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Protecting Workers’ Superannuation

After the inaction of the previous Labor Government, where Bill Shorten and Chris Bowen were responsible for superannuation, it has taken a Liberal Government to protect members’ money.

According to ATO estimates there is $2.85 billion in unpaid superannuation each year.

It is not acceptable for employers to cheat staff out of their superannuation entitlements. To combat this I introduced legislation today that will allow the Australian Taxation Office to increase penalties on   unscrupulous employers.

 

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Government Takes Action to Enhance ASIC's Capabilities

The Turnbull Government has today introduced legislation into the Parliament to enhance the Australian Securities and Investments Commission’s (ASIC’s) capabilities, by providing it with greater operational flexibility and making express provision for the regulator to consider competition in its decision?making processes.

Removing the requirement for ASIC to employ people under the Public Service Act 1999 will give ASIC greater operational flexibility and brings ASIC into line with the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA). ASIC will now have the ability to attract and retain the most appropriate people, to achieve its short and long term priorities.

 

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Cheaper medicine for thousands of Australian patients

The Turnbull Government will drastically reduce the cost of medicines to treat diabetes, cancer, arthritis, asthma and eye disease with new additions to the Pharmaceutical Benefits Scheme (PBS) from April 1.

The 11 new and expanded listings mean Australian patients will save hundreds, and in many cases thousands of dollars, paying a maximum of $39.50 per script with concessional patients – including pensioners– paying just $6.40.

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OVER 28,000 TO BE AFFECTED BY LABOR POLICY

“The Labor Party is planning to rip money from the pockets of 28,091 pensioners, retirees and low-income earners from the Northern Beaches to pay for its budget black hole,” the Member for Mackellar Jason Falinski said today.

 

Labor have announced they will abolish tax refunds for share dividends if elected. This means that if you receive the pension, are on a low-income or have a small self-managed superannuation account, you will no longer get a refund from the Tax Office for tax already paid on your shares.

 

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New Educational Standards for Financial Advisers Released for Comment

The Turnbull Government established the Financial Adviser Standards and Ethics Authority (FASEA) – a body comprising industry, consumer ethics and education experts – to raise the education, training and ethical standards of financial advisers.

The Financial Adviser Standards and Ethics Authority has today released its much anticipated draft guidance on education pathways for existing financial advisers.

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Investing in Australian communities

The Turnbull Government is funding innovative community projects that target disadvantage and encourage a sense of community.

The Strong and Resilient Communities grants program will support 83 organisations with a total of $36.6 million in Government funding.

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1st Collaroy Scout Group

 

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Further Humanitarian Assistance to Paupa New Guinea

The Australian Government is increasing its humanitarian support to Papua New Guinea to assist those affected by the devastating 7.5 magnitude earthquake on 26 February.

Around 140,000 people live in the remote areas of the Highlands region that were most impacted by the earthquake. Continuing aftershocks have caused further damage in these areas, including a 5.8 magnitude earthquake on 5 March and a 6.7 magnitude earthquake this morning.

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Addressing Hybrid Loopholes

The Turnbull Government is continuing to ensure multinationals pay their fair share of tax – today releasing revised exposure draft legislation to address hybrid mismatch arrangements.

Hybrid mismatches exploit the differences in tax jurisdictions.

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A Record Year for Small-Scale Solar

Australia has cemented itself as a world leader in the use of rooftop solar with yet another record for installed capacity.

Figures released today by the Clean Energy Regulator show that there was more than 1057 megawatts of capacity installed last year, beating the previous record of 1035 megawatts set in 2012.

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