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Treasury Laws Amendment (Mutual Reforms) Bill 2019


Type
Government
Originating house
Senate
Status
Act
Portfolio
Treasury

Summary

Implements certain recommendations of the Report on Reforms for Cooperatives, Mutuals and Member-owned Firms (the Hammond report) by amending the: Corporations Act 2001 to: introduce a definition of 'mutual entity'; clarify for transferring financial institutions and friendly societies that the demutualisation provisions apply only if an entity no longer meets the new definition of a mutual entity; provide for mutual capital instruments as a new bespoke capital instrument for mutual entities; and provide for eligible mutual entities to amend their constitutions by a standardised process to take advantage of the new arrangements; and Financial Sector (Shareholdings) Act 1998, Income Tax Assessment Act 1936, Income Tax Assessment Act 1997 and Insurance Acquisitions and Takeovers Act 1991 to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

Senate
Introduced and read a first time 13/02/19  
Second reading moved 13/02/19  
Second reading agreed to 03/04/19  
Third reading agreed to 03/04/19  
     
House of Representatives
Introduced and read a first time 04/04/19  
Second reading moved 04/04/19  
Second reading debate 04/04/19  
Second reading agreed to 04/04/19  
Third reading agreed to 04/04/19  
     
Finally passed both Houses 04/04/19  
Assent 05/04/19 Act no: 37 - Year: 2019
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)