Media Releases

CFR & ATO report on SMSF borrowing arrangements

22 March 2019

A report by the Council of Financial Regulators (CFR) and the Australian Taxation Office (ATO) has found that assets held by self-managed superannuation funds (SMSFs) under 'limited recourse borrowing arrangements' (LRBAs) are unlikely to pose systemic risk to the financial system at this time. A LRBA involves a SMSF taking out a loan from a […]

Coalition welcomes NAB’s actions supporting Queensland farmers

18 March 2019

On behalf of the Morrison Government, I welcome NAB’s announcement of its agreement to our request for additional support to help flood-stricken Queensland farmers. Following massive losses in the wake of the flood disaster, the Government is committed to backing North Queensland. That is why, as part of the measures announced by Prime Minister to […]

Membership: Australia and New Zealand Electronic Invoicing Board

14 March 2019

The Governments of Australia and New Zealand have announced the membership of the Australia and New Zealand Electronic Invoicing Board (ANZEIB) today. This is an important step towards implementing e-Invoicing across both countries to help businesses save time and money by allowing the direct exchange of invoices between suppliers' and buyers' financial systems. The ANZEIB […]

Focus on tax dispute issues and impact on small business

7 March 2019

Minister for Small and Family Business, Michaelia Cash has asked the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell AO, to look into the Australian Tax Office's (ATO) practices in pursuing early recovery of tax debts from small businesses who are in dispute with the ATO. "Early recovery can be devastating for a […]

Review of Tax Practitioners Board

5 March 2019

The Morrison Government has today announced a Review into the effectiveness of the Tax Practitioners Board, and the operation of the Tax Agent Services Act 2009 and the Tax Agent Services Regulations 2009, which establish the regulatory regime for tax practitioners in Australia. The Review will consider whether the legislative and governance framework for the […]

Appointments to the Companies Auditors Disciplinary Board

5 March 2019

I am pleased to announce the reappointment of Ms Maria McCrossin as the Chair of the Companies Auditors Disciplinary Board (CADB) and the appointment of Ms Karen O’Flynn as the Deputy Chair of the CADB. Ms O’Flynn is currently a member of the CADB. The Coalition Government has also reappointed Ms Inge Kindermann and Ms Kerrie Howard […]

Government continues to improve superannuation

4 March 2019

I have released for consultation exposure draft legislation and regulations for six measures that address important issues affecting retirees announced in October last year. It is proposed that superannuation legislation be amended to: Correct the way that market-linked pensions are valued under the transfer balance when they are commuted or rolled over, resulting in a […]

Appointment to lead a review of the CDDA Scheme

25 February 2019

The Government is pleased to announce the appointment of Mr Robert Cornall AO, a former Secretary of the Attorney-General’s Department, to lead a review of the Scheme for the Compensation for Detriment Caused by Defective Administration (the CDDA Scheme). This review was commissioned to consider the operation by the Australian Taxation Office (ATO) of the […]

e-Invoicing takes the next step for Australian and New Zealand SMEs

22 February 2019

New Zealand and Australia are continuing to help small businesses save time and money with e-Invoicing by establishing the Australia New Zealand Electronic Invoicing Board (ANZEIB), following an announcement made today by both Prime Ministers. On Friday, Prime Ministers Scott Morrison and Jacinda Ardern established the ANZEIB to set the direction of how e-Invoicing will […]

Protecting members from unnecessary insurance in superannuation

20 February 2019

The Coalition Government will introduce legislation into the Parliament today to protect Australians from paying premiums for insurance they don’t want, need or even know they have. The Treasury Laws Amendment (Putting Members' Interests First) Bill 2019 will require insurance in superannuation for under 25 year olds and members with low balance accounts to only […]

Coalition strengthens whistleblower protections

19 February 2019

The Morrison Government has strengthened corporate and tax whistleblower protections establishing a single, strengthened whistleblower protection regime for the corporate, financial and credit sectors and creating a new protection regime for reporting tax misconduct. This important legislation passed the Parliament today. Whistleblowing plays a critical role in uncovering corporate misconduct and criminal activity. Our package […]

Labor’s loss is super members’ gain

15 February 2019

Three million Australians are a step closer to being reunited with around $6 billion worth of superannuation, thanks to legislation passed in the Senate by the Coalition Government. The legislation passed, despite the Labor Party’s attempts to put the interests of superannuation funds ahead of superannuation members. The Government successfully passed the legislation which will […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

15 February 2019

The Coalition Government has passed legislation through the Senate that acts on two of Commissioner Hayne’s recommendations and will enhance accountability of superannuation funds and strengthen protections for consumers. In his Final Report, Commissioner Hayne recommended (Recommendation 3.7) that breach of the trustee’s covenants or the director’s covenants or obligations should be enforceable by action […]

Modernising business registers and introducing DINs

14 February 2019

Legislation introduced in the House of Representatives on 13 February has the aim of making business data current, accurate and accessible (Commonwealth Registers Bill 2019). Currently the data is hosted in different systems across various departments and agencies, imposing inefficient cost burden on registrants in meeting their registration obligations and making it difficult and time […]

Reforming the Petroleum Resource Rent Tax

14 February 2019

The Morrison Government is reforming the PRRT to strengthen the integrity of the tax and to ensure a fairer return for Australians for the extraction of our oil and gas resources. From 1 July 2019 Treasury Laws Amendment (2019 Petroleum Resource Rent Tax Reforms No. 1) Bill 2019, which has just been introduced in Parliament, […]

