Daniel Mulino 2025

Daniel Mulino:

The Albanese Government has today commenced public consultation on draft legislation designed to prevent convicted child sexual abusers from hiding their assets in superannuation to avoid paying compensation to their victims.

We have tasked the Board of Taxation to undertake an independent review of the Albanese Government’s thin capitalisation reforms.

Our thin capitalisation reforms target the excessive use of debt deductions to avoid paying tax in Australia, and are in line with the OECD’s best practice guidance.

The Albanese Government welcomes the announcements by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) today regarding action against Netwealth which will see Australians who lost money investing through Netwealth in the First Guardian Master Fund compensated and require Netwealth to improve their investment governance practic

Today, we have declared Sunday’s Bondi attack a terrorist incident for the purposes of the Terrorism and Cyclone Insurance Act 2003, based on advice from relevant agencies and following consultation with the Minister for Home Affairs.

This will ensure businesses can lodge insurance claims related to the Bondi terrorist attack.

Daniel Mulino:

The Albanese Government is acting to strengthen consumer protections and improve stability and confidence in the superannuation and financial services sectors which are critical to investment and productivity.

We need to ensure consumers continue to have trust in the superannuation system to help them provide for their own retirement.

The Albanese Government has released draft legislation to exclude activities related to gambling and tobacco from Research and Development Tax Incentive eligibility.

The exclusions will apply broadly, capturing research and development related to all types of gambling and any tobacco or nicotine products from 1 July 2025.