Laws Amendment News Today

The Joint Associations Working Group (JAWG) says new laws that enable superannuation funds to deduct financial advice fees will have the opposite effect of reducing red tape and can make advice even more unaffordable.

The treasurer introduced a bill into Parliament yesterday that includes tougher regulation of financial market licensees and requirements for climate-related financial reporting.

When the Australian Parliament sits tomorrow for its first session of the year it will have three important financial services bills to consider – one making changes to the Reserve Bank, one introducing a national shared equity scheme and one expanding the Consumer Data Right.

Treasury has released long-awaited draft legislation to reduce administrative burdens of financial advisers but is missing key pieces, such as the elimination of the Best Interests Duty and the overhaul of the Statement of Advice (SoA).

After Punjab and Telangana, the Kerala government filed a writ petition in the Supreme Court over Governor Arif Mohammed Khan's refusal to give his nod to eight Bills.

The governments proposed tax on superannuation balances exceeding $3 million could adversely impact up to 50,000 self-managed super fund members (SMSF), including posing liquidity challenges.

Treasurys clampdown on tax concessions for superannuation balances greater than $3 million has been laid out in its draft legislation and is now opened for consultation.

In Short - The Situation: From July 1, 2023, foreign investors in Australia will be subject to new registration requirements under Australia's foreign investment regime.

Some parents supported certain aspects of the bill relating to uniforms and guidelines for School Governing Bodies (SGBs) elections, saying it would ensure fairness.

The federal government today opened consultation to clarify the educational requirements for experienced financial advisers and new entrants.