TREASURY LAWS AMENDMENT (2023 LAW IMPROVEMENT PACKAGE NO. 1) ACT 2023 (NO. 76, 2023)

Contents

1............ Short title............................................................................................. 2

2............ Commencement................................................................................... 2

3............ Schedules............................................................................................ 7

Schedule 1--ALRC Financial Services Interim Report: unfreezing the Acts Interpretation Act 1901 8

Australian Securities and Investments Commission Act 2001 8

Corporations Act 2001 9

Schedule 2--ALRC Financial Services Interim Report: single glossary of defined terms 11

Part 1--Amendments 11

Division 1--The single glossary 11

Australian Securities and Investments Commission Act 2001 11

Corporations Act 2001 11

Division 2--Terms in general use 13

Australian Securities and Investments Commission Act 2001 13

Corporations Act 2001 13

Division 3--Terms relating to companies and audited bodies 31

Corporations Act 2001 31

Division 4--Terms relating to external administration and property 34

Corporations Act 2001 34

Division 5--Terms relating to managed investment schemes 42

Corporations Act 2001 42

Division 6--Terms relating to licensed trustee companies 43

Australian Securities and Investments Commission Act 2001 43

Corporations Act 2001 43

Division 7--Terms relating to takeovers and acquisitions 47

Australian Securities and Investments Commission Act 2001 47

Corporations Act 2001 48

Division 8--References to Panel 48

Australian Securities and Investments Commission Act 2001 48

Corporations Act 2001 49

Division 9--Terms relating to financial services and markets 50

Australian Securities and Investments Commission Act 2001 50

Corporations Act 2001 52

Division 10--Terms relating to mutual recognition of securities offers 132

Corporations Act 2001 132

Division 11--Terms relating to Asia Region Funds Passport 133

Corporations Act 2001 133

Division 12--Terms relating to CCIVs 137

Australian Securities and Investments Commission Act 2001 137

Corporations Act 2001 137

Division 13--Miscellaneous 138

Australian Securities and Investments Commission Act 2001 138

Corporations Act 2001 138

Division 14--Multiple amendments 141

Australian Securities and Investments Commission Act 2001 141

Corporations Act 2001 143

Part 2--Application and transitional provisions 146

Australian Securities and Investments Commission Act 2001 146

Corporations Act 2001 148

Part 3--Consequential amendments of other Acts 155

Administrative Decisions (Judicial Review) Act 1977 155

Aged Care Act 1997 155

Anti-Money Laundering and Counter-Terrorism Financing Act 2006 155

ASIC Supervisory Cost Recovery Levy Act 2017 155

Australian Defence Force Cover Act 2015 156

Australian Prudential Regulation Authority Act 1998 156

Banking Act 1959 156

Carbon Credits (Carbon Farming Initiative) Act 2011 156

Clean Energy Regulator Act 2011 157

Commonwealth Inscribed Stock Act 1911 157

Corporations (Aboriginal and Torres Strait Islander) Act 2006 157

Corporations (Compensation Arrangements Levies) Act 2001 157

Corporations (Fees) Act 2001 158

Corporations (National Guarantee Fund Levies) Act 2001 158

Corporations (Review Fees) Act 2003 158

Financial Sector (Collection of Data) Act 2001 159

Financial Transaction Reports Act 1988 159

Foreign Acquisitions and Takeovers Act 1975 160

Income Tax Assessment Act 1936 160

Income Tax Assessment Act 1997 160

Income Tax Rates Act 1986 161

Insurance Act 1973 162

Insurance Contracts Act 1984 162

Interactive Gambling Act 2001 163

Life Insurance Act 1995 163

Medibank Private Sale Act 2006 163

Medical Indemnity Act 2002 163

Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 164

National Broadband Network Companies Act 2011 164

National Consumer Credit Protection Act 2009 164

Payment Systems and Netting Act 1998 165

Personal Property Securities Act 2009 165

Retirement Savings Accounts Act 1997 166

Security of Critical Infrastructure Act 2018 166

Superannuation Contributions Tax (Assessment and Collection) Act 1997 167

Superannuation Industry (Supervision) Act 1993 167

Tax Agent Services Act 2009 169

Taxation Administration Act 1953 169

Telstra Corporation Act 1991 170

Schedule 3--ALRC Financial Services Interim Report: single glossary of defined terms contingent amendments 171

