Media Releases

Opening the door to more mineral discoveries

13 March 2014

Junior exploration companies will soon have access to an incentive for capital raising to help them make more mineral discoveries that are crucial to the resources sector and the broader Australian economy. Minister for Industry Ian Macfarlane and Assistant Treasurer Arthur Sinodinos today released a discussion paper on the Exploration Development Incentive which will apply […]

Over $80 million in efficiencies as Government consolidates property

5 March 2014

The Department of Veteran Affairs and the Australian Taxation Office have agreed to co-locate their Canberra offices, which will result in approximately $84 million in efficiencies. This is a great example of Government Departments and Agencies working collaboratively to find solutions that benefit the whole of the Australian Government. The new arrangement will see the […]

Consultation on central clearing of OTC derivatives – next step for G20 reforms

27 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today released a proposals paper canvassing the introduction of a limited obligation for central clearing of certain over‑the‑counter (OTC) derivatives for public consultation. The Government is also seeking feedback on making the end-user exemption from trade reporting permanent. The changes are expected to significantly reduce the […]

Addressing Consumer Credit Protection Shortfalls

26 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, has today announced the Government will explore options to address problems with indefinite and short term leases, creating new safeguards for more vulnerable consumers who have few alternative sources of finance. The Government is concerned that consumers are disadvantaged by the use of unregulated leases.  These […]

Inspector-General of Taxation: release of reports on the ATO’s compliance approaches to individuals and use of risk assessment tools

21 February 2014

The Assistant Treasurer, the Hon Arthur Sinodinos AO, has today released reports by the Inspector‑General of Taxation including: Review into the Australian Taxation Office’s compliance approach to individual taxpayers – use of data matching; Review into the Australian Taxation Office’s compliance approach to individual taxpayers - income tax refund integrity program; and Review into aspects […]

Stability for the SuperStream gateway network

21 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced arrangements to provide certainty and stability to the superannuation industry by setting in place a governance structure for the SuperStream gateway network. SuperStream is a project to introduce e-commerce to the ‘back office’ of the superannuation industry, reducing transaction costs and processing times. SuperStream […]

ASIC roundtable on corporate governance

18 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that the Australian Securities & Investments Commission will convene a roundtable to explore how to more effectively implement the existing framework relating to corporate governance. “The Abbott Government takes the principles of corporate governance seriously,” said Senator Sinodinos.  “Providing a forum for key market […]

The facts on the Coalition Government’s Future of Financial Advice (FOFA) amendments

17 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today set the facts straight about the Government's FOFA reform package. As foreshadowed publicly in 2013, the Government will make regulations to give effect to its FOFA amendments, to the extent legally possible, to provide certainty to industry prior to the legislation being passed by the […]

Amendments to the Farm Management Deposits Scheme

12 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that the Government will amend the Farm Management Deposit (FMD) scheme to exclude FMDs from the operation of the unclaimed money provision in the Banking Act 1959. “These amendments are designed to improve the operation of the FMD scheme and are consistent with the […]

Public Consultation on Consumer Credit Regulations

7 February 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today released for public consultation draft regulations to enhance consumer protection for Australians who may need to borrow 'payday' loans. These are small amount loans, often for very short periods of time, but can be high risk for vulnerable or low-income consumers. "People often borrow money […]

Delivering a more efficient Government – Superannuation

31 January 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that he was streamlining the consultation arrangements for superannuation as part of the Government's efficiency reforms. This includes the cessation of three non-statutory bodies that are no longer required: the SuperStream Advisory Council, Superannuation Advisory Committee and the Superannuation Roundtable. With reforms to the […]

Offshore Banking Unit reforms

30 January 2014

The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that1 July 2015  will be the start date for reforms to the Offshore Banking Unit regime that were originally announced in the 2013-14 Budget.

Future of financial advice (FOFA) amendments released for public consultation

29 January 2014

The Government is progressing reforms to deliver affordable and accessible financial advice. The Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, today announced that the Government has released for public consultation draft regulations and legislation to enact its announced reforms to FOFA. "Delivering on the Coalition's election commitment, the Government has today released draft legislation […]

Life made Easier for Small Business

9 January 2014

The Federal Government has moved to make life easier for small business, taking the first step to reduce the compliance burden employers’ face when making superannuation contributions for their workers. As part of this first step the Australian Taxation Office (ATO) will take over the running of the Small Business Superannuation Clearing House. The move […]