Treasury Laws Amendment (2023 Measures No. 1) Bill 2023

Amends the: Corporations Act 2001 to: allow the Australian Securities and Investments Commission (ASIC) to approve applications from one or more licensees to register on the Financial Advisers Register the same relevant provider; and allow assisted decision-making to be used for any purpose for which ASIC may make decisions in the performance or exercise of its functions or powers to register a relevant provider; Australian Securities and Investments Commission Act 2001 to: provide the Australian Accounting Standards Board with functions to develop and formulate sustainability standards; expand the Auditing and Assurance Standards Board's functions to include formulating auditing and assurance standards for sustainability purposes; and expand the Financial Reporting Council's oversight and governance powers to account for the development of sustainability standards; Tax Agent Services Act 2009 to implement certain recommendations of the Review of the Tax Practitioners Board (TPB) by: amending the objects clause of the Act; creating a special account for the TPB; requiring tax practitioners not to employ or use a disqualified entity without the TPB's approval, or enter an arrangement with a disqualified entity; converting the registration period from at least every three years to at least every year; and enabling the minister to supplement the existing Code of Professional Conduct; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to align the income tax treatment of off-market share buy-backs undertaken by listed public companies with on-market share buy-backs; and Income Tax Assessment Act 1997 to: ensure the alignment of tax treatment across capital management activities for listed public companies; and prevent certain distributions that are funded by capital raisings from being frankable.
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