2022-2023

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment (2023 Measures No. 1) Bill 2023

No.      , 2023

(Treasury)

A Bill for an Act to amend the law relating to corporations, financial services, sustainability standards and taxation, and for related purposes

Contents

1............ Short title............................................................................................ 1

2............ Commencement.................................................................................. 1

3............ Schedules............................................................................................ 2

Schedule 1—Registration of providers and assisted decision making 3

Part 1—Multiple registrations of relevant providers                                     3

Corporations Act 2001                                                                                                 3

Part 2—Assisted decision making                                                                         13

Corporations Act 2001                                                                                               13

Schedule 2—Sustainability standards                                                                     14

Australian Securities and Investments Commission Act 2001                            14

Schedule 3—Government response to the Review of the Tax Practitioners Board          21

Part 1—Obligations relating to the provision of tax agent services     21

Tax Agent Services Act 2009                                                                                     21

Part 2—Annual registration                                                                                      31

Tax Agent Services Act 2009                                                                                     31

Part 3—Tax Practitioners Board Special Account                                        32

Tax Agent Services Act 2009                                                                                     32

Schedule 4—Off-market share buy-backs                                                            34

Part 1—Off-market share buy-backs                                                                   34

Division 1—Main amendments                                                                                34

Income Tax Assessment Act 1936                                                                            34

Income Tax Assessment Act 1997                                                                            35

Division 2—Other amendments                                                                               37

Income Tax Assessment Act 1936                                                                            37

Income Tax Assessment Act 1997                                                                            37

Part 2—Selective share cancellations                                                                  39

Income Tax Assessment Act 1997                                                                            39

Schedule 5—Franked distributions funded by capital raisings              41

Income Tax Assessment Act 1997                                                                            41

A Bill for an Act to amend the law relating to corporations, financial services, sustainability standards and taxation, and for related purposes

The Parliament of Australia enacts: