Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) 2024

✦ Plain-English Summary

# Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) 2024

## What it does

This omnibus bill makes changes across superannuation, taxation, and financial services to reduce bureaucratic red tape and tighten tax rules. It covers everything from simplifying how super funds operate and charge fees, to closing tax loopholes used by mining and oil companies, plus updating Australia's involvement in international development banks.

## Why it matters

If you have superannuation, you might benefit from simpler fee arrangements and clearer rules around insurance in your fund. The tax changes aim to stop multinational mining and petroleum companies avoiding Australian taxes, which means more revenue for government services — though the impact on individual Australians is indirect.

## Key details

- **Superannuation**: Super funds get more flexibility in how they structure ongoing fees and provide financial advice, and clearer rules about insurance benefits
- **Mining and oil tax**: New anti-avoidance rules stop petroleum companies artificially shifting profits offshore, and clarifies what counts as legitimate exploration expenses
- **Financial advice**: Financial Services Guides (the documents advisors must give you) are being simplified to reduce paperwork burden on advisors and funds
- **Commencement**: Most changes start immediately after the bill receives Royal Assent, though some GST changes take effect from the start of the next quarter

Official Description

Amends: the Superannuation Industry (Supervision) Act 1993 and Income Tax Assessment Act 1997 to provide a legal basis for payment of advice fees from a member’s superannuation account and clarify the associated tax consequences; the Corporations Act 2001 in relation to: ongoing fee renewal and consent requirements; financial services guide requirements; rules banning conflicted remuneration; and standardised consumer consent requirements for certain insurance commissions; the Petroleum Resource Rent Tax Assessment Act 1987 to: align the petroleum resource rent tax general anti-avoidance provisions with the general anti-avoidance provisions in the Income Tax Assessment Act 1936 ; and clarify the meaning of ‘exploration for petroleum’; the Income Tax Assessment Act 1997 to: clarify mining, quarrying or prospecting rights (MQPRs) cannot be depreciated for income tax purposes until they are used; clarify when income tax balancing adjustments occur to MQPRs; and amend the location offset and producer offset for films; 15 Acts to amend the process by which amendments to agreements with multilateral development banks are incorporated into domestic legislation; and 8 Acts to make miscellaneous and technical amendments to Treasury portfolio legislation.

Committee Referrals

Senate Economics Legislation Committee

Full bill PDF →APH page →

Audit History

Introduced

27 Mar 2024

Last updated on APH

10 Apr 2026

Outcome date

9 July 2024

Last checked by Crossbench

today

Full text indexed

today

🗳️

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

Constituent votes

Voting is closed — this bill has been decided by parliament.

No votes yet.

No votes were recorded for this bill.

🔒 Voting closed — this bill has been decided by parliament