Coalition helping craft brewers and enhancing superannuation system

14 February 2019

The Morrison Government is giving more support to craft brewers, increasing flexibility for self-managed superannuation funds and extending the tax exempt status of the Global Infrastructure Hub. These changes are included in two Bills introduced today: Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 and the Excise Tariff Amendment (Supporting Craft Brewers) Bill 2019. […]

Increasing and extending the instant asset write-off

14 February 2019

The Liberal National Government is backing small business with the introduction of legislation into Parliament yesterday that will boost and extend the instant asset write-off initiative. The legislation will increase the instant asset write-off threshold from $20,000 to $25,000 and extend the initiative for another year from its existing June 2019 end-date to 30 June 2020. This […]

Coalition continuing to combat phoenixing

13 February 2019

The Morrison Government is continuing its crackdown on phoenixing, protecting workers and levelling the playing field for businesses. Our package of reforms, introduced in Parliament today, gives regulators the additional enforcement and regulatory powers they need to detect and disrupt phoenix activity, and to prosecute directors and other professional advisers who engage in or facilitate […]

Securing workers’ fair share of super

12 February 2019

The Morrison Government is protecting the rights of Australian workers to their superannuation. Legislation which passed the Parliament today gives the Australian Taxation Office (ATO) the information and tools it needs to identify and prosecute employers who are not paying super for their employees. This legislation is the most comprehensive action any Government has taken […]

Backing small business – simplifying and resolving tax disputes

12 February 2019

The Morrison Government is making it simpler for small businesses to resolve tax disputes with the Australian Taxation Office (ATO). Building on the Prime Minister’s announcement last November, the Government is giving further support to level the playing field for small businesses in these disputes. We have been told disputes with the ATO can be […]

Over $860 million in super returned

6 February 2019

Over 66,000 Australians have consolidated over $860 million in lost and forgotten superannuation in the last quarter of 2018. The superannuation was consolidated through myGov and the ATO. I’m pleased to see so many Australians actively reunite themselves with their lost super. With over $17.5 billion in lost and unclaimed super and the Coalition Government’s […]

Government committed to superannuation reform

31 January 2019

In a surprising turnaround, Shadow Minister for Financial Services Clare O’Neil has called for superannuation reforms to help protect members while addressing the Superannuation Chair Forum in Victoria yesterday, despite Labor blocking the Coalition Government’s superannuation reforms, which do exactly that, for years. While the Coalition has been leading the charge to enhance Australia’s superannuation […]

Initial Coin Offerings – Issues Paper released

31 January 2019

The Morrison Government is committed to ensuring Australia is a global leader in FinTech by supporting developments in financial technology innovation that have a positive impact on our economy, while ensuring that consumers are well-informed and protected against risks. The Government released an Issues Paper today seeking feedback on initial coin offerings (ICOs) in Australia […]

Consultation on amendments to reduce ASIC’s search fees and amend the industry funding model

22 January 2019

In line with the Morrison Government's commitments, today I am releasing for public consultation draft regulatory amendments to reduce and remove the fees for accessing certain information from the online business registries maintained by the Australian Securities and Investments Commission (ASIC). The draft Regulations provides an exemption to journalists for ASIC's registry search fees. An […]

Consultation on mutually-owned financial institutions tax changes open

21 January 2019

The Morrison Government continues to promote competition in our banking system with today's release of draft regulations to change the tax rules relating to the treatment of certain financial instruments issued by mutually-owned financial institutions. The draft regulations seek to rectify a current disadvantage experienced by mutually-owned financial institutions (such as building societies and credit […]

Consultation now open on CCIVs

17 January 2019

The Government has released for public consultation two bills that implement the tax and regulatory components of the CCIV regime and their related explanatory materials. This consultation allows stakeholders the ability to assess the complete package of reforms to implement the Corporate Collective Investment Vehicle (CCIV). A CCIV is an investment vehicle intended to increase […]

Consultation on disclosure in general insurance

16 January 2019

The Morrison Government is continuing to enhance consumer understanding and access to information by today releasing a discussion paper on improving disclosure in the general insurance sector. This discussion paper follows from recommendations made in the Senate Economics References Committee report into the general insurance industry, and seeks views on the issues and objectives behind […]

Country by Country reporting – stopping tax avoidance by multinationals

15 January 2019

Today marks the beginning of the second year of Country by Country (CbyC) report lodgements. Since the first CbyC reports became due in December 2017, the ATO has received 275 reports filed domestically by multinational enterprises and 2,553 reports via automatic exchange from 52 other jurisdictions. CbyC reporting requires multinationals to describe their global operations, […]

Final productivity commission report into superannuation

10 January 2019

The Liberal National Government has today released the final report by the Productivity Commission into the efficiency and competitiveness of Australia's superannuation system. This report was commissioned by our Government just over three years ago. With significant changes in Australia and our workforce since the compulsory superannuation system was introduced in 1992, this review is […]

Government calls on senate to support super bills

9 January 2019

With Industry Superannuation Funds (ISFs) set to overtake Self-Managed Super Funds (SMSFs) as the largest sector in Australian superannuation, Australians need the Coalition Government's Protecting Your Super Package (PYSP) and Member Outcomes No. 2 Legislation passed more than ever. Millions of people will be better off under the Government's superannuation reforms. We're trying to cap […]