Part 1--Treasury Laws Amendment (More Competition, Better Prices) Act 2022 171

Australian Securities and Investments Commission Act 2001 171

Competition and Consumer Act 2010 171

Part 2--Financial Accountability Regime Act 2023 172

Financial Accountability Regime Act 2023 172

Part 3--Financial Services Compensation Scheme of Last Resort Acts 173

Division 1--Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Act 2023 173

Australian Securities and Investments Commission Act 2001 173

Division 2--Financial Services Compensation Scheme of Last Resort Levy Act 2023 173

Financial Services Compensation Scheme of Last Resort Levy Act 2023 173

Division 3--Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 173

Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023 173

Part 4--Schedule 6 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 175

Australian Securities and Investments Commission Act 2001 175

Corporations Act 2001 175

Part 5--Part 4 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 177

Division 1--Amendments if Schedule 2 to this Act commences second 177

Corporations Act 2001 177

Division 2--Amendments if Schedule 2 to this Act commences first 178

Corporations Act 2001 178

Part 6--Schedule 3 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 180

Division 1--Amendments if Schedule 2 to this Act commences second 180

Corporations Act 2001 180

Division 2--Amendments if Schedule 2 to this Act commences first 181

Corporations Act 2001 181

Division 3--Further amendments if Schedule 2 to this Act commences first 181

Corporations Act 2001 181

Part 7--Part 1 of Schedule 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 183

Corporations Act 2001 183

Income Tax Assessment Act 1997 183

National Consumer Credit Protection Act 2009 183

Schedule 4--Insurance 184

Part 1--Public interest 184

Insurance Acquisitions and Takeovers Act 1991 184

Part 2--Forms of notices etc. 189

Insurance Acquisitions and Takeovers Act 1991 189

Life Insurance Act 1995 191

Part 3--Friendly societies 201

Division 1--Main amendments 201

Life Insurance Act 1995 201

Division 2--Consequential amendments 206

Life Insurance Act 1995 206

Part 4--Statutory funds of life companies 207

Life Insurance Act 1995 207

Part 5--References to Treasurer 216

Insurance Act 1973 216

Insurance Contracts Act 1984 217

Life Insurance Act 1995 217

Part 6--Other amendments 219

Insurance Acquisitions and Takeovers Act 1991 219

Insurance Act 1973 220

Life Insurance Act 1995 222

Terrorism and Cyclone Insurance Act 2003 227

Part 7--Amendments consequential on Schedule 2 228

Life Insurance Act 1995 228

Schedule 5--Rationalisation of ending ASIC instruments 229

Part 1--Acquisitions of relevant interests in voting shares 229

Corporations Act 2001 229

Part 2--Exemptions from requirement to give Financial Services Guide 241

Division 1--Main amendments 241

Corporations Act 2001 241

Division 2--Consequential amendments 242

Corporations Act 2001 242

Division 3--Repeals 243

ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378 243

Part 3--Precontractual statements and information statements 244

National Consumer Credit Protection Act 2009 244

Schedule 6--Minor and technical amendments 245

Part 1--Amendments commencing day after Royal Assent 245

Division 1--Definition of year of income in the Superannuation Industry (Supervision) Act 1993 245

Superannuation Industry (Supervision) Act 1993 245

Division 2--Measures relating to the Companies Auditors Disciplinary Board 245

Australian Securities and Investments Commission Act 2001 245

Division 3--Claims handling and settling services 248

Australian Securities and Investments Commission Act 2001 248

Division 4--GST-free cars 248

Division 5--Regulation of financial benchmarks 249

Corporations Act 2001 249

Division 6--Authorisations 249

Competition and Consumer Act 2010 249

Division 7--Other amendments 249

Australian Prudential Regulation Authority Act 1998 249

Australian Securities and Investments Commission Act 2001 250

Competition and Consumer Act 2010 250

Corporations Act 2001 251

Income Tax Assessment Act 1997 252

Insurance Act 1973 252

Life Insurance Act 1995 252

Superannuation Industry (Supervision) Act 1993 252

Taxation Administration Act 1953 253

Part 2--Amendments commencing first day of next quarter: payment relating to taxable supply of real property 254

A New Tax System (Goods and Services Tax) Act 1999 254

Taxation Administration Act 1953 254

Commonwealth Numbered Acts

TREASURY LAWS AMENDMENT (2023 LAW IMPROVEMENT PACKAGE NO. 1) ACT 2023 (NO. 76, 2023) - NOTES