11 February 2015
Media Release - #2015007, 2015

Further red tape reductions passed by the Senate

Joint media release
with
The Hon. Christian Porter MP
Parliamentary Secretary to the Prime Minister

The Government is getting on with the job of cutting red tape and regulation.

Yesterday, the Treasury Legislation Amendment (Repeal Day) Bill 2014 passed the Senate. This Bill is part of the Government's commitment to abolish red tape that reduces productivity and investment, stifles job creation, creates uncertainty and saps confidence. The Bill:

  • Repeals duplicative payslip reporting provisions in superannuation legislation that were introduced by Labor, but never made operative. Under the Fair Work Act, employers are already required to report details of employee superannuation entitlements that accrued during a particular pay period on an employee's payslip.
  • Removes a requirement to seek financial sector company shareholding approval for individuals who have no actual shareholding in certain financial sector companies, but are associated with someone who does.
  • Simplifies taxation laws, including rewriting the definition of 'Australia' into a single location in the tax law for use across all the tax laws in a simple and coherent form.

Cutting red tape is at the heart of this Government's mission: to build a strong and prosperous economy for a safe and secure Australia.