TREASURY LAWS AMENDMENT (2023 MEASURES NO. 3) BILL 2023

2022-2023

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment (2023

Measures No. 3) Bill 2023

No. , 2023

(Treasury)

A Bill for an Act to amend the law relating to

financial services, corporations, competition and

taxation, and for related purposes

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Contents

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

Commencement ................................................................................. 1

Schedules ........................................................................................... 4

Schedule 1--Avoidance of certain product intervention orders

Corporations Act 2001

Schedule 2--Recognising experience in the financial advice

industry

Part 1--Transitional arrangements for experienced providers

Corporations Act 2001

Part 2--Addressing known issues for new entrants

Corporations Act 2001

Part 3--Addressing known issues for qualified tax relevant

providers

Corporations Act 2001

Part 4--Transitional provisions

Corporations Act 2001

Part 5--Contingent amendments for Schedule 2 to the

Treasury Laws Amendment (2023 Law Improvement

Package No. 1) Act 2023

Division 1--Main amendment

Corporations Act 2001

Division 2--Contingent amendment if the Law Improvement measure

commences second

Corporations Act 2001

Division 3--Contingent amendment for reference to notice provisions

Corporations Act 2001

Part 6--Contingent amendments for Part 1 of Schedule 4 to the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures) Act 2023

Division 1--Main amendment

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Corporations Act 2001

Division 2--Contingent amendment if the Modernising Business

measure commences second

Corporations Act 2001

Schedule 3--Competition in the clearing and settlement of cash

equities

Part 1--CS services rules

Australian Securities and Investments Commission Act 2001

Corporations Act 2001

Part 2--CS services arbitration

Division 1--ASIC-related amendments

Competition and Consumer Act 2010

Division 2--Main amendments

Competition and Consumer Act 2010

Part 3--Contingent amendments

Competition and Consumer Act 2010

Schedule 4--Improving the flexibility of the First Home Super

Saver Scheme

Income Tax Assessment Act 1997

Taxation Administration Act 1953

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

A Bill for an Act to amend the law relating to

financial services, corporations, competition and

taxation, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (2023 Measures No. 3)

Act 2023

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. Sections 1 to 3

and anything in

this Act not

elsewhere covered

by this table

The day this Act receives the Royal Assent.

2. Schedule 1

The day after this Act receives the Royal

Assent.

3. Schedule 2,

Parts 1 to 4

The day after this Act receives the Royal

Assent.

4. Schedule 2,

Part 5, Division 1

At the same time as the provisions covered

by table item 3.

However, the provisions do not commence

at all if Schedule 2 to the

Treasury Laws

Amendment (2023 Law Improvement

Package No. 1) Act 2023

commences at that

time.

5. Schedule 2,

Part 5, Division 2

Immediately after the commencement of

Schedule 2 to the

Treasury Laws

Amendment (2023 Law Improvement

Package No. 1) Act 2023

However, the provisions do not commence

at all if:

(a) that Schedule does not commence; or

(b) that Schedule commences before the

commencement of the provisions

covered by table item 3.

6. Schedule 2,

Part 5, Division 3

The later of:

(a) immediately after the commencement of

the provisions covered by table item 3;

and

(b) immediately after the commencement of

Schedule 2 to the

Treasury Laws

Amendment (2023 Law Improvement

Package No. 1) Act 2023

However, the provisions do not commence

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

at all if the event mentioned in paragraph (b)

does not occur.

7. Schedule 2,

Part 6, Division 1

At the same time as the provisions covered

by table item 3.

However, the provisions do not commence

at all if Part 1 of Schedule 4 to the

Treasury

Laws Amendment (Modernising Business

Communications and Other Measures) Act

2023

commences at that time.

8. Schedule 2,

Part 6, Division 2

Immediately after the commencement of

Part 1 of Schedule 4 to the

Treasury Laws

Amendment (Modernising Business

Communications and Other Measures) Act

2023

However, the provisions do not commence

at all if:

(a) that Part does not commence; or

(b) that Part commences before the

commencement of the provisions

covered by table item 3.

9. Schedule 3,

Parts 1 and 2

The day after this Act receives the Royal

Assent.

10. Schedule 3,

Part 3

The later of:

(a) immediately after the provisions covered

by table item 9; and

(b) immediately after the commencement of

Schedule 2 to the

Treasury Laws

Amendment (2023 Law Improvement

Package No. 1) Act 2023

However, the provisions do not commence

at all if the event mentioned in paragraph (b)

does not occur.

11. Schedule 4

A single day to be fixed by Proclamation.

However, if the provisions do not commence

within the period of 12 months beginning on

the day this Act receives the Royal Assent,

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

they commence on the day after the end of

that period.

Note:

This table relates only to the provisions of this Act as originally

enacted. It will not be amended to deal with any later amendments of

this Act.

(2) Any information in column 3 of the table is not part of this Act.

Information may be inserted in this column, or information in it

may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or

repealed as set out in the applicable items in the Schedule

concerned, and any other item in a Schedule to this Act has effect

according to its terms.

Avoidance of certain product intervention orders

Schedule 1

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Schedule 1--Avoidance of certain product

intervention orders

Corporations Act 2001

1 At the end of Part 7.9A

Add:

1023S Avoidance schemes--prohibition

General prohibition

(1) A person must not, either alone or with others, engage in any of the

following conduct:

(a) enter into a scheme;

(b) begin to carry out a scheme;

if, having regard to any matters as required under subsection (8), it

would be reasonable to conclude that the purpose, or one of the

purposes, of the person engaging in that conduct was to avoid the

application of a credit product intervention order.

Note:

This subsection is a civil penalty provision (see section 1317E). For

relief from liability to a civil penalty relating to this subsection, see

section 1317S.

Constitutional corporations

(2) A constitutional corporation must not, either alone or with others,

engage in any of the following conduct:

(a) enter into a scheme;

(b) begin to carry out a scheme;

if, having regard to any matters as required under subsection (8), it

would be reasonable to conclude that the purpose, or one of the

purposes, of the constitutional corporation engaging in that conduct

was to avoid the application of a credit product intervention order.

Schedule 1

Avoidance of certain product intervention orders

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Note:

This subsection is a civil penalty provision (see section 1317E). For

relief from liability to a civil penalty relating to this subsection, see

section 1317S.

Constitutional trade and commerce

(3) A person must not in the course of constitutional trade and

commerce, either alone or with others, engage in any of the

following conduct:

(a) enter into a scheme;

(b) begin to carry out a scheme;

if, having regard to any matters as required under subsection (8), it

would be reasonable to conclude that the purpose, or one of the

purposes, of the person engaging in that conduct was to avoid the

application of a credit product intervention order.

Note:

This subsection is a civil penalty provision (see section 1317E). For

relief from liability to a civil penalty relating to this subsection, see

section 1317S.

Use of communications service

(4) A person must not use postal, telegraphic, telephonic or other like

services (within the meaning of paragraph 51(v) of the

Constitution), either alone or with others, in order to engage in any

of the following conduct:

(a) enter into a scheme;

(b) begin to carry out a scheme;

if, having regard to any matters as required under subsection (8), it

would be reasonable to conclude that the purpose, or one of the

purposes, of the person engaging in that conduct was to avoid the

application of a credit product intervention order.

Note:

This subsection is a civil penalty provision (see section 1317E). For

relief from liability to a civil penalty relating to this subsection, see

section 1317S.

Prohibitions independent of each other

(5) To avoid doubt, subsections (1), (2), (3) and (4) are independent

from and do not limit each other.

Avoidance of certain product intervention orders

Schedule 1

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

(6) If conduct constitutes a contravention of 2 or more subsections of

this section, proceedings may be started against a person in relation

to the contravention of any one or more of those subsections.

(7) However, the person is not liable to more than one pecuniary

penalty in relation to the same conduct.

Matters to which regard must be had

(8) In determining, for the purposes of subsection (1), (2), (3) or (4),

whether it would be reasonable to conclude that a purpose of a

person entering into or carrying out (to any extent) a scheme was to

avoid the application of a credit product intervention order, regard

must be had to any matters prescribed by the regulations.

(9) Subsection (8) does not limit the matters to which regard may be

had in making a determination described in that subsection.

Offence

(10) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1),

(2), (3) or (4); and

(b) the person engages in conduct; and

Definitions

(11) In this section:

constitutional corporation

means a corporation to which

paragraph 51(xx) of the Constitution applies.

constitutional trade and commerce

means trade and commerce:

(a) between Australia and places outside Australia; or

(b) between the States; or

(d) between 2 Territories; or

(e) within a Territory.

credit product intervention order

means a product intervention

order made in relation to a financial product of the kind covered by

Schedule 1

Avoidance of certain product intervention orders

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

paragraph 12BAA(7)(k) of the

Australian Securities and

Investments Commission Act 2001

(which is about credit facilities).

scheme

means:

(a) any agreement, arrangement, understanding, promise or

undertaking, whether express or implied; or

(b) any scheme, plan, proposal, action, course of action or course

of conduct, whether unilateral or otherwise; or

because of paragraph (a) or (b).

1023T Avoidance schemes--presumption of avoidance for certain

schemes in civil cases

(1) For the purposes of subsection 1023S(1), (2), (3) or (4), it is

reasonable to conclude, unless the contrary is proved, that a person

entered into or carried out a scheme for the purpose of avoiding a

credit product intervention order (within the meaning of

subsection 1023S(11)) if:

(a) the scheme is of a kind prescribed by the regulations; or

(b) the scheme is of a kind determined by ASIC under

subsection (3).

(2) In proving the contrary for the purposes of subsection (1), regard

must be had to any matters as required under subsection 1023S(8).

(3) ASIC may, by legislative instrument, determine a scheme, or a

class of schemes, for the purposes of paragraph (1)(b).

(4) This section does not have effect for the purposes of determining

whether a person has committed an offence against

subsection 1023S(10).

1023U Avoidance schemes--exemption by ASIC

(1) ASIC may, by legislative instrument, exempt a scheme, or class of

schemes, from all or specified provisions of section 1023S.

(2) The exemption may apply subject to any specific conditions

imposed by ASIC.

Avoidance of certain product intervention orders

Schedule 1

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

2 In the appropriate position in the table in

subsection 1317E(3)

Insert:

subsection 1023S(1), (2),

(3) or (4)

schemes for avoiding certain

product intervention orders

uncategorised

3 In the appropriate position in Chapter 10

Insert:

Part 10.71--Application provisions relating to the

Treasury Laws Amendment (2023

Measures No. 3) Act 2023

1701 Schemes for avoiding certain product intervention orders

Section 1023S, as inserted by Schedule 1 to the

Treasury Laws

Amendment (2023 Measures No. 3) Act 2023

applies in relation to

conduct that is engaged in on or after the commencement of that

section, whether the credit product intervention order was made

before, on or after that commencement.

