On the pulse
Consultation on minimum tax on discretionary trusts – see consultation.
Consultation on Privacy reform – see consultation.
Consultation on expanding tax incentives for venture capital schemes – see consultation.
Consultation on Innovative Business CGT Concession – see consultation.
AI Kill Switch and Data Centre Control Bill 2026 – see Bill.
ASIC and APRA commence consultation on FAR streamlining – see media release.
ASIC: Final call for firms to act before digital asset licensing deadline – see media release.
ASIC InFocus – September 2026 (Volume 35 Issue 8) – see newsletter.
ASIC Parliamentary Joint Committee on Corporations and Financial Services – see media release.
ASIC: Scams and governance failures dominate misconduct report – see media release.
ASIC and APRA host super CEOs to discuss frontier AI, cyber and operational resilience – see media release.
ASIC warns insurers cash settlements should not short-change homeowners in need – see media release.
ASIC seeks feedback on future access to information on companies register – see media release.
ASIC Financial advice update: September 2026 – see update.
APRA revises proposals to implement the Government’s Retirement Reporting Framework for final consultation – see media release.
Treasury: Driving financial system innovation – see media release.
RBA: RITS consultation and retail CBDC update – see media release.
Attorney-General discusses privacy, online safety and emerging technology reforms – see television interview and radio interview.
Government response to report on ASIC from 2024 – see response.
RBA: Designation of Linfox Armaguard Pty Ltd under the Cash Distribution Framework Act 2026 – see media release.
Changes to foreign investment fee payments from 19 September 2026 – see media release.
Legislation and proposed legislation
Consultation on minimum tax on discretionary trusts
On 3 September 2026, the Government opened consultation into draft legislation to implement the changes to the taxation of discretionary trusts. The changes include a 30% minimum tax on certain discretionary trusts which will apply from 1 July 2028. Feedback is sought on the draft legislation to implement these changes, including on:
- how the minimum tax will work
- excluded types of trusts and income
- the definition of fixed trust
- how income tax-exempt entities will be treated
- roll-over relief
- a new electable regime for exclusion from the minimum tax
- treatment of excess franking credits.
Submissions for feedback close 18 September 2026.
Consultation on privacy reform
On 31 August 2026, the Attorney-General’s Department opened consultation to modernise and strengthen Australia’s privacy laws for the digital age. The reforms will bolster privacy protections for Australians and help tackle emerging risks from new technologies, including artificial intelligence and wearable devices such as smart glasses.
The measures in the Exposure Draft Bill are designed to better protect Australians while supporting innovation and providing greater certainty for regulated entities.
This Bill has been developed in response to feedback received during extensive consultation over several years. This includes feedback received through the Privacy Act Review process and the 2024 reforms to the Privacy Act, with about 900 written submissions received across the process. The Bill remains subject to further consideration by government.
Submissions for feedback close 18 September 2026.
Consultation on expanding tax incentives for venture capital schemes
On 11 September 2026, the Treasury opened consultation into whether the exposure draft law and explanatory memorandum give effect to the Budget announcement to expand the tax incentives for venture capital schemes to help unlock patient capital for young, expanding firms.
The changes will also close the Eligible Venture Capital Investor program to new applications from 12 May 2026.
From 1 July 2027, the government will:
- increase the asset value thresholds for eligible investee entities from $250 million to $480 million for Venture Capital Limited Partnerships
- increase the asset value thresholds for eligible investee entities from $50 million to $80 million for Early Stage Venture Capital Limited Partnerships
- increase the maximum fund size of an Early Stage Venture Capital Limited Partnerships from $200 million to $270 million
- increase the threshold at which certain Early Stage Venture Capital Limited Partnership investment returns can be fully tax exempt from $250 million to $420 million.
Submissions for feedback close 28 September 2026.
Consultation on Innovative Business CGT Concession
On 28 September 2026, the Treasury announced that it has opened consultation on draft legislation to implement business tax incentives that support innovation and investment. This focuses on supporting small businesses and start‑ups, including in the biotechnology and medical technology sectors.
The Innovative Business CGT Concession (IBCC) will provide a 50% discount on capital gains from early-stage investments in innovative start-ups.
Submissions for feedback close 28 September 2026.
AI Kill Switch and Data Centre Control Bill 2026
On 7 September 2026, the AI Kill Switch and Data Centre Control Bill 2026 was introduced in Parliament. The Bill aims to address risks associated with advanced AI systems and the rapid expansion of AI-related data centres. It has two key objectives: ensuring advanced AI remains subject to effective human oversight and control, and ensuring large-scale AI infrastructure is developed in a way that protects communities, agricultural land, the environment, public health, natural resources and consumers.
ASIC
ASIC and APRA commence consultation on FAR streamlining
On 2 September 2026, ASIC announced that it, along with APRA, has commenced consultation on proