighten the ban on conflicted remuneration; and
- New consent requirements for insurance commissions.
A copy of the Explanatory Memorandum and the full draft of the Bill is attached and available at this link here. The FSC will submit on the Bill as it progresses through the parliamentary process.
The Government is targeting the introduction of Tranche 2 legislation by July this year which includes reforms to:
- abolish the safe harbour steps;
- outcomes-based Best Interest Duty;
- introduce a principles-based Advice Record; and
- introduce a new class of advisers.
Financial adviser registration and ASIC's Financial Adviser Dataset
The Financial Adviser Dataset is available on data.gov.au has now been updated to include financial adviser registration data. The Financial Adviser Dataset is refreshed on a weekly basis, every Thursday. The temporary dataset that was available at Registering a relevant provider | ASIC has now been removed.
The registration requirement is an ongoing obligation on relevant providers and should first be considered as part of an adviser’s appointment process and then on an ongoing basis. The circumstances in which an adviser’s registration will cease are set out inQ18 of INFO 276).
TECHNOLOGY AND INNOVATION
FSC Submission to the Consultation on Legislative Changes to Give Effect to National Cybersecurity Strategy
The FSC made a submission to the Department of Home Affairs Consultation on proposed legislative changes that give effect to the National Cybersecurity Strategy.
One of the key points the FSC made to the consultation was that where there was significant overlap with exiting regulatory frameworks, such as CPS 230, there should be no inconsistency or extra regulatory burden.
The consultation recommended a national framework for the mandatory reporting of ransomware incidents, proposing that a threshold be put in place so that only large businesses were required to report. The FSC is supportive of a mandatory reporting regime that works with existing reporting requirements and doesn’t add undue extra burden. The FSC is not supportive of a threshold, noting that smaller organisations should also be required to report for completeness of data.
The Paper also recommended a Cyber Incident Review Board for significant cyber-attacks. The FSC is supportive of the creation of this Board as long as the terms of reference for it are clear, to set expectations for the community around what could be referred. The FSC holds concerns that such a board could become political or be used to prosecute specific organisations, if it does not have a clear and transparent terms of reference. Similarly, the members of the review panel should be independent, but with sufficient industry knowledge to make determinations about behaviour that is relevant to the specific industry context.
Please contact Kirsten Samuels if you would like any further information.
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LEGAL, TAX AND CROSS-PORTFOLIO
Design and Distribution Obligations (DDO)
The FSC is arranging a meeting with ASIC to discuss member concerns about the DDO regime, this meeting will touch on concerns raised in the DDO and Product Intervention Power (PIP) working groups. Separately, the FSC and members have finalised a revised DDO due diligence questionnaire to address recent ASIC commentary including Report 762 and updated Data Standards, these documents are now available on the FSC website.
Please note that members are required to log into their FSC account before downloading the DDO due diligence questionnaire.
A short video explaining the changes from 1 July 2024 can be found here.
Anti-Money Laundering and Counter-Terrorism Financing Laws (AML-CTF)
Consultation on outsourcing
AUSTRAC is seeking submissions on draft guidance on outsourcing. Outsourcing is the process of engaging an external provider to help meet anti-money laundering and counter-terrorism financing (AML/CTF) obligations.
This guidance is intended to help reporting entities:
- comply with AML/CTF obligations when outsourcing
- identify, mitigate and manage money laundering and terrorism financing (ML/TF) risks that could arise from outsourcing
- take steps to ensure providers tailor outsourcing arrangements to their business and its specific ML/TF risks.
The FSC through the AML/CTF WG.
AG Consultation
There has still not been any firm indication of when a further consultation round will commence. While it had been promised for late 2023, there is no update from the AGD. The FSC is continuing to monitor the situation.
The FSC is also separately continuing to update its suite of AML/CTF forms and discussing changes and updates with the FAAA and members.
Financial Accounting Regime (FAR)
ASIC and APRA released a new information package and consultation on FAR on 14 March 2024. This follows finalisation of the Minister Rules (on 6 March) and Regulator Rules for ADIs (on 8 March).
Information package
The information package includes the following guidance materials relevant to all industries:
- an information paper (RG 279) to assist entities and their accountable persons in understanding and complying with their obligations under the FAR,
- an updated accountability statement guide and template to help entities subject to the FAR enhanced notification obligations to prepare accountability statements, and
- reporting form instructions to assist entities in reporting FAR breaches to APRA and ASIC.
Consultation
The information package also includes a consultation that is relevant to insurance and superannuation entities, comprising:
- a joint letter introducing the consultation package and outlining steps insurance and superannuation entities should take ahead of the FAR’s commencement on 15 March 2025, and
- proposed amendments to the Regulator rules and draft key functions descriptions for insurance and superannuation entities.
The consultation is seeking industry feedback on the proposed list of key functions for the insurance and superannuation industries and the supporting key functions descriptions by 19 April 2024.