4 In the appropriate position in Schedule 3

Insert:

Subsection 1023S(10)

100 penalty units

Schedule 2

Recognising experience in the financial advice industry

Part 1

Transitional arrangements for experienced providers

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Schedule 2--Recognising experience in the

financial advice industry

Part 1--Transitional arrangements for experienced

providers

Corporations Act 2001

1 Part 10.57 (at the end of the heading)

Add "

and related measures

2 Section 1684 of Part 10.57

Before "In this Part:", insert "(1)".

3 Section 1684 of Part 10.57

Insert:

experienced provider

: a person is an

experienced provider

if:

(a) the person is an individual; and

(b) on a day within the period (the

qualifying period

) beginning

on 1 January 2007 and ending on 31 December 2021, the

person was, under this Act as in force on that day:

(i) a financial services licensee; or

(ii) an authorised representative of a financial services

licensee; or

(iii) an employee or director of a financial services licensee;

(iv) an employee or director of a related body corporate of a

financial services licensee; and

authorised to provide personal advice to retail clients in

relation to any financial product other than:

(i) a general insurance product; or

(ii) a consumer credit insurance product; or

(iii) for a day within the qualifying period that is on or after

1 July 2012--a basic banking product; and

Recognising experience in the financial advice industry

Schedule 2

Transitional arrangements for experienced providers

Part 1

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

(d) the person satisfies paragraphs (b) and (c) for at least 10

years (that is, 3,650 days) within the qualifying period

(whether consecutive or not); and

(e) before the end of the qualifying period, the person has never:

(i) been banned or disqualified under Division 8 of Part 7.6

as in force at that time; or

(ii) given an undertaking under section 93AA or 171E of

the ASIC Act as in force at that time.

4 Section 1684 of Part 10.57 (definition of relevant provider)

Repeal the definition.

5 Section 1684 of Part 10.57

Insert:

second amending Act

means the

Treasury Laws Amendment (2023

Measures No. 3) Act 2023

6 At the end of section 1684 of Part 10.57

Add:

(2) An expression used in this Part that is also used in Part 7.6 has the

same meaning as in Part 7.6.

7 Before section 1684A

Insert:

1684AA Experienced provider pathway

Recognising experience

(1) Despite anything else in this Part, a person (the

experienced

person

) who:

(a) is an experienced provider; and

(b) if the experienced person is an existing provider and is a

relevant provider at the start of their exam cut-off day--

meets the education and training standard in

subsection 921B(3) at or before the start of that day;

Schedule 2

Recognising experience in the financial advice industry

Part 1

Transitional arrangements for experienced providers

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

is taken to meet the education and training standards in

subsections 921B(2) and (4) if the experienced person makes a

declaration under subsection (2) of this section.

(2) For the purposes of subsection (1), the experienced person may

make a written declaration confirming the experienced person

satisfies the definition of

experienced provider

subsection 1684(1).

Note 1:

If, on 1 January 2026, the experienced person is an existing provider

and has not met the standards, the person may:

(a) cease to be a relevant provider (see subsection 1684D(7)); and

(b) contravene subsection 911A(1), 911B(1), 921BA(1) or 921BA(3)

and consequently commit an offence or be liable to a civil

penalty.

Note 2:

If the experienced person is required to meet the standards but has not

otherwise done so, the person cannot (without first making the

declaration):

(a) be granted an Australian financial services licence covering the

provision of personal advice (see paragraph 921C(1)(a)); or

(b) be given an authorisation to provide personal advice (see

subsections 921C(2) to (4)).

Note 3:

A person may commit an offence or contravene a civil penalty

provision if the person gives false or misleading information (see

section 1308 of this Act and section 137.1 of the

Criminal Code

Requirement to lodge notice

(3) A notice relating to the experienced person must be lodged with

ASIC under this section in the prescribed form if the experienced

person meets the education and training standards in

subsections 921B(2) and (4) (the

standards

) because of

subsection (1) of this section.

Note 1:

For how to lodge a notice in the prescribed form, see section 350.

Note 2:

The prescribed form may deal with information required under

various sections (for example, sections 922D to 922L) of this Act.

Who must lodge notice

(4) The notice must be lodged by:

(a) if the experienced person is a financial services licensee--the

experienced person; or

Recognising experience in the financial advice industry

Schedule 2

Transitional arrangements for experienced providers

Part 1

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

(b) otherwise--each financial services licensee on whose behalf

the experienced person is authorised to provide personal

advice to retail clients in relation to relevant financial

products.

When notice must be lodged

(5) A person who must lodge the notice (the

lodger

) must do so within

30 business days after:

(a) if the experienced person:

(i) makes the declaration under subsection (2) before 1 July

2024; and

(ii) if paragraph (4)(b) applies--gives the declaration to the

lodger before 1 July 2024;

1 July 2024; or

(b) otherwise--the later of:

(i) the day the experienced person makes the declaration

under subsection (2); and

(ii) if paragraph (4)(b) applies--the day the experienced

person gives the declaration to the lodger.

Content of notice

(6) The notice must include:

(a) the experienced person's name; and

(b) the address of the experienced person's principal place of

business; and

(i) if paragraph (4)(a) applies--they have met the standards

because of subsection (1); or

(ii) if paragraph (4)(b) applies--they have received a copy

of the experienced person's declaration made under

subsection (2).

Requirement to give licensees the declaration

(7) If paragraph (4)(b) applies, the experienced person must:

(a) give each licensee mentioned in that paragraph a copy of the

experienced person's declaration made under subsection (2);

and

Schedule 2

Recognising experience in the financial advice industry

Part 1

Transitional arrangements for experienced providers

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

(b) do so as soon as practicable after making the declaration.

Register of Relevant Providers

(8) Subsection 922Q(2) applies as if the details that must be entered on

the Register of Relevant Providers in respect of a person who is or

was a relevant provider included whether a notice has been lodged

with ASIC under this section in relation to the person.

Failing to lodge notice

(9) Section 922M applies in relation to a person who must lodge a

notice under this section in a corresponding way to the way that

section applies in relation to a person required to cause a notice to

be lodged under a notice provision.

Note:

Section 922M provides an offence and civil penalty for failing to

lodge certain notices.

Recognising experience in the financial advice industry

Schedule 2

Addressing known issues for new entrants

Part 2

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Part 2--Addressing known issues for new entrants

Corporations Act 2001

8 Paragraph 921B(2)(a)

Repeal the paragraph, substitute:

(a) the person:

(i) has completed a bachelor or higher degree, or

equivalent qualification, approved by the Minister; and

(ii) has satisfied the conditions (if any) approved by the

Minister for completing the degree or qualification, and

has satisfied those conditions in a way (if any) approved

by the Minister; or

9 At the end of subsection 921B(2)

Add:

; or (c) the person holds an approval in force under

subsection 921GA(3).

10 Paragraph 921B(6)(a)

Omit "paragraph (2)(a)", substitute "subparagraph (2)(a)(i)".

11 After paragraph 921B(6)(a)

Insert:

(aa) approve for the purposes of subparagraph (2)(a)(ii):

(i) one or more conditions for completing an approved

degree or qualification; and

(ii) one or more ways for satisfying such conditions;

12 Paragraph 921G(3)(a)

Omit "paragraph 921B(2)(a)", substitute "subparagraph 921B(2)(a)(i)".

13 Subsection 921G(4)

Omit "paragraph 921B(2)(a)", substitute "subparagraph 921B(2)(a)(i)".

Schedule 2

Recognising experience in the financial advice industry

Part 2

Addressing known issues for new entrants

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

14 After section 921G

Insert:

921GA Approval of domestic qualifications

Application for approval

(1) A person who:

(a) has completed a bachelor or higher degree approved by a

determination in force for the purposes of

subparagraph 921B(2)(a)(i) (the

domestic qualification

); but

(b) has not completed the domestic qualification in accordance

with subparagraph 921B(2)(a)(ii);

may apply to the Minister for approval of the domestic

qualification.

(2) The application must be:

(a) in writing; and

(b) in the form approved, in writing, by the Minister.

Approval or refusal

(3) The Minister must, by written notice given to the person, either:

(a) approve the domestic qualification; or

(b) refuse to approve the domestic qualification.

(4) The Minister may approve the domestic qualification under

subsection (3) only if the Minister is satisfied that:

(a) the person has completed the domestic qualification but not

in accordance with subparagraph 921B(2)(a)(ii); and

(b) the person nevertheless has qualifications equivalent to the

person completing the domestic qualification in accordance

with subparagraph 921B(2)(a)(ii).

When approval comes into force

(5) An approval under subsection (3) comes into force when it is

given.

Recognising experience in the financial advice industry

Schedule 2

Addressing known issues for new entrants

Part 2

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

15 Subsection 1684A(2)

Omit "subsection 921B(2), as amended by Schedule 1 to the amending

Act" (wherever occurring), substitute "subsection 921B(2), as amended

by Schedule 2 to the second amending Act".

16 Subparagraph 1684C(3)(b)(i)

Omit "subsection 921B(2), as amended by Schedule 1 to the amending

Act", substitute "subsection 921B(2), as amended by Schedule 2 to the

second amending Act".

17 Paragraphs 1684D(3)(a) and (4)(a)

Omit "subsection 921B(2), as amended by Schedule 1 to the amending

Act", substitute "subsection 921B(2), as amended by Schedule 2 to the

second amending Act".

Schedule 2

Recognising experience in the financial advice industry

Part 3

Addressing known issues for qualified tax relevant providers

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Part 3--Addressing known issues for qualified tax

relevant providers

Corporations Act 2001

18 At the end of subsection 921BB(1)

Add:

Note:

The determination may deal with matters of a transitional nature

relating to any or all of the requirements mentioned in this subsection.

19 After subparagraphs 921C(1)(b)(i) and (c)(i)

Insert:

(ia) the applicant is not a registered tax agent; and

20 After subparagraph 921C(2)(c)(i)

Insert:

(ia) the person is not a registered tax agent; and

21 After subparagraph 921C(3)(c)(i)

Insert:

(ia) the individual is not a registered tax agent; and

22 After subparagraph 921C(4)(c)(i)

Insert:

(ia) the employee or director is not a registered tax agent;

and

Recognising experience in the financial advice industry

Schedule 2

Transitional provisions

Part 4

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Part 4--Transitional provisions

Corporations Act 2001

23 Division 3 of Part 10.57 (at the end of the heading)

Add "

relating to the amending Act

24 In the appropriate position in Part 10.57

Insert:

Division 3A--Transitional provisions relating to the second

amending Act

1684VA Application of amendment--approval of domestic

qualifications

Section 921GA, as inserted by Part 2 of Schedule 2 to the second

amending Act, applies in relation to an application made under that

section on or after the commencement of that Part, whether the

degree or qualification to which the application relates was

completed before, on or after that commencement.

1684VB Transitional--determination approving degrees and

qualifications

(1) This section applies to a determination that is in force immediately

before the commencement of Part 2 of Schedule 2 to the second

amending Act:

(a) under subsection 921B(6); and

(b) for the purposes of paragraph 921B(2)(a).

