The Chairman's Red Blog – November
2019
In promising signs for providers of fintech products and
services, the Treasury Laws Amendment (2018 Measures No. 2)
Bill 2019 (Bill) is one step closer to
implementation as Australian law, having recently passed the House
of Representatives on 15 October 2019.
The Bill amends existing legislation, including the
Corporations Act 2001 (Cth) and the National Consumer
Credit Protection Act 2009 (Cth) to extend regulation-making
powers to enable exemptions from obtaining an Australian Financial
Services Licence and/or an Australian Credit Licence for the
purpose of testing fintech products or services. The Bill also
makes minor amendments to the Income Tax Assessment Act
1997 (Cth) to ensure the venture capital and early stage
investor tax concession provisions operate as intended.