The FSC is discussing with members through the FAR WG.
Please contact Ashley Davies if you would like any further information.
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On 15 February, ASIC announced it was seeking feedback from reporting entities, including small-scale exempt entities, on proposed changes to the ASIC Derivative Transaction Rules (Reporting) 2024 (the 2024 Reporting Rules) and proposed changes to the ASIC Derivative Transaction Rules (Clearing) 2015 (the Clearing Rules).
Consultation Paper 375 Proposed changes to the ASIC Derivative Transaction Rules (Reporting): Third consultation (CP 375) proposes changes to the 2024 Reporting Rules to:
- simplify the exclusion of exchange-traded derivatives;
- simplify the scope of foreign entity reporting;
- remove the alternative reporting provisions;
- clarify the exclusion of FX securities conversion transactions; and
- add additional allowable values for two data elements.
Additionally, CP 375 proposes minor changes to the Clearing Rules to:
- simplify and align the exclusion of exchange-traded derivatives with the 2024 Reporting Rules; and
- make minor updates to re-reference the changed location of definitions in the Corporations Act 2001 which have been moved by the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023.
The proposed changes would commence on 21 October 2024, except for the changes to the scope of foreign entity reporting and removal of alternative reporting provisions which would commence on 1 April 2025.
The FSC has prepared a short submission and asked for ASIC to adopt a facilitative compliance approach to enforcement of the Rules.
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ASX Corporate Governance Principles and Recommendations - Draft 5th Edition
The ASX is consulting on the draft update to the ASX Corporate Governance Principles and Recommendations.
The 5th edition reflects key trends in corporate governance:
- Focus on diversity, particularly gender diversity, on boards and in workforce: the draft contains a new requirement to disclose relevant diversity characteristics for board membership, and lifts the target for gender balance from 30% for men and women to 40% for men and women. Entities should also disclose the effectiveness of an entity’s diversity and inclusion practices.
- Corporate culture and conduct: the draft encourages entities to create a ‘speak up culture’ and contains a recommendation to disclose (on a de-identified basis) the outcomes of actions taken by the entity in response to material breaches of its code of conduct.
- Considering stakeholders outside of shareholders: increasing recognition of an entity’s relationship with internal and external stakeholders outside of shareholders. Draft includes a new recommendation that a listed entity should have regard to the entity’s key stakeholders, including having processes for the entity to engage with them and to report material issues to the board. Commentary provides guidance that stakeholders include employees, customers, suppliers, Aboriginal and Torres Strait Islander peoples and the local community. Commentary also provides guidance that the board may approve a reconciliation action plan or overseeing due diligence on human rights impacts.
- Management of material risks: disclosure of material risks includes any material environmental, social and governance risks.
- Board skills: draft recommends the disclosure of the process for assessing the relevant skills and experience held by directors.
Submissions are due 6 May 2024. The final version of the Principles is expected to be released early 2025, taking effect for financial years commencing on or after 1 July 2025, subject to stakeholder consultation.
Please contact Chaneg Torres if you would like any further information.
Public Country-by-Country Reporting
Consultation by Treasury on exposure draft legislation to implement a public Country-by-Country Reporting disclosure regime concluded on 5 March 2024.
The FSC provided a to the consultation, noting that while the draft has improved in its alignment with other global frameworks, the legislation would benefit from more closely mirroring EU methodology and requirements for reporting, as well as creating a single consolidated disclosure for data based on common definitions.
In particular, the legislation should also be amended to provide specific protections for commercially-sensitive information that can result in a detriment to disclosing entities and a clear process for exemptions, as well as a ‘comply or explain’ provision to address unavailable data.
Other recommendations include objective criteria and a process for reviewing the jurisdictions on the list and refinements to the materiality threshold to account for the nature of financial products adding value based on margins rather than turnover.
Global and Domestic Minimum Tax
Treasury has commenced consultation on exposure draft legislation to ensure corporate income tax settings globally are set at a 15 per cent minimum effective rate of taxation.
Consultation on the primary legislation will occur in tandem with its subordinate instruments. Feedback can be provided on the first stage until 16 April 2024, while the second will be open for comment until 16 May 2024.
Further information on the consultations can be found on the Treasury website at:
Expansion of Australia's Tax Treaty Network
Treasury is consulting on tax treaties with two new jurisdictions (Brazil and Ukraine) and updates to three existing tax agreements (New Zealand, Republic of Korea and Sweden).
These instruments are intended to reduce barriers to trade and investment, and along with jurisdiction-specific comment, the consultation provides an opportunity to ensure corporate collective investment vehicles (CCIVs) are able to access the same benefits as other forms of investment vehicle in Australia’s international trade arrangements.
The consultation is open until 19 April 2024, and more details can be found on the Treasury website.
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