(2) The determination continues in force (and may be dealt with) on

and after that commencement as if the determination had been

made:

(a) under subsection 921B(6), as amended by that Part; and

(b) for the purposes of paragraph 921B(2)(a), as substituted by

that Part.

Schedule 2

Recognising experience in the financial advice industry

Part 4

Transitional provisions

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

1684VC Certain requirements for registered tax agents

(1) For the purposes of applying subsection 921C(1) to the licensing of

a registered tax agent during the period:

(a) starting on 1 January 2022; and

(b) ending immediately before the commencement of Part 3 of

Schedule 2 to the second amending Act;

treat the registered tax agent as having met each requirement

referred to in subparagraph 921C(1)(b)(ii) or (c)(ii).

(2) For the purposes of applying subsection 921C(2), (3) or (4) to the

authorisation of a registered tax agent during the period:

(a) starting on 1 January 2022; and

(b) ending immediately before the commencement of Part 3 of

Schedule 2 to the second amending Act;

treat the registered tax agent as having met each requirement

referred to in subparagraph (c)(ii) of that subsection.

Recognising experience in the financial advice industry

Schedule 2

Contingent amendments for Schedule 2 to the Treasury Laws Amendment (2023 Law

Improvement Package No. 1) Act 2023

Part 5

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Part 5--Contingent amendments for Schedule 2 to

the Treasury Laws Amendment (2023 Law

Improvement Package No. 1) Act 2023

Division 1

--Main amendment

Corporations Act 2001

25 Section 910A (paragraph (b) of the definition of qualified

tax relevant provider)

Repeal the paragraph, substitute:

(b) one or more of the following applies:

(i) the person is a registered tax agent;

(ii) if a determination is in force under

subsection 921BB(1)--the person meets each

requirement set out in the determination that is of a kind

mentioned in any of paragraphs (a) to (d) of that

subsection.

Note:

This item commences at the same time as Parts 1 to 4 of this Schedule.

Division 2

--Contingent amendment if the Law

Improvement measure commences second

Corporations Act 2001

26 Section 910A (paragraph (b) of the definition of qualified

tax relevant provider)

Repeal the paragraph, substitute:

(b) one or more of the following applies:

(i) the person is a registered tax agent;

(ii) if a determination is in force under

subsection 921BB(1)--the person meets each

requirement set out in the determination that is of a kind

mentioned in any of paragraphs (a) to (d) of that

subsection.

Schedule 2

Recognising experience in the financial advice industry

Part 5

Contingent amendments for Schedule 2 to the Treasury Laws Amendment

(2023 Law Improvement Package No. 1) Act 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Note:

This item repeats the amendment to the definition of

qualified tax relevant provider

made by Division 1 of this Part. This is to ensure the amendment is not undone by

Schedule 2 to the

Treasury Laws Amendment (2023 Law Improvement Package No. 1)

Act 2023

, if that Schedule were to commence at or after the commencement of Parts 1

to 4 of this Schedule.

Division 3

--Contingent amendment for reference to

notice provisions

Corporations Act 2001

27 Subsection 1684AA(9)

Omit "notice provision", substitute "provision referred to in

subsection 922L(1)".

Recognising experience in the financial advice industry

Schedule 2

Contingent amendments for Part 1 of Schedule 4 to the Treasury Laws Amendment

(Modernising Business Communications and Other Measures) Act 2023

Part 6

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Part 6--Contingent amendments for Part 1 of

Schedule 4 to the Treasury Laws

Amendment (Modernising Business

Communications and Other Measures) Act

2023

Division 1

--Main amendment

Corporations Act 2001

28 Paragraph 1684D(6)(a)

Omit "subsection 921B(2), as amended by Schedule 1 to the amending

Act", substitute "subsection 921B(2), as amended by Schedule 2 to the

second amending Act".

Note:

This item commences at the same time as Parts 1 to 4 of this Schedule.

Division 2

--Contingent amendment if the Modernising

Business measure commences second

Corporations Act 2001

29 Paragraph 1684D(6)(a)

Omit "subsection 921B(2), as amended by Schedule 1 to the amending

Act", substitute "subsection 921B(2), as amended by Schedule 2 to the

second amending Act".

Note:

This item repeats the amendment to paragraph 1684D(6)(a) made by Division 1 of this

Part. This is to ensure the amendment is not undone by Part 1 of Schedule 4 to the

Treasury Laws Amendment (Modernising Business Communications and Other

Measures) Act 2023

, if that Part were to commence at or after the commencement of

Parts 1 to 4 of this Schedule.

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Schedule 3--Competition in the clearing and

settlement of cash equities

Part 1--CS services rules

Australian Securities and Investments Commission Act 2001

1 After paragraph 127(2A)(d)

Insert:

(da) the Australian Competition and Consumer Commission;

Corporations Act 2001

2 Section 9

Insert:

ACCC

means the Australian Competition and Consumer

Commission.

CS service

has the meaning given by section 828.

CS services rules

: see subsection 828A(1).

3 At the end of subsection 822A(1)

Add ", and the matters specified in the CS services rules for the

purposes of this subsection".

4 After paragraph 822B(2)(c)

Insert:

(d) the CS services rules;

5 At the end of subsection 822E(4)

Add ", and the matters specified in the CS services rules for the

purposes of this subsection".

6 Paragraph 827A(2)(h)

After "ASIC", insert ", the ACCC".

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7 Subsection 827D(2A)

After "the standards and", insert "the CS services rules,".

8 After Part 7.3

Insert:

Part 7.3A--CS services

Division 1--Preliminary

828 Meaning of CS service

(1) A

CS service

is a service that can only be provided if it has access

to a clearing and settlement facility, or to data used in the operation

of a clearing and settlement facility.

(2) The operation of a clearing and settlement facility is taken to be the

provision of a

CS service

Division 2--Regulation of CS services: CS services rules

Subdivision A--Power to make CS services rules

828A CS services rules

(1) ASIC may, by legislative instrument, make rules (the

CS services

rules

) that deal with the following:

(a) the activities, conduct or governance of CS facility licensees,

and associated entities of CS facility licensees, in relation to

CS services;

(b) if regulations made for the purposes of this paragraph specify

other persons--the activities, conduct or governance of those

persons in relation to CS services;

paragraphs (a) and (b).

(2) Without limiting the scope of subsection (1), the rules may deal

with the following:

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(a) the specification of persons who are required to comply with

requirements imposed by the rules;

(b) for the purposes of subsection 822A(1)--matters with which

the operating rules of a licensed CS facility must deal, in

relation to CS services;

of which a licensed CS facility must have written procedures,

in relation to CS services;

(d) for the purposes of subsection 822E(4)--matters to which the

Minister must have regard, as mentioned in that subsection,

in relation to CS services.

(3) For the purposes of this section, governance of a person may be in

relation to CS services even if there only an indirect relationship

between the governance and CS services.

(4) Despite subsection (1), the rules cannot provide for matters in

relation to a clearing and settlement facility that is exempt from the

operation of Part 7.3 because of an exemption under section 820C.

828B CS services in relation to which rules may impose

requirements

Requirements can only be imposed in relation to CS services

covered by a determination under this section

(1) The CS services rules cannot impose requirements in relation to CS

services unless the CS services are covered by a determination

under this section.

Minister may determine classes of CS services

(2) For the purposes of subsection (1), the Minister may, by legislative

instrument, make a determination specifying one or more classes of

CS services.

Making determinations by reference to matters

(3) A determination under subsection (2) may specify a class of CS

services by reference to any of the following matters:

(a) CS facilities to which the CS services have access;

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(b) CS facilities, where data to which the CS services have

access is used in the operation of the CS facilities;

(4) Subsection (3) does not limit:

(a) the matters by reference to which a determination under

subsection (2) may specify a class of CS services; and

(b) the operation of subsection 13(3) of the

Legislation Act 2003

Making determinations: matters to which the Minister has regard

(5) In considering whether to make a determination under

subsection (2), the Minister:

(a) must have regard to:

(i) the likely effect on the Australian economy, and on the

efficiency, integrity and stability of the Australian

financial system, of making the determination; and

(ii) the likely regulatory impact of making the

determination; and

(iii) the likely effect of making the determination on the

safety, fairness and effectiveness of competition in the

provision of CS services; and

(b) must have regard to the matters (if any) raised by ASIC, the

ACCC or the Reserve Bank of Australia in advice provided

under subsection (6) in relation to the determination; and

considers relevant.

Note:

Matters that the Minister may have regard to under paragraph (c) may,

for example, include any relevant international standards and

international commitments.

ASIC, ACCC or Reserve Bank may advise Minister

(6) ASIC, the ACCC or the Reserve Bank of Australia may (on its

own initiative) and must (at the request of the Minister):

(a) consider whether a determination should be made under

subsection (2) specifying one or more particular classes of

CS services; and

(b) advise the Minister accordingly.

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Amendment and revocation of determinations

(7) The Minister may amend or revoke a determination under

subsection (2) in like manner and subject to like conditions (see

subsections 33(3) and (3AA) of the

Acts Interpretation Act 1901

Subdivision B--Compliance with CS services rules

828C Obligation to comply with CS services rules

A person must comply with provisions of the CS services rules that

apply to the person.

Note 1:

This section is a civil penalty provision (see section 1317E). For relief

from liability to a civil penalty relating to this section, see

section 1317S.

Note 2:

If there is an inconsistency between the standards determined under

section 827D and the CS services rules, the standards prevail: see

subsection 827D(2A).

828D Obligation to notify ASIC in respect of breach

(1) A person must give written notice to ASIC, as soon as practicable,

if the person becomes aware that the person may no longer be able

to meet, or has breached, an obligation under section 828C.

Note:

Failure to comply with this subsection is an offence (see

subsection 1311(1)).

(2) A person contravenes this subsection if the person contravenes

subsection (1).

Note:

This subsection is a civil penalty provision (see section 1317E).

(3) If ASIC receives a notice under subsection (1), ASIC may give the

Minister advice about the matter to which the notice relates.

828E Alternatives to civil proceedings

(1) The regulations may provide for a person who is alleged to have

contravened section 828C to do one or more of the following as an

alternative to civil proceedings:

(a) pay a penalty to the Commonwealth;

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(b) undertake or institute remedial measures (including education

programs);

Commonwealth;

(d) enter into a legally enforceable undertaking.

(2) The penalty payable under regulations made under paragraph (1)(a)

in relation to an alleged contravention of a CS services rule must

not exceed:

(a) for an individual--3,000 penalty units; and

(b) for a body corporate--15,000 penalty units.

(3) Without limiting regulations that may be made for the purpose of

paragraph (1)(d), those regulations may provide for one or more of

the following kinds of undertakings:

(a) an undertaking to take specified action within a specified

period;

(b) an undertaking to refrain from taking specified action;

period to the Commonwealth or to some other specified

person.

828F Failure to comply with CS services rules does not invalidate

transaction etc.

