Issued by authority of the Minister for Superannuation and Corporate Law

Australian Prudential Regulation Authority Act 1998

Australian Prudential Regulation Authority Amendment Regulations 2008 (No. 1)

Section 60 of the Australian Prudential Regulation Authority Act 1998 (the Act) provides that the Governor‑General may make regulations, prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The proposed Regulations amend the Australian Prudential Regulation Authority Regulations 1998 (the Principal Regulations) to ensure that the Australian Prudential Regulation Authority (APRA) is able to give protected information or documents related to First Home Saver Accounts (FHSAs) business to the Commissioner of Taxation. The proposed Regulations also rectify a technical error in the Principal Regulations.

The Regulations amend paragraph 5(g) to ensure that APRA is able to share protected information or a protected document with the Commissioner of Taxation for the purposes of administering the First Home Saver Accounts Act 2008. APRA can already give protected information or a protected document to the Commissioner of Taxation for the purpose of administering the Retirement Savings Account Act 1997, the Superannuation Industry (Supervision) Act 1993 and the Superannuation (Excluded Funds) Taxation Act 1987. This amendment ensures the Commissioner of Taxation can receive information relevant to the performance of its functions and responsibilities in respect of FHSAs.

The Regulations also make a technical amendment to prescribe the Australian Royal Commission Act 1902 as a prudential regulation framework law under paragraph 56(1)(o) of the Act. The Australian Royal Commission Act 1902 was prescribed in the Principle Regulations under paragraph 56(1)(k) and this was incorrect. This amendment ensures that the Australian Royal Commission Act 1902 is prescribed under the correct paragraph but the effect of the regulation remains unchanged.

The Act specifies no conditions that need to be satisfied before the power to make the proposed Regulations may be exercised.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

These Regulations form part of a package of amendments relating to the introduction of the First Home Saver Accounts scheme. As part of consultation for the package of regulations, the Government has consulted industry representatives through a Technical Reference Group, the Australian Taxation Office and the Australian Prudential Regulation Authority in making these regulations.