Bill
Treasury Laws Amendment (2023 Measures No. 1) Bill 2023
passed, as at 2023-11-27. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2023-02-16
- second reading — 2023-02-16
- other — 2023-03-07
- second reading — 2023-03-07
- second reading — 2023-03-08
- second reading — 2023-03-08
- committee — 2023-03-08
- other — 2023-03-09
- third reading — 2023-03-09
- introduced — 2023-03-09
- second reading — 2023-03-09
- second reading — 2023-11-14
- second reading — 2023-11-15
- committee — 2023-11-15
- third reading — 2023-11-15
- other — 2023-11-16
- passed — 2023-11-16
- royal assent — 2023-11-27
Divisions
- The majority voted in favour of *disagreeing* with [amendments](https://www.openaustralia.org.au/debate/?id=2023-03-08.176.2) introduced by Hume MP [Angus Taylor](https://theyvoteforyou.org.au/people/representatives/hume/angus_taylor) (Liberal), which means they were rejected. ### What do these amendments do? Mr Taylor [explained that](https://www.openaustralia.org.au/debate/?id=2023-03-08.176.2): > *The coalition is moving these amendments to remove schedule 4 and schedule 5. The coalition support the measures in schedules 1 to 3. We think they are sensible paths forward...* > > *Schedule 4 amends the Income Tax Assessment Act to limit the ability of listed companies to offer franking credits on off-market share buybacks, raising $200 million a year in tax clawbacks, particularly from older Australians. Schedule 5 amends the Income Tax Assessment Act to limit the ability of listed companies to offer franking credits on capital, raising $50 million over five years. These two measures will limit the ability of companies to offer franking credits to shareholders.* ### Amendment text > *(1) Clause 2, page 2 (table item 6), omit the table item.* > > *(2) Schedules 4 and 5, page 34 (line 1) to page 44 (line 12), omit the Schedules.* — 2023-03-09, House of Representatives: affirmative, ayes 82, noes 57
- Documents - Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 - Order for the Production of Documents — 2023-03-27, Senate: negative, ayes 26, noes 29
- The majority voted against a motion introduced by West Australian Senator [Dean Smith](https://theyvoteforyou.org.au/people/senate/wa/dean_smith) (Liberal), which means it failed. ### Motion text > *Omit all words after "That", substitute:* > >> *(a) the Senate notes that:* >> >>> *(i) the now Prime Minister said in May 2022, 'We've said we have no intention to make any super changes',* >>> >>> *(ii) the now Treasurer said in April 2022, 'We've made it very clear Kieran, that we don't have any proposals for tax increases...', and* >>> >>> *(iii) since these statements the Prime Minister and the Treasurer have announced a doubling of taxes on superannuation; and* >> >> *(b) further consideration of the bill be postponed until the Minister representing the Prime Minister tables a letter from the Prime Minister that includes the following elements:* >> >>> *(i) a commitment to dump his new doubling of super taxes,* >>> >>> *(ii) a commitment to never tax unrealised capital gains, and* >>> >>> *(iii) an apology for breaking his promises to the Australian people.* — 2023-11-15, Senate: negative, ayes 23, noes 31
- The majority voted in favour of [government amendments (1) to (16) on sheet ZB218](https://www.openaustralia.org.au/senate/?gid=2023-11-15.13.2), which means they'll now be included in the bill. When introducing these amendments, Northern Territory Senator [Malarndirri McCarthy](https://theyvoteforyou.org.au/people/senate/nt/malarndirri_mccarthy) (Labor) also introduced a [supplementary explanatory memorandum](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Fems%2Fr6979_ems_14f1205e-090b-44a1-af2b-744ed115ad8d%22;rec=0) which provided further information. ### Amendment text > *(1) Clause 2, page 2 (table item 5), omit the table item, [substitute](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0):* > > *(2) Clause 2, page 2 (table item 6), omit the table item, [substitute](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0):* > > *(3) Schedule 4, item 21, page 40 (lines 7 to 9), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".* > > *(4) Schedule 4, item 21, page 40 (lines 14 and 15), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".* > > *(5) Schedule 5, item 1, page 41 (line 7), after "a distribution", insert "or a part of a distribution".* > > *(6) Schedule 5, item 2, page 41 (line 13), after "of a kind", insert ", or a part (the relevant part) of a distribution (also a relevant distribution) of a kind,".* > > *(7) Schedule 5, item 2, page 41 (line 27), after "funding of", insert "a substantial part of".* > > *(8) Sch — 2023-11-15, Senate: affirmative, ayes 30, noes 23
- The majority voted in favour of keeping schedule 2 unchanged (in parliamentary jargon, they voted that it "stand as printed"). This vote was put after Queensland Senator [Malcolm Roberts](https://theyvoteforyou.org.au/people/senate/queensland/malcolm_roberts) (One Nation) [proposed that](https://www.openaustralia.org.au/senate/?gid=2023-11-15.16.1): > *(3) Schedule 2, page 14 (line 1) to page 20 (line 6), to be opposed.* ### What does schedule 2 do? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063): > *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.* > *Currently, sustainability reporting in Australia is undertaken on a voluntary basis.* — 2023-11-15, Senate: affirmative, ayes 45, noes 3
- Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 - in Committee - Put the question — 2023-11-15, Senate: affirmative, ayes 28, noes 27
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2023-11-15.370.4) "*schedule 4 stand as amended.*" In other words, they voted to keep the amended schedule 4 in the bill. This vote was put after West Australian Senator [Dean Smith](https://theyvoteforyou.org.au/people/senate/wa/dean_smith (Liberal) [proposed](https://www.openaustralia.org.au/senate/?id=2023-11-15.305.1) that schedule 4 be opposed. ### What is Schedule 4? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063): > *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.* It was further [amended by the Government](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0). — 2023-11-15, Senate: affirmative, ayes 30, noes 27
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.4) "*schedule 5 stand as amended.*" In other words, they voted to keep the amended schedule 5 in the bill. This vote was put after West Australian Senator [Dean Smith](https://theyvoteforyou.org.au/people/senate/wa/dean_smith (Liberal) [proposed that](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.1) schedule 5 be opposed. ### What is Schedule 5? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063): > *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.* It was further [amended by the Government](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0). — 2023-11-15, Senate: affirmative, ayes 30, noes 27
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2023-11-15.374.1) 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](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063): > *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.* — 2023-11-15, Senate: affirmative, ayes 32, noes 25
- The majority voted in favour of a motion "*That the [Senate] amendments be agreed to.*" These [Senate amendment](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Fsched%2Fr6979_sched_0afccbbb-fe40-495e-963e-97aecc8edf24%22;rec=0) were introduced [by the Government](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0) and by South Australian Senator [Barbara Pocock](https://theyvoteforyou.org.au/people/senate/sa/barbara_pocock) (Greens) [on behalf of the Greens Party](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_d5ed6c2a-acd2-456e-830e-3dfd5de1bf17%22;rec=0). This means the amendments will now be integrated into the bill. — 2023-11-16, House of Representatives: affirmative, ayes 80, noes 60
Plain-language summary
No machine-written summary in this export.
Sources
em
em supp
billhome
frl act