A failure, in relation to a transaction, to comply with a requirement

of the CS services rules does not invalidate the transaction or affect

any rights or obligations arising under, or relating to, the

transaction.

Subdivision C--Power of ASIC to give directions etc.

828G ASIC's power to give directions to person not complying with

obligations

(1) If ASIC considers that a person is not complying, or is not likely to

comply, with its obligations under the CS services rules, ASIC may

give the person a direction, in writing, to do specified things that

ASIC believes will promote compliance by the person with those

obligations.

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(2) When ASIC gives the person the direction, ASIC must also give

the person a statement, in writing, setting out the reasons for giving

the direction.

(3) The direction has effect until the earlier of the following times:

(a) the time ASIC revokes the direction under subsection (7);

(b) the end of the period specified in the direction as the period

during which the direction is effective.

(4) While the direction has effect, the person must comply with the

direction.

Note:

Failure to comply with this subsection is an offence (see

subsection 1311(1)).

(5) If the person fails to comply with the direction, ASIC may apply to

the Court for, and the Court may make, an order that the person

comply with the direction.

(6) ASIC may vary the direction by giving written notice to the person.

(7) ASIC may revoke the direction by giving written notice to the

person.

Subdivision D--The process of making CS services rules

828H Matters to which ASIC must have regard when making rules

In considering whether to make a CS services rule, ASIC:

(a) must have regard to:

(i) the likely effect of the proposed rule on the Australian

economy, and on the efficiency, integrity and stability

of the Australian financial system; and

(ii) the likely regulatory impact of the proposed rule; and

(iii) the likely effect of the proposed rule on the safety,

fairness and effectiveness of competition in the

provision of CS services; and

(iv) if the proposed rule will impose requirements in relation

to a CS service--the structure of the market for the

provision of the CS service; and

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(b) must have regard to the matters (if any) raised by the ACCC

or the Reserve Bank of Australia in consultations mentioned

in paragraph 828J(1)(b); and

relevant.

Note:

Matters that ASIC may have regard to under paragraph (c) may, for

example, include any relevant international standards and international

commitments.

828J ASIC to consult before making rules

(1) ASIC must not make a CS services rule unless ASIC:

(a) has consulted the public about the proposed rule; and

(b) has also consulted the following about the proposed rule:

(i) the ACCC;

(ii) the Reserve Bank of Australia;

(iii) any other person or body as required by regulations

made for the purpose of this subparagraph.

Note:

In some situations, consultation is not required: see section 828L.

(2) Without limiting the ways in which ASIC may comply with the

obligation in paragraph (1)(a) to consult the public about a

proposed rule, ASIC is taken to comply with that obligation if

ASIC, on its website:

(a) makes the proposed rule, or a description of the content of

the proposed rule, available; and

(b) invites the public to comment on the proposed rule.

(3) A failure to consult as required by subsection (1) does not

invalidate a CS services rule.

828K Ministerial consent to rules required

(1) ASIC must not make a CS services rule unless the Minister has

consented, in writing, to the making of the rule.

Note:

In some situations, consent is not required: see section 828L.

(2) A consent under subsection (1) is not a legislative instrument.

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828L Emergency rules: consultation and consent not required

(1) ASIC may make a CS services rule without consulting as required

by section 828J, and without the consent of the Minister as

required by section 828K, if ASIC is of the opinion that it is

necessary, or in the public interest, to do so in order to protect:

(a) the Australian economy; or

(b) the efficiency, integrity and stability of the Australian

financial system; or

CS services.

(2) However, if ASIC does so, ASIC must:

(a) provide the Minister, on the following day, with a written

explanation of the need for the rule; and

(b) amend or revoke the rule in accordance with any written

directions of the Minister.

(3) A direction under paragraph (2)(b) is not a legislative instrument.

(4) ASIC must not make a CS services rule in accordance with

subsection (1) unless ASIC has consulted the Reserve Bank of

Australia about the proposed rule.

(5) A failure to consult as required by subsection (4) does not

invalidate a CS services rule.

828M Amendment and revocation of CS services rules

(1) ASIC may amend or revoke a CS services rule in like manner and

subject to like conditions (see subsections 33(3) and (3AA) of the

Acts Interpretation Act 1901

(2) However, the requirements of sections 828H, 828J and 828K do

not apply in relation to an amendment or revocation pursuant to a

direction by the Minister under paragraph 828L(2)(b).

Division 3--Other provisions

828N ASIC may give advice to Minister

ASIC may give advice to the Minister in relation to:

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(a) any matter in respect of which the Minister has a discretion

under this Part; or

(b) any other matter concerning the CS services rules.

Note:

In some cases, the Minister must have regard to ASIC's advice: see

paragraph 827A(2)(h).

828P ACCC may give advice to Minister

The ACCC may give advice to the Minister in relation to any

matter concerning the CS services rules.

Note:

In some cases, the Minister must have regard to the ACCC's advice:

see paragraph 827A(2)(h).

828Q Reserve Bank of Australia may give advice to Minister

The Reserve Bank of Australia may give advice to the Minister in

relation to:

(a) any matter in respect of which the Minister has a discretion

under this Part; or

(b) any other matter concerning the CS services rules.

Note:

In some cases, the Minister must have regard to the Reserve Bank's

advice: see paragraph 827A(2)(h).

828R Exemptions by the regulations or by ASIC

(1) The

provisions covered by this section

are:

(a) the following provisions:

(i) the provisions of this Part;

(ii) the provisions of regulations made for the purposes of

provisions of this Part;

(iii) the provisions of rules made under Division 2; and

(b) definitions in this Act, or in the regulations, as they apply to

references in provisions referred to in paragraph (a).

(2) The regulations, or ASIC by written instrument, may exempt a

person or class of persons from all or specified provisions covered

by this section.

(3) An exemption may apply unconditionally or subject to specified

conditions. A person to whom a condition specified in an

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exemption applies must comply with the condition. The Court

may, on application by ASIC, order the person to comply with the

condition in a specified way.

(4) An exemption by ASIC is a legislative instrument if the exemption

is expressed to apply in relation to a class of persons, (whether or

not it is also expressed to apply in relation to one or more persons

identified otherwise than by reference to membership of a class).

(5) If subsection (4) does not apply to an exemption by ASIC, the

exemption is a notifiable instrument.

(6) If there is an inconsistency between:

(a) an exemption prescribed by regulations made for the

purposes of subsection (2); and

(b) an exemption by ASIC under that subsection;

(including in relation to any conditions specified by ASIC), the

regulations prevail to the extent of the inconsistency.

9 After paragraph 1317C(gcc)

Insert:

(gcd) a decision by ASIC to:

(i) make CS services rules; or

(ii) give a direction under subsection 828G(1); or

(gce) a decision by the Minister to:

(i) make a determination under subsection 828B(2); or

(ii) consent under subsection 828K(1) to the making of CS

services rules; or

(iii) make directions under paragraph 828L(2)(b); or

10 In the appropriate position in subsection 1317E(3)

Insert:

section 828C

complying with CS services rules

uncategorised

section 828D

obligation to notify ASIC of

inability to meet obligations under

section 828C

uncategorised

11 In the appropriate position in Schedule 3

Insert:

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Subsection 828D(1)

100 penalty units

Subsection 828G(4)

(a) for an individual--100 penalty units for each day, or

part of a day, in respect of which the offence is

committed; and

(b) for a body corporate--1,000 penalty units for each day,

or part of a day, in respect of which the offence is

committed

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Part 2--CS services arbitration

Division 1

--ASIC-related amendments

Competition and Consumer Act 2010

12 Subsection 4(1)

Insert:

ASIC

means the Australian Securities and Investments

Commission.

13 Subsection 26(1)

Omit all the words after "staff member of", substitute "ASIC".

14 Subsection 26(2)

Omit "the Australian Securities and Investments Commission",

substitute "ASIC".

15 Subsection 86E(4)

Repeal the subsection.

16 Paragraph 155AAA(12)(d)

Repeal the paragraph, substitute:

(d) ASIC;

Division 2

--Main amendments

Competition and Consumer Act 2010

17 Paragraph 44T(1)(b)

Omit "determination", substitute "final determination".

18 After subparagraph 76(1)(a)(iiia)

Insert:

(iiib) subsection 153ZEL(2);

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19 Subsection 76(1A) (after table item 13)

Insert:

13A

subsection 153ZEL(2)

600 penalty units

$500,000

20 Subparagraph 80(1)(a)(v)

Omit "Part XICA; or", substitute "Part XICA;".

21 At the end of paragraph 80(1)(a)

Add:

(vi) section 153ZEL; or

22 After Part XICA

Insert:

Part XICB--Access to CS services

Division 1--Preliminary

153ZEA Objects of Part

The objects of this Part are to:

(a) facilitate access to CS services on terms and conditions,

including pricing, that are transparent, non-discriminatory,

fair and reasonable; and

(b) support the long-term interests of the Australian market by

delivering outcomes that are consistent with those that might

be expected in a competitive market for CS services; and

providers of CS services and access seekers in Australia; and

(d) provide incentives for providers of CS services to negotiate

commercial and non-discriminatory terms of access with

access seekers of the CS services in Australia; and

(e) provide for the timely resolution of access disputes between

providers of CS services and access seekers, if they arise; and

(f) discourage providers of CS services from exerting market

power to the detriment of competition in upstream and

downstream markets.

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153ZEB Definitions

In this Part:

access dispute

means an access dispute notified under section

153ZEM.

access seeker

, for a CS service, means a person who wants access

to the CS service or wants a change to some aspect of the person's

existing access to the CS service.

Australian CS facility licence

has the same meaning as in

section 761A of the

Corporations Act 2001

constitutional trade or commerce

has the same meaning as in

section 53B.

covered by a declaration

: see subsection 153ZEF(3).

CS facility

means a clearing and settlement facility (within the

meaning of section 761A of the

Corporations Act 2001

CS facility licensee

has the same meaning as in section 761A of

the

Corporations Act 2001

CS service

has the same meaning as in section 828 of the

Corporations Act 2001

declared CS service

: a CS service is a

declared CS service

if:

(a) the provider of the CS service is a CS facility licensee or a

person that is related to a CS facility licensee; and

(b) the CS facility licensee holds an Australian CS facility

licence that authorises the CS facility licensee to operate a

CS facility; and

or to data used in the operation of, the CS facility; and

(d) the CS service is covered by a declaration under section

153ZEF.

determination

means:

(a) a final determination made under paragraph 153ZEP(1)(a);

and

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(b) an interim determination made under paragraph

153ZEP(1)(b).

linked

: a CS facility is

linked to

a CS service if:

(a) the CS service is a declared CS service; and

(b) the CS facility is the CS facility mentioned in paragraphs (b)

and (c) of the definition of declared CS service.

153ZEC How this Part applies to partnerships and joint ventures

(1) This section applies if a provider of a CS service is a partnership or

joint venture that consists of 2 or more corporations. Those

corporations are referred to in this section as the participants.

