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

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

No. 76, 2023

An Act to amend the law relating to corporations, insurance and other matters in the Treasury portfolio, to make miscellaneous and technical amendments of the law in the Treasury portfolio, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—ALRC Financial Services Interim Report: unfreezing the Acts Interpretation Act 1901 Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Schedule 2—ALRC Financial Services Interim Report: single glossary of defined terms Part 1—Amendments Division 1—The single glossary Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 2—Terms in general use Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 3—Terms relating to companies and audited bodies Corporations Act 2001 Division 4—Terms relating to external administration and property Corporations Act 2001 Division 5—Terms relating to managed investment schemes Corporations Act 2001 Division 6—Terms relating to licensed trustee companies Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 7—Terms relating to takeovers and acquisitions Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 8—References to Panel Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 9—Terms relating to financial services and markets Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 10—Terms relating to mutual recognition of securities offers Corporations Act 2001 Division 11—Terms relating to Asia Region Funds Passport Corporations Act 2001 Division 12—Terms relating to CCIVs Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 13—Miscellaneous Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Division 14—Multiple amendments Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Part 2—Application and transitional provisions Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Part 3—Consequential amendments of other Acts Administrative Decisions (Judicial Review) Act 1977 Aged Care Act 1997 Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 ASIC Supervisory Cost Recovery Levy Act 2017 Australian Defence Force Cover Act 2015 Australian Prudential Regulation Authority Act 1998 Banking Act 1959 Carbon Credits (Carbon Farming Initiative) Act 2011 Clean Energy Regulator Act 2011 Commonwealth Inscribed Stock Act 1911 Corporations (Aboriginal and Torres Strait Islander) Act 2006 Corporations (Compensation Arrangements Levies) Act 2001 Corporations (Fees) Act 2001 Corporations (National Guarantee Fund Levies) Act 2001 Corporations (Review Fees) Act 2003 Financial Sector (Collection of Data) Act 2001 Financial Transaction Reports Act 1988 Foreign Acquisitions and Takeovers Act 1975 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Income Tax Rates Act 1986 Insurance Act 1973 Insurance Contracts Act 1984 Interactive Gambling Act 2001 Life Insurance Act 1995 Medibank Private Sale Act 2006 Medical Indemnity Act 2002 Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 National Broadband Network Companies Act 2011 National Consumer Credit Protection Act 2009 Payment Systems and Netting Act 1998 Personal Property Securities Act 2009 Retirement Savings Accounts Act 1997 Security of Critical Infrastructure Act 2018 Superannuation Contributions Tax (Assessment and Collection) Act 1997 Superannuation Industry (Supervision) Act 1993 Tax Agent Services Act 2009 Taxation Administration Act 1953 Telstra Corporation Act 1991 Schedule 3—ALRC Financial Services Interim Report: single glossary of defined terms contingent amendments Part 1—Treasury Laws Amendment (More Competition, Better Prices) Act 2022 Australian Securities and Investments Commission Act 2001 Competition and Consumer Act 2010 Part 2—Financial Accountability Regime Act 2023 Financial Accountability Regime Act 2023 Part 3—Financial Services Compensation Scheme of Last Resort Acts Division 1—Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Act 2023 Australian Securities and Investments Commission Act 2001 Division 2—Financial Services Compensation Scheme of Last Resort Levy Act 2023 Financial Services Compensation Scheme of Last Resort Levy Act 2023 Division 3—Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 Part 4—Schedule 6 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 Australian Securities and Investments Commission Act 2001 Corporations Act 2001 Part 5—Part 4 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 Division 1—Amendments if Schedule 2 to this Act commences second Corporations Act 2001 Division 2—Amendments if Schedule 2 to this Act commences first Corporations Act 2001 Part 6—Schedule 3 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 Division 1—Amendments if Schedule 2 to this Act commences second Corporations Act 2001 Division 2—Amendments if Schedule 2 to this Act commences first Corporations Act 2001 Division 3—Further amendments if Schedule 2 to this Act commences first Corporations Act 2001 Part 7—Part 1 of Schedule 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 Corporations Act 2001 Income Tax Assessment Act 1997 National Consumer Credit Protection Act 2009 Schedule 4—Insurance Part 1—Public interest Insurance Acquisitions and Takeovers Act 1991 Part 2—Forms of notices etc. Insurance Acquisitions and Takeovers Act 1991 Life Insurance Act 1995 Part 3—Friendly societies Division 1—Main amendments Life Insurance Act 1995 Division 2—Consequential amendments Life Insurance Act 1995 Part 4—Statutory funds of life companies Life Insurance Act 1995 Part 5—References to Treasurer Insurance Act 1973 Insurance Contracts Act 1984 Life Insurance Act 1995 Part 6—Other amendments Insurance Acquisitions and Takeovers Act 1991 Insurance Act 1973 Life Insurance Act 1995 Terrorism and Cyclone Insurance Act 2003 Part 7—Amendments consequential on Schedule 2 Life Insurance Act 1995 Schedule 5—Rationalisation of ending ASIC instruments Part 1—Acquisitions of relevant interests in voting shares Corporations Act 2001 Part 2—Exemptions from requirement to give Financial Services Guide Division 1—Main amendments Corporations Act 2001 Division 2—Consequential amendments Corporations Act 2001 Division 3—Repeals ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378 Part 3—Precontractual statements and information statements National Consumer Credit Protection Act 2009 Schedule 6—Minor and technical amendments Part 1—Amendments commencing day after Royal Assent Division 1—Definition of year of income in the Superannuation Industry (Supervision) Act 1993 Superannuation Industry (Supervision) Act 1993 Division 2—Measures relating to the Companies Auditors Disciplinary Board Australian Securities and Investments Commission Act 2001 Division 3—Claims handling and settling services Australian Securities and Investments Commission Act 2001 Division 4—GST‑free cars Division 5—Regulation of financial benchmarks Corporations Act 2001 Division 6—Authorisations Competition and Consumer Act 2010 Division 7—Other amendments Australian Prudential Regulation Authority Act 1998 Australian Securities and Investments Commission Act 2001 Competition and Consumer Act 2010 Corporations Act 2001 Income Tax Assessment Act 1997 Insurance Act 1973 Life Insurance Act 1995 Superannuation Industry (Supervision) Act 1993 Taxation Administration Act 1953 Part 2—Amendments commencing first day of next quarter: payment relating to taxable supply of real property A New Tax System (Goods and Services Tax) Act 1999 Taxation Administration Act 1953