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Delivering Better Financial Outcomes — Reducing Red Tape and Other Measures

The submission to Treasury in response to the exposure draft bill titled Treasury Laws Amendment (2024 Measures No. 1) Bill 2024: Quality of Advice Tranche 1 (the Bill) and the accompanying draft explanatory memorandum (the EM), was prepared by members of two Committees of the Law Council of Australia:

  1. the Superannuation Committee within the Legal Practice Section; and
  2. the Financial Services Committee (FSC) within the Business Law Section (together, the Committees).

The Bill sets out proposed amendments to the Corporations Act 2001 (Cth), the Superannuation Industry (Supervision) Act 1993 (Cth) (the SIS Act) and the Income Tax Assessment Act 1997 (Cth) (the ITAA) for the purpose of implementing certain recommendations of the Quality of Advice Review. 

The Committees’ comments on each Part of Schedule 1 to the Bill are provided below. The Superannuation Committee has responded to Part 1 of Schedule 1 and the FSC has responded to Parts 2 and 3. In relation to Part 4, the Committees bring differing perspectives, which are reflected in the responses to this Part.

Read the full submission below.

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