(2) If this Part requires or permits something to be done by the

provider, the thing may be done by one or more of the participants

on behalf of the provider.

(3) If a provision of this Part refers to the provider bearing any costs,

the provision applies as if the provision referred to any of the

participants bearing any costs.

(4) If a provision of this Part refers to the provider doing something,

the provision applies as if the provision referred to one or more of

the participants doing that thing on behalf of the provider.

(5) If:

(a) a provision of this Part requires the provider to do something,

or prohibits the provider from doing something; and

(b) a contravention of the provision is an offence;

the provision applies as if a reference to the provider were a

reference to any person responsible for the day-to-day management

and control of the provider.

(6) If:

(a) a provision of this Part requires a provider to do something,

or prohibits a provider doing something; and

(b) a contravention of the provision is not an offence;

the provision applies as if the reference to provider were a

reference to each participant and to any other person responsible

for the day-to-day management and control of the provider.

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153ZED Constitutional limits on operation of this Part

This Part does not apply in relation to an access seeker's access to

a CS service unless:

(a) the provider of the CS service is a corporation (or a

partnership or joint venture consisting wholly of

corporations); or

(b) the access seeker is a corporation; or

purposes of, constitutional trade or commerce.

153ZEE This Part binds the Crown

(1) This Part binds the Crown in right of the Commonwealth, of each

of the States, of the Australian Capital Territory and of the

Northern Territory.

(2) Nothing in this Part makes the Crown liable to be prosecuted for an

offence.

(3) The protection in subsection (2) does not apply to an authority of

the Commonwealth or an authority of a State or Territory.

Division 2--Declaration of CS services

153ZEF Minister may declare a CS service

(1) The Minister may, by legislative instrument, make a declaration

specifying any of the following as services to which access may be

the subject of negotiation or arbitration under this Part:

(a) one or more CS services;

(b) one or more classes of CS services.

(2) A declaration under subsection (1) may also specify one or more

CS services that are taken not to be covered by the declaration.

(3) A CS service is covered by a declaration if:

(a) the CS service is specified, or is in a class of CS services

specified, in a declaration under subsection (1) that is in

force; and

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(b) the CS service is not specified as a CS service that is taken

not to be covered by a declaration in a declaration under

subsection (1) that is in force.

Matters to which the Minister has regard

(4) In considering whether to make a declaration under subsection (1),

the Minister:

(a) must have regard to:

(i) the likely effect on the Australian economy, and on the

efficiency, integrity and stability of the Australian

financial system, of making the declaration; and

(ii) the likely regulatory impact of the declaration; and

(iii) the extent to which a provider of a CS service that will

be affected by the declaration has a monopoly or

significant market power over the provision of the CS

service; and

(b) must have regard to the matters (if any) raised by the

Commission in advice provided under subsection (5) in

relation to the declaration; and

considers relevant.

Note:

Matters that the Minister may have regard to under paragraph (c) may,

for example, include any relevant international standards and

international commitments.

Commission may advise Minister

(5) The Commission may (on its own initiative) and must (at the

request of the Minister):

(a) consider whether a declaration should be made under

subsection (1); and

(b) advise the Minister accordingly.

Commission may request advice from ASIC or Reserve Bank

(6) The Commission may request advice from ASIC or the Reserve

Bank of Australia for the purposes of informing its consideration

and advice under subsection (5).

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(7) ASIC and the Reserve Bank of Australia may give advice to the

Commission relating to whether a declaration should be made

under subsection (1).

153ZEG Amendment and revocation of declarations

(1) The Minister may amend or revoke a declaration under

subsection 153ZEF(1) in like manner and subject to like conditions

(see subsections 33(3) and (3AA) of the

Acts Interpretation Act

1901

(2) The amendment or revocation of a declaration does not affect:

(a) the arbitration of an access dispute that was notified under

subsection 153ZEM(2) before the amendment or revocation;

(b) the operation or enforcement of any determination made in

the arbitration of an access dispute that was notified under

subsection 153ZEM(2) before the amendment or revocation.

Division 3--Negotiation of access

153ZEH Notification of negotiations under this Division

(1) This section applies in relation to a CS service if it is a declared CS

service.

(2) An access seeker for the CS service may notify the provider that it

wishes to negotiate under this Division over one or more specified

issues relating to any aspect of access to the CS service, including:

(a) whether access can be granted; and

(b) the price and other terms and conditions of the access.

(3) The notification must set out the following matters:

(a) a contact person for the access seeker;

(b) contact details for the contact person;

(d) if regulations made for the purposes of this paragraph specify

other matters--those matters.

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Notifying the Commission

(4) The access seeker must give a copy of the notification to the

Commission as soon as practicable after notifying the provider

under subsection (2).

153ZEI Ending negotiations under this Division

(1) The access seeker may give notice to the provider that the

negotiation is at an end, whether or not the access seeker also

refers or has referred a related access dispute to arbitration under

this Part.

(2) The provider may give notice to the access seeker that the

negotiation is at an end for the purposes of this Part if the CS

service ceases to be a declared CS service.

Timing

(3) The negotiation is taken to have ended for the purposes of this Part

when the notice under subsection (1) or (2) is given.

Notifying the Commission

(4) If the negotiation ends under subsection (1) or (2), the following

person must notify the Commission as soon as practicable:

(a) if subsection (1) applies--the access seeker;

(b) if subsection (2) applies--the provider.

153ZEJ Conducting negotiations under this Division

Parties to the negotiation

(1) The parties to the negotiation are:

(a) the access seeker; and

(b) the provider; and

to include as a party to the negotiations.

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Good faith

(2) Each party to the negotiation must participate in the negotiation in

good faith.

Timetable for negotiations

(3) Each party to the negotiation must seek to accommodate all

reasonable requirements of the other parties regarding the timetable

for the negotiation.

Subject of negotiations

(4) The negotiation must be about:

(a) the specified issues mentioned in subsection 153ZEH(2); and

(b) any other issue that the parties to the negotiation agree, in

writing, that they wish to negotiate over.

Notifying the Commission if agreement reached

(5) If the parties to the negotiation reach agreement over each issue

mentioned in subsection (4), they must ensure that a written

notification of the agreement is given to the Commission as soon

as practicable.

153ZEK Information request by bargaining party--general

(1) A party (the

requesting party

) to the negotiation may give another

party (the

responding party

) a request that the responding party

give the requesting party specified information if:

(a) the information is held by the responding party or a related

body corporate of the responding party; and

(b) it is reasonable for the requesting party to make the request

for the purposes of this Division.

(2) The request must:

(a) be made in writing; and

(b) set out reasons why it is reasonable for the requesting party

to make the request for the purposes of this Division; and

other requirements--comply with those requirements.

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(3) After the request is made, the responding party must ensure that:

(a) the request is complied with no later than 21 days after the

request was given to the responding party, or any later date

the requesting party agrees to; and

(b) the information requested is given in a readily readable form,

including (where requested) in electronic file format with all

underlying data files and inputs; and

information mentioned in subsection (1); and

(d) if regulations made for the purposes of this paragraph specify

other requirements for that information--those requirements

are satisfied.

Duty of good faith

(4) Each party to a negotiation under this Division must request or

provide information under this section in a manner and at a time

consistent with the duty of the party to negotiate in good faith

under subsection 153ZEJ(2).

153ZEL Information request by bargaining party--miscellaneous

rules

(1) Nothing in section 153ZEK requires or authorises the giving of

information that is personal information (within the meaning of the

Privacy Act 1988

(2) If the responding party gives information to the requesting party in

order to comply with subsection 153ZEK(3), the requesting party

must ensure that the information is not used for a purpose other

than a purpose relating to this Part.

Division 4--Notification of access disputes

153ZEM Notification of access disputes

(1) This section applies in relation to a CS service if it is a declared CS

service.

(2) If:

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(a) an access seeker for the CS service is unable to agree with

the provider on one or more aspects of access to the CS

service that are or have been the subject of a negotiation

under Division 3; and

(b) the access seeker and the provider are or were parties to the

negotiation;

either party may notify the Commission in writing that an access

dispute exists.

Note:

An example of one of the things on which a provider and an access

seeker for a CS service might disagree is whether a previous

determination ought to be varied.

(3) The notification must include information about:

(a) the issues (if any) on which agreement has been reached in

the negotiation under Division 3; and

(b) the issues that are in dispute; and

other matters--those matters.

(4) On receiving the notification, the Commission must give notice in

writing of the access dispute, as soon as practicable, to:

(a) the provider, if the access seeker notified the access dispute;

and

(b) the access seeker, if the provider notified the access dispute;

and

become a party to the arbitration.

153ZEN Withdrawal of notifications

(1) A notification under subsection 153ZEM(2) may be withdrawn as

follows (and not otherwise):

(a) if the provider notified the dispute:

(i) the provider may withdraw the notification at any time

before the Commission makes its final determination;

(ii) the access seeker may withdraw the provider's

notification at any time after the Commission issues a

draft final determination, but before it makes its final

determination;

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(b) if the access seeker notified the dispute, the access seeker

may withdraw the notification at any time before the

Commission makes its final determination.

(2) Despite subparagraph (1)(a)(ii), if the provider notified a dispute

over variation of a final determination, the access seeker may not

withdraw the provider's notification.

(3) If the notification is withdrawn, it is taken for the purposes of this

Part never to have been given.

Division 5--Arbitration of access disputes

153ZEO Parties to the arbitration

The parties to the arbitration of an access dispute notified under

subsection 153ZEM(2) regarding access to a CS service are:

(a) the provider mentioned in the notification; and

(b) the access seeker mentioned in the notification; and

and is accepted by the Commission as having a sufficient

interest.

153ZEP Determination by Commission

(1) Unless it terminates the arbitration under section 153ZEU, the

Commission:

(a) must make a written final determination; and

(b) may make a written interim determination;

on access by the access seeker to the CS service.

(2) A determination may deal with any matter relating to access to the

CS service by the access seeker, including matters that were not the

basis for notification of the access dispute.

Example: A determination may do any of the following:

(a) require the provider to provide access to the CS service by the

access seeker;

(b) require the access seeker to accept, and pay for, access to the CS

service;

the CS service;

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(d) vary or revoke an earlier determination relating to access to the

CS service by the access seeker.

(3) Before making a determination, the Commission must:

(a) give a draft determination to the parties; and

(b) consult ASIC and the Reserve Bank of Australia about the

determination.

(4) When the Commission makes a determination, it must give the

parties its reasons for making the determination.

Note:

The Commission must also publish a written report about a final

determination it makes (see section 153ZET).

(5) A determination is not a legislative instrument.

153ZEQ Restrictions on access determinations

(1) The Commission must not make a determination that would have

any of the following effects:

(a) preventing an existing user that is not related to the provider

from obtaining sufficient access to the CS service to be able

to meet the user's reasonably anticipated requirements,

measured at the time when the dispute was notified;

(b) preventing a person that is not related to the provider from

obtaining, by the exercise of a pre-notification right,

sufficient access to the CS service to be able to meet the

person's actual requirements;

(d) resulting in the access seeker becoming the owner (or one of

the owners) of any part of the CS facility that is linked to the

CS service, or of extensions of the CS facility, without the

consent of the provider;

(e) requiring the provider to bear some or all of the costs of

extending the CS facility;

(f) requiring the provider to bear some or all of the costs of

maintaining extensions of the CS facility.

(2) Paragraphs (1)(a) and (b) do not apply in relation to the

requirements and rights of the access seeker and the provider when

the Commission is making a determination in arbitration of an

access dispute relating to an earlier determination of an access

dispute between the access seeker and the provider.

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(3) A determination is of no effect to the extent it has any of the effects

mentioned in subsection (1).

(4) If the Commission makes a determination that has the effect of

depriving a person (the

second person

) of a pre-notification right

to require the provider to supply the CS service to the second

person, the determination must also require the access seeker:

(a) to pay to the second person such amount (if any) as the

Commission considers is fair compensation for the

deprivation; and

(b) to reimburse the provider and the Commonwealth for any

compensation that the provider or the Commonwealth agrees,

or is required by a court order, to pay to the second party as

compensation for the deprivation.

Note:

Without infringing paragraph (1)(b), a determination may deprive a

second person of the right to be supplied with an amount of CS

service equal to the difference between the total amount of CS service

the person was entitled to under a pre-notification right and the

amount that the person actually needs to meet the person's actual

requirements.

(5) If the provider is not the holder of the Australian CS facility

licence that authorises the operation of the CS facility, this section

applies in relation to the holder in the same way as it applies in

relation to the provider.

(6) In this section:

existing user

means a person (including the provider) who was

using the CS service at the time when the access dispute was

notified.

pre-notification right

means a right under a contract, or under a

determination, that was in force at the time when the access dispute

was notified.

153ZER Matters that the Commission must take into account

Final determinations

(1) The Commission must take the following matters into account in

making a final determination:

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(a) the objects of this Part;

(b) the operational and technical requirements (including those

relating to interoperability and financial stability) necessary

for the safe and reliable operation of a current or proposed

CS facility that is or may be linked to the CS service;

(d) if an obligation of the provider under an Australian law in

relation to the CS service is mentioned in a party's case--that

obligation;

(e) if the provider is not the holder of the Australian CS facility

licence that authorises the operation of the CS facility, and an

obligation of the holder under an Australian law in relation to

the CS service is mentioned in a party's case--that

obligation;

(f) any advice provided by ASIC or the Reserve Bank of

Australia in response to consultations undertaken under

paragraph 153ZEP(3)(b);

(g) any advice provided by ASIC or the Reserve Bank of

Australia under subsection 153ZEX(3) in relation to the

arbitration;

(h) any guidance or policies relating to CS services made by the

Commission, ASIC or the Reserve Bank of Australia;

(i) the legitimate business interests of the provider, and the

provider's investment in the CS facility;

(j) if the provider is not the holder of the Australian CS facility

licence that authorises the operation of the CS facility--the

legitimate business interests of the holder, and the holder's

investment in the CS facility;

(k) the interests of all persons who have rights to access the CS

service;

(l) the public interest, including the public interest in having

competition in markets (whether or not in Australia).

(2) The Commission may take any other matters that it thinks are

relevant into account in making a final determination.

(3) For the purposes of paragraph (1)(c), the pricing principles are as

follows:

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(a) access prices should generate expected revenue for a CS

service that reflects the costs of providing access to the CS

service;

(b) access prices should include a return on investment

commensurate with the regulatory and commercial risks

involved;

integrated provider to set terms and conditions that

discriminate in favour of its related entities, except to the

extent that the cost of providing access to other access

seekers is higher;

(d) access pricing should provide incentives to reduce costs or

otherwise improve productivity.

Interim determinations

(4) The Commission may take a matter referred to in subsection (1) or

(2) into account in making an interim determination.

(5) In making an interim determination, the Commission does not have

a duty to consider whether to take into account a matter referred to

in subsection (1).

153ZES Time limit for Commission's final determination

Commission to make final determination within 180 days

(1) The Commission must make a final determination within the

period of 180 days (the

expected period

) starting at the start of the

day the access dispute is notified.

Extending the period

(2) Before the end of the expected period, the Commission may, if

satisfied it is appropriate to do so, extend the expected period.

(3) When the Commission extends the expected period, it must:

(a) notify the parties of the extension before it takes effect; and

(b) give the parties reasons for the extension.

(4) The expected period may be extended one or more times, but must

not exceed 365 days.

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Deemed final determination

(5) If the Commission does not make a final determination within the

expected period, it is taken, immediately after the end of the

expected period, to have:

(a) made a final determination that does not impose any

obligations on the parties or alter any obligations (if any) that

exist at that time between the parties; and

(b) published a written report about the final determination under

section 153ZET.

153ZET Arbitration reports

(1) The Commission must prepare a written report about a final

determination it makes. It must publish, by electronic or other

means, the report.

(2) The report may include the whole or a part of the determination

and the reasons for the determination or the part of the

determination.

Report must include certain matters

(3) The report must set out the following matters:

(a) the issues on which agreement was reached between the

parties to the arbitration and the issues which were in dispute;

(b) the principles the Commission applied in making the

determination;

(d) how the Commission took into account the matters

mentioned in subsection 153ZER(1) in making the

determination;

(e) any matter the Commission took into account under

subsection 153ZER(2) in making the determination and the

reasons for doing so;

(f) any information provided by the parties to the arbitration that

was relevant to those principles or methodologies.

Note:

Confidentiality issues are dealt with in subsections (5) and (6).

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Report may include other matters

(4) The report may include any other matter that the Commission

considers relevant.

Confidentiality

(5) The Commission must not include in the report any information the

Commission decided not to give to a party to the arbitration under

section 44ZL (as applied in relation to the arbitration by section

153ZEV).

(6) Before publishing the report, the Commission must give each party

to the arbitration a notice in writing:

(a) specifying what the Commission is proposing to publish; and

(b) inviting the party to make a written submission to the

Commission within 14 days after the notice is given

identifying any information the party considers should not be

published because of its confidential commercial nature.

(7) The Commission must have regard to any submission so made in

deciding what to publish. It may have regard to any other matter it

considers relevant.

Legislation Act 2003

(8) A report prepared under subsection (1) is not a legislative

instrument.

153ZEU Commission may terminate arbitration in certain cases

(1) The Commission must terminate the arbitration of an access

dispute (without making a final determination) if paragraphs (a),

(b) and (c) of the definition of declared CS service no longer apply

to the CS service.

(2) The Commission may at any time terminate the arbitration of an

access dispute (without making a final determination) if it thinks

that:

(a) the notification of the access dispute was vexatious; or

(b) the subject matter of the access dispute is trivial,

misconceived or lacking in substance; or

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negotiations (including negotiations under Division 3) in

good faith; or

(d) the negotiation under Division 3 that led to the notification of

the access dispute is insufficiently relevant to the matters that

a final determination is likely to deal with; or

(e) access to the CS service should continue to be governed by

an existing contract between some or all of the parties to the

arbitration.

(3) In addition, if the dispute is about varying an existing

determination, the Commission may terminate the arbitration if it

thinks there is no sufficient reason why the previous determination

should not continue to have effect in its present form.

Division 6--Procedure in arbitration

153ZEV Subdivision D of Division 3 of Part IIIA to apply

(1) The following provisions apply in relation to an arbitration of an

access dispute under this Part as if they were provisions of this

Division:

(a) Subdivision D of Division 3 of Part IIIA;

(b) regulations made for the purposes of provisions in that

Subdivision.

(2) For the purposes of subsection (1):

(a) treat an arbitration of an access dispute under this Part as an

arbitration of an access dispute under Part IIIA; and

(b) treat any reference in that Subdivision or in those regulations

to:

(i) a provision in that Subdivision or those regulations as a

reference to a provision in that Subdivision or those

regulations as they apply because of this section; and

(ii) a third party as a reference to an access seeker; and

(b) treat the reference in subsection 44ZG(3) to any other

provision of this Part as a reference to any other provision of

that Subdivision or Part XICB.

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(3) The regulations may modify the provisions mentioned in

paragraph (1)(b) in their application under subsection (1) in

relation to an arbitration of an access dispute under this Part.

(4) If the Commission holds a joint arbitration hearing in respect of 2

or more access disputes under section 44ZNA (as applied by

subsection (1)), the Commission may make a single determination

that covers all of the disputes.

153ZEW Commission's powers if information not provided in

negotiations

Use in arbitration of information requested but not provided in

negotiations

(1) If:

(a) a party to the arbitration of an access dispute seeks to include

certain information in its case; and

(b) in the negotiation under Division 3 that led to the notification

of the access dispute, the information was the subject of a

request under section 153ZEK; and

party (within the meaning of subsection 153ZEK(1)) to the

request; and

(d) the responding party did not ensure that the requirements in

subsection 153ZEK(3) were satisfied in respect of the

request;

the party must seek the Commission's permission in writing to

include the information in its case.

(2) In determining whether to grant permission under subsection (1),

the Commission must have regard to:

(a) the desirability of the parties to the negotiation complying

with the requirements in section 153ZEK; and

(b) whether the responding party was given a reasonable

opportunity to ensure that the requirements in subsection

153ZEK(3) were satisfied in respect of the request before the

access dispute was notified.

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Commission's powers generally

(3) If the Commission is satisfied that a party to the arbitration of an

access dispute has failed to provide information in accordance with

section 153ZEK in the negotiation under Division 3 that led to the

notification of the access dispute, the Commission may do any of

the following in the arbitration:

(a) direct that the party is not entitled to rely on specified

information or materials;

(b) draw such adverse inferences from the failure as the

circumstances justify;

to information that the party in the negotiation failed to

provide in accordance with section 153ZEK.

153ZEX Sharing information with and requesting advice from

ASIC and Reserve Bank

(1) The Commission may do any of the following:

(a) notify ASIC or the Reserve Bank of Australia that an access

dispute exists;

(b) request advice from ASIC or the Reserve Bank of Australia

relating to the arbitration of an access dispute;

Reserve Bank of Australia for the purposes of a notification

or request under paragraph (a) or (b).

(2) To avoid doubt, paragraph (1)(c) applies to confidential

commercial information that the Commission thinks should not be

given to the other parties to the arbitration under section 44ZL (as

applied in relation to the arbitration by section 153ZEV).

(3) ASIC and the Reserve Bank of Australia may give advice to the

Commission relating to the arbitration of an access dispute.

Division 7--Effect of determinations

153ZEY Operation of final determinations

(1) Unless otherwise specified, a final determination of an access

dispute has effect 21 days after the determination is made.

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Backdating

(2) Any or all of the provisions of the final determination may be

expressed to apply from a specified day that is earlier than the day

on which it takes effect under subsection (1).

Example: The Commission makes a final determination on 1 August. It takes

effect under subsection (1) on 22 August, but it is expressed to apply

from 1 July.

(3) The specified day must not be earlier than the day on which the

notification of negotiations under section 153ZEH was given that

led to the notification of the access dispute under section 153ZEM.

(4) However, the specified day cannot be a day on which the access

seeker did not have access to the CS service.

Operation of interim determination

(5) If a provision of a final determination is expressed to apply from a

day when an interim determination was in effect, the provision of

the final determination prevails over the interim determination to

the extent set out in the final determination.

Interest

(6) If:

(a) a provision of a final determination is covered by

subsection (2); and

(b) the provision requires a party to the determination (the

first

party

) to pay money to another party;

the determination may require the first party to pay interest to the

other party, at the rate specified in the determination, on the whole

or a part of the money, for the whole or a part of the period:

(d) ending on the day on which the determination takes effect

under subsection (1).

153ZEZ Effect and duration of interim determinations

(1) An interim determination made in the arbitration of an access

dispute takes effect on the day specified in the determination.

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(2) Unless sooner revoked, such an interim determination continues in

effect until the earliest of the following:

(a) the notification of the access dispute is withdrawn under

section 153ZEN;

(b) the arbitration is terminated under section 153ZEU;

effect.

Note:

A backdated final determination may prevail over an interim

determination: see subsection 153ZEY(5).

Division 8--Variation and revocation of determinations

153ZFA Variation and revocation of determinations

(1) The Commission may, if satisfied it is appropriate to do so, by

written instrument vary or revoke a determination:

(a) on its own initiative; or

(b) on the application of any party to the determination.

(2) Sections 153ZEQ and 153ZER apply to the making of a variation

of a final determination as if:

(a) an access dispute arising out of the final determination had

been notified when the application was made to the

Commission for the variation of the determination; and

(b) the variation were the making of a final determination in the

terms of the varied determination.

(3) Before making a variation, the Commission may give a draft

variation to the parties.

(4) When the Commission varies or revokes a determination, it must

give the parties to the determination its reasons for doing so.

(5) A variation or revocation is not a legislative instrument.

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Division 9--Enforcement and remedies

153ZFB Prohibition on hindering access to declared services

(1) The provider or a user of a CS service to which an access seeker

has access under a determination, or a body corporate related to the

provider or a user of the CS service, must not engage in conduct

for the purpose of preventing or hindering the access seeker's

access to the CS service under the determination.

(2) A person may be taken to have engaged in conduct for the purpose

referred to in subsection (1) even though, after all the evidence has

been considered, the existence of that purpose is ascertainable only

by inference from the conduct of the person or from other relevant

circumstances. This subsection does not limit the manner in which

the purpose of a person may be established for the purposes of

subsection (1).

(3) In this section, a

user

of a CS service includes a person who has a

right to use the CS service.

153ZFC Division 7 of Part IIIA to apply

(1) Division 7 of Part IIIA applies in relation to a determination under

this Part as if they were provisions of this Division.

(2) For the purposes of subsection (1), treat:

(a) a reference in that Division to:

(i) a determination as a reference to a determination made

under this Part; and

(ii) section 44ZZ as a reference to section 153ZFB; and

(b) the reference in subsection 44ZZE(3) to Divisions 2 and 3 as

a reference to this Part (other than this section); and

(d) any reference in Division 7 of Part IIIA to a provision in that

Division as a reference to the provision as it applies because

of this section.

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Division 10--Miscellaneous

153ZFD Register of determinations

(1) The Commission must maintain a public register that specifies the

following information for each determination:

(a) the names of the parties to the determination;

(b) the CS service to which the determination relates;

(2) The regulations may make provision about the inspection of the

public register (including provision about fees).

153ZFE Provisions of Division 8 of Part IIIA to apply

(1) The following provisions apply in relation to a determination under

this Part as if they were provisions of this Division:

(a) section 44ZZN;

(b) section 44ZZNA;

(2) For the purposes of subsection (1), the provisions apply:

(a) in relation to a determination under this Part in the same way

as they apply in relation to a determination made under

Part IIIA; and

(b) in relation to this Part in the same way as they apply in

relation to Part IIIA.

Competition in the clearing and settlement of cash equities

Schedule 3

Contingent amendments

Part 3

No. , 2023

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Part 3--Contingent amendments

Competition and Consumer Act 2010

23 Section 153ZEB (definition of Australian CS facility

licence)

Omit "section 761A of".

24 Section 153ZEB (definition of CS facility)

Omit "section 761A of".

25 Section 153ZEB (definition of CS facility licensee)

Omit "section 761A of".

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

Schedule 4--Improving the flexibility of the

First Home Super Saver Scheme

Income Tax Assessment Act 1997

1 Subparagraph 306-10(c)(iii)

Omit "and".

2 At the end of paragraph 306-10(c)

Add:

(iv) it is a payment under subsection 131-80(1) or (3) in

Schedule 1 to the

Taxation Administration Act 1953

;

and

3 At the end of section 306-10

Add:

Note 3:

Subparagraph (c)(iv) relates to payments when an entitlement to a

credit ceases for a release authority relating to an FHSS determination.

4 Subsection 307-5(1) (at the end of the table)

Add:

repayment when

an entitlement

to a credit

ceases for a

release authority

relating to an

FHSS

determination

A payment relating to

you under

subsection 131-80(1) or

(3) in Schedule 1 to the

Taxation Administration

Act 1953

5 Paragraph 307-120(2)(a)

Omit "or (e)", substitute ", (e) or (f)".

6 At the end of subsection 307-120(2)

Add:

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; or (f) if the benefit is a payment by the Commissioner under

subsection 131-80(1) or (3) in Schedule 1 to the

Taxation

Administration Act 1953

--section 307-143.

7 After section 307-142

Insert:

307-143 Components of a superannuation benefit that is a

repayment when an entitlement to a credit ceases for a

release authority relating to an FHSS determination

Preliminary

(1) This section explains how to work out the

tax free component, and

the

taxable component, of your

superannuation benefit that:

(a) is a repayment by the Commissioner under

subsection 131-80(1) in Schedule 1 to the

Taxation

Administration Act 1953

of an amount (the

released amount

)

paid to the Commissioner in relation to you; or

(b) is a payment by the Commissioner under

subsection 131-80(3) in Schedule 1 to the

Taxation

Administration Act 1953

of an equivalent amount to an

amount (the

released amount

) paid to the Commissioner in

relation to you.

Tax free component

(2) The

tax free component of your

superannuation benefit is equal

to the total amount that the released amount reduced the tax free

components of your

superannuation interests.

Taxable component

(3) The

taxable component of your

superannuation benefit is equal to

the total amount that the released amount reduced the taxable

components of your

superannuation interests.

8 Section 313-10

Repeal the section, substitute:

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No. , 2023

313-10 Application of this Division

This Division applies to you for one or more amounts (the

FHSS

released amounts

) if:

(a) those amounts are paid in response to a release authority

issued under Division 131 in Schedule 1 to the

Taxation

Administration Act 1953

in relation to a

first home super

saver determination made in relation to you; and

(b) your entitlements under section 131-65 in that Schedule to

credits relating to those amounts have not ceased under

subsection 131-30(4) or 138-13(3) in that Schedule.

9 Section 313-15

Omit:

An amount is included in your assessable income, and you are

entitled to a tax offset, if an amount is paid in response to a release

authority issued in respect of you.

substitute:

An amount is included in your assessable income, and you are

entitled to a tax offset, if:

(a)

an amount is paid in response to a release authority

issued in respect of you; and

(b)

your entitlement to a credit relating to that amount has

not ceased.

10 Paragraphs 313-35(1)(b) and (c)

Repeal the paragraphs, substitute:

(b) you make a valid request (the

current request

) under

section 131-5 in Schedule 1 to the

Taxation Administration

Act 1953

for a release authority in relation to that

determination; and

(ba) that current request is your first such request, or one of the

following subparagraphs applies for each of your previous

valid requests for such a release authority:

(i) you have withdrawn the request;

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

(ii) the Commissioner has revoked the release authority

issued in relation to the request (whether or not the

release authority had previously been varied);

(iii) after one or more amendments of the request, you have

withdrawn the latest of those amended requests;

(iv) the Commissioner has revoked the release authority

issued in relation to the latest of one or more

amendments of the request (whether or not the release

authority had previously been varied); and

CGT

asset that is a

residential premises in Australia within the

period:

(i) beginning 90 days before the day you make the first of

the valid requests referred to in paragraph (ba); and

(ii) ending 12 months (or if extended under subsection (2),

that longer period) after the day you make the current

request; and

11 Paragraph 313-35(1)(d)

Omit "valid request", substitute "current request".

12 Subsection 313-40(2)

Omit "28 days", substitute "the 90-day period".

13 Subsection 313-40(2)

After "after", insert "the day".

Taxation Administration Act 1953

14 Subsection 131-5(6) in Schedule 1

Repeal the subsection, substitute:

Most requests are irrevocable

(6) Subject to section 131-12 (about requests relating to FHSS

determinations), a request under this section is irrevocable.

Schedule 4

Improving the flexibility of the First Home Super Saver Scheme

Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

15 After section 131-10 in Schedule 1

Insert:

131-12 Withdrawing or amending your request for a release

authority relating to an FHSS determination

(1) You may, by notifying the Commissioner in the

approved form,

withdraw or amend your valid request made under section 131-5 if:

(a) your request relates to a

first home super saver

determination given to you; and

(b) in the case of amending your request--you satisfy

paragraphs 138-10(2)(a) and (b); and

in relation to your request.

(2) Your amended request is treated as a valid request under

section 131-5 if it complies with subsection 131-5(2) and

paragraphs 131-5(3)(a) and (c).

(3) Withdrawing your request does not prevent you from making a

later request under section 131-5 in relation to the

first home super

saver determination.

16 Section 131-30 in Schedule 1

Repeal the section, substitute:

131-30 Varying or revoking a release authority

Release authority not relating to an FHSS determination

(1) The Commissioner may decide to vary or revoke a release

authority issued:

(a) under section 131-15; and

(b) in relation to a determination, or assessment, mentioned in

paragraph 131-5(1)(a), (b) or (c) and given to you;

at any time before the Commissioner is given a notice under

section 131-50 relating to the release authority.

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

Release authority relating to an FHSS determination

(2) For a release authority issued under section 131-15 in relation to a

first home super saver determination given to you, the

Commissioner may decide to:

(a) vary the release authority if:

(i) the varied release authority would be consistent with

paragraph 131-5(3)(a); and

(ii) you satisfy paragraphs 138-10(2)(a) and (b); or

(b) revoke the release authority;

at any time before the Commissioner begins treating, under

Division 3 of Part IIB, any credit to which you have become

entitled under section 131-65 in relation to the release authority.

(3) The Commissioner may make a decision under subsection (2):

(a) on the Commissioner's own initiative; or

(b) on application by you to the Commissioner in the

approved

form.

