Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Statute Update (Smaller Government) Act 2018 (Cth) (Act 4 of 2018), the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018 (Cth) (Act 10 of 2018), the Treasury Laws Amendment (Putting Consumers First - Establishment of the Australian Financial Complaints Authority) Act 2018 (Cth) (Act 13 of 2018) and the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Regulations 2018 (Cth).

Act 4 of 2018

The Statute Update (Smaller Government) Act 2018 repeals three Acts and amends ten Acts across the Commonwealth to support the implementation of the Government’s smaller government agenda. The Act follows on from a series of government decisions relating to the abolition of a number of bodies announced in earlier tranches of the smaller government agenda.

Act 10 of 2018

The Act strengthens the powers of the Australian Prudential Regulation Authority (APRA) to facilitate the orderly resolution of an authorised deposit-taking institution (ADI) or insurer so as to protect the interests of depositors and policyholders, and to protect the stability of the financial system. The Act also ensures that APRA has powers to set appropriate prudential requirements and take action in relation to resolution planning so that ADIs and insurers are better prepared for resolution.

Act 13 of 2018

This Act will amend the Corporations Act 2001 (Corporations Act) and other Commonwealth Acts to introduce a new external dispute resolution (EDR) framework and an enhanced internal dispute resolution (IDR) framework for the financial system.
The new EDR framework will ensure that consumers have easy access to a single EDR scheme, known as the Australian Financial Complaints Authority (AFCA), which will resolve disputes about products and services provided by financial firms. The AFCA scheme will replace the Superannuation Complaints Tribunal (SCT) and the existing EDR schemes approved by the Australian Securities and Investments Commission (ASIC).
The enhanced IDR framework will require financial firms to report their IDR activities in accordance with ASIC requirements and allow ASIC to publish information it receives under new reporting requirements. This will allow ASIC to improve transparency about the performance of financial firms in relation to their IDR activities. 

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Regulations 2018

This instrument prescribes the withholding amount for amounts paid to an individual under the First Home Super Saver Scheme, and ensure that superannuation entities can accept downsizer contributions.

The amendments made by these Acts and the Regulation have been updated in the Point-in-Time Income Tax Service current to 27 March 2018. (NB: Subscription required).

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