Compilation shows the text of the law as amended and in force on Jan. 1, 2025.
In Jan. 2025, AST GVT proposed miscellaneous amendments to laws, see #240873.
On Sep. 27, AST GVT proposed miscellaneous amendments to laws.
AST GVT published the suite of material below with respect to proposed miscellaneous amendments to Treasury portfolio laws, and it also seeks feedback on the proposal.
It published Exposure draft - Treasury laws amendment bill 2024: minor and technical amendments (Spring 2024); exposure draft explanatory materials regarding same.
In addition, Exposure draft - Treasury laws amendment instrument 2024: minor and technical amendments (Spring 2024); and exposure draft explanatory statement (ES).
Exposure Draft Bill
Makes a number of miscellaneous, technical amendments to Treasury portfolio laws, to update legislative references, repeal inoperative provisions, and reduce red tape.
Amendments to Income tax assessment act 1997 relate to thin capitalization rules.
Exposure Draft Regulations
These make various amendments to Treasury portfolio regs to correct drafting errors, unintended outcomes, repeal inoperative provisions, make other technical changes.
Attachment A to the ES contains an outline of these minor and technical amendments.
The comment period for this consultation closes on Oct. 11, 2024.
Dec. 2024 Amendments Issued
On Dec. 9, 2024, AST GVT issued technical amendments to the Treasury portfolio regulations covering corporations, superannuation and taxation laws, titled Treasury laws amendment (miscellaneous and technical amendments no. 2) regulations 2024.
It also published an explanatory statement on the same date for the above regulation.
Removes exemption that allowed trustees to supply business loans to employers; excludes transition to retirement income streams from trustee-directed product definition, aligning with AST APRA's current relevant performance testing practices.
Updates obligations for actuaries and auditors of superannuation entities, including revising requirements for forming opinions, expanding provisions to include lead auditors of audit firms, and updating the relevant financial reporting requirements.
Clarifies trustees' duty to notify regulators of significant adverse events occurring.
Updates references to Northern Territory legislation in Corporations regulations and makes editorial amendments to various schedules, as well as updates the name of Shadow Economy Taskforce in regulations allowing disclosure of protected information.
Part 1 commences Dec. 10, 2024, part 2 commences first day of next quarter after registration, and part 3 commences Jan. 9, 2025.