(4) If a release authority is varied or revoked under subsection (2) at a

particular time, then any entitlement under section 131-65 you had

to a credit relating to the release authority ceases at that time.

(5) The revocation of a release authority under subsection (2) does not

prevent you from making a later request under section 131-5 in

relation to the same

first home super saver determination.

Reissuing varied release authorities

(6) If the Commissioner varies a release authority under this section at

a particular time, then:

(a) at that time, the release authority (as issued before the

variation) ceases to be in force; and

(b) the Commissioner must reissue the release authority (as

varied) under section 131-15.

Review

(7) If you are dissatisfied with a decision under subsection (2) by the

Commissioner in relation to you:

(a) to vary or revoke a release authority; or

Schedule 4

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

(b) not to vary or revoke a release authority;

you may object against it in the manner set out in Part IVC of this

Act.

17 At the end of Subdivision 131-A in Schedule 1

Add:

Repayments if your entitlement to a credit ceases for a release

authority relating to an FHSS determination

131-80 Repayments if your entitlement to a credit ceases for a

release authority relating to an FHSS determination

Repaying the superannuation provider if it still holds a

superannuation interest for you

(1) If:

(a) a

superannuation provider pays an amount (the

released

amount

) to the Commissioner under section 131-35 or

131-40 in relation to you; and

(b) your entitlement under section 131-65 to a credit relating to

the released amount ceases under subsection 131-30(4) or

138-13(3); and

holds a

superannuation interest for you; and

(d) the Commissioner reasonably believes that, were the released

amount to be repaid to the provider, the provider:

(i) could allocate the repayment (the

repaid amount

) to

that superannuation interest; and

(ii) could later pay an amount equal to the repaid amount in

response to a release authority issued under this

Division in relation to a later

first home super saver

determination given to you;

the Commissioner must repay the released amount to the provider.

(2) The Commissioner must make the repayment within 30

business

days after the day the Commissioner starts holding the reasonable

belief necessary to satisfy both paragraphs (1)(c) and (d).

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What happens if the original provider cannot be repaid

(3) However, if the Commissioner cannot repay the released amount

under subsection (1), the Commissioner must only pay an

equivalent amount to the released amount if an item of the

following table applies.

When the Commissioner must pay the equivalent amount

Item

If the Commissioner reasonably believes

that:

then the Commissioner

must pay the equivalent

amount to:

(a) another release authority has been issued

under section 131-15:

(i) to another

superannuation

provider in relation to you; and

(ii) in relation to a

first home super

saver determination (an

FHSS

determination

) given to you; and

(b) the other provider still holds a

superannuation interest for you; and

the other provider, the other provider:

(i) could allocate the equivalent

amount to that superannuation

interest; and

(ii) could later pay an amount equal

to the equivalent amount in

response to a release authority

issued under this Division in

relation to a later FHSS

determination given to you

the other

superannuation

provider.

(a) another

superannuation provider holds a

superannuation interest for you; and

(b) you or your

legal personal

representative has notified the

Commissioner of this in the

approved

form

the other

superannuation

provider.

(a) you satisfy a condition of release, with a

nil cashing restriction, of benefits

specified in a standard referred to in

you or your

legal personal

representative (as

applicable).

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

When the Commissioner must pay the equivalent amount

Item

If the Commissioner reasonably believes

that:

then the Commissioner

must pay the equivalent

amount to:

paragraph 31(2)(h) of the

Superannuation Industry (Supervision)

Act 1993

; and

(b) you or your

legal personal

representative has notified the

Commissioner of this in the

approved

form

(4) The Commissioner must pay the equivalent amount:

(a) in accordance with the item of the table that is the first to so

apply; and

(b) within 30

business days after the day that item starts to so

apply.

18 Before subsection 138-10(1) in Schedule 1

Insert:

First home super saver determination

19 Before subsection 138-10(2) in Schedule 1

Insert:

Requesting a first home super saver determination

20 Subparagraph 138-10(2)(a)(i) in Schedule 1

Repeal the subparagraph, substitute:

(i) a legal interest in an estate in fee simple in real property

in Australia; or

21 Subparagraph 138-10(2)(a)(ii) in Schedule 1

Before "a lease of", insert "a legal interest in".

22 Paragraph 138-10(2)(c) in Schedule 1

Repeal the paragraph, substitute:

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23 After subsection 138-10(2B) in Schedule 1

Insert:

(2C) This subsection applies for you if:

(a) you have not previously made a valid request for a release

authority under Division 131 in relation to a

first home

super saver determination made in relation to you; or

(b) one of the following subparagraphs applies for each of your

previous valid requests for such a release authority:

(i) you have withdrawn the request;

(ii) the Commissioner has revoked the release authority

issued in relation to the request (whether or not the

release authority had previously been varied);

(iii) after one or more amendments of the request, you have

withdrawn the latest of those amended requests;

(iv) the Commissioner has revoked the release authority

issued in relation to the latest of one or more

amendments of the request (whether or not the release

authority had previously been varied).

Making a first home super saver determination etc.

24 Subsection 138-10(4) in Schedule 1

Repeal the subsection.

25 After section 138-10 in Schedule 1

Insert:

138-12 Withdrawing or amending your request

(1) You may, by notifying the Commissioner in the

approved form,

withdraw or amend your valid request made under section 138-10

if:

(a) in the case of amending your request--you satisfy

paragraphs 138-10(2)(a) to (c); and

(b) the Commissioner has not already made a

first home super

saver determination in relation to your request.

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

(2) Your amended request is treated as a valid request under

section 138-10.

(3) Withdrawing your request does not prevent you from making a

later request under section 138-10.

138-13 Amending or revoking a first home super saver

determination

(1) The Commissioner may decide to:

(a) amend a

first home super saver determination made in

relation to you if you satisfy paragraphs 138-10(2)(a) to (c);

(b) revoke a first home super saver determination made in

relation to you;

at any time before the Commissioner begins treating, under

Division 3 of Part IIB, any credit to which you have become

entitled under section 131-65 in relation to a release authority

relating to the determination.

Note:

Like other first home super saver determinations, an amended

determination will need to comply with Subdivision 138-B.

(2) The Commissioner may make a decision under subsection (1):

(a) on the Commissioner's own initiative; or

(b) on application by you to the Commissioner in the

approved

form.

(3) If a

first home super saver determination is amended or revoked

under subsection (1) at a particular time, then at that time:

(a) each of the following ceases to be valid or in force:

(i) any request under section 131-5 for a release authority

in relation to that determination;

(ii) any release authority issued in relation to such a request;

and

(b) any entitlement under section 131-65 you had to a credit

relating to such a request ceases.

Note:

Paragraphs (a) and (b) apply to a request or release authority whether

or not it has been amended or varied.

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(4) Notice of an amended determination given by the Commissioner

under this section is prima facie evidence of the matters stated in

the notice. For the purposes of paragraph 131-5(3)(c), the

Commissioner is treated as issuing the amended determination at

the time this notice is given.

26 After paragraph 138-15(b) in Schedule 1

Insert:

or (c) a decision the Commissioner makes under

subsection 138-13(1):

(i) to amend or revoke a determination; or

(ii) not to amend or revoke a determination;

27 Subsection 355-65(3) in Schedule 1 (after table item 10)

Insert:

10A

superannuation provider

is for the purpose of complying with

section 131-80 in this Schedule.

28 Application of amendments etc.

(1)

The amendments made by this Schedule apply in relation to first home

super saver determinations made, or to be made, on or after 1 July 2018.

(2)

However, the amendments made by this Schedule of the following

provisions apply in relation to first home super saver determinations

made, or to be made, on or after the commencement of this Schedule:

(a) paragraph 138-10(2)(a) in Schedule 1 to the

Taxation

Administration Act 1953

;

(b) subsection 313-40(2) of the

Income Tax Assessment Act

1997

(3)

Subitem (4) applies for the purposes of subsection 313-35(1) of the

Income Tax Assessment Act 1997

, if the first home super saver

determination mentioned in paragraph (a) of that subsection is made

before the commencement of this Schedule.

(4)

Treat the reference in subparagraph 313-35(1)(c)(i) of that Act (as

inserted by this Schedule) to "90 days" as instead being a reference to

"14 days".

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Treasury Laws Amendment (2023 Measures No. 3) Bill 2023

No. , 2023

29 Transitional

--variations or revocations of release

authorities before commencement

A variation of a release authority, or a revocation of a release authority,

as the result of a decision made:

(a) under section 131-30 in Schedule 1 to the

Taxation

Administration Act 1953

; and

(b) before the commencement of this Schedule;

continues in force (and may be dealt with) on or after that

commencement as if that decision had been made under

subsection 131-30(1) in that Schedule (as amended by this Schedule).

30 Transitional

--assisting individuals who have

unsuccessfully attempted to obtain FHSS released

amounts

(1)

This item applies if:

(a) a first home super saver determination (the

original

determination

) was made in relation to you during the

period:

(i) starting on 1 July 2018; and

(ii) ending immediately before the commencement of this

Schedule; and

(b) after the original determination was made, you begin holding

an interest that:

(i) relates to real property or land; and

(ii) is an interest of a kind mentioned in

paragraph 138-10(2)(a) in Schedule 1 to the

Taxation

Administration Act 1953

(as amended by this Schedule);

and

this Schedule, you take one or more of the following actions:

(i) apply, under subsection 138-13(2) in Schedule 1 to the

Taxation Administration Act 1953

, to amend the original

determination;

(ii) amend, under subsection 131-12(1) in that Schedule,

your valid request relating to the original determination;

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(iii) apply, under subsection 131-30(3) in that Schedule, to

vary a release authority issued in relation to the original

determination; and

(d) when you take such an action, the Commissioner has not

begun treating, under Division 3 of Part IIB of the

Taxation

Administration Act 1953

, any credit to which you have

become entitled:

(i) under section 131-65 in Schedule 1 to that Act; and

(ii) in relation to a release authority relating to any first

home super saver determination made in relation to you.

(2)

For the purposes of an action covered by paragraph (1)(c), each of the

following provisions in Schedule 1 to the

Taxation Administration Act

1953

(a) paragraph 138-13(1)(a);

(b) paragraph 131-12(1)(b);

applies to you as if you satisfy paragraph 138-10(2)(a) in that Schedule.

Note:

This means the fact that you now hold that interest relating to real property or land does

not prevent you from seeking to:

(a) amend the original determination; or

(b) amend your valid request for a release authority relating to the original

determination; or

(3)

However, any amendment of the original determination as a result of

this item:

(a) must not state an FHSS maximum release amount that

exceeds what that amount could have been at the time the

original determination was made; and

(b) must reflect the limits that were in paragraphs 138-35(1)(a)

and (b) in Schedule 1 to the

Taxation Administration Act

1953

at the time the original determination was made.

(4)

Subdivisions 313-C to 313-E of the

Income Tax Assessment Act 1997

do not apply to you in circumstances relating to, or resulting from,

(whether directly or indirectly) an action covered by paragraph (1)(c) of

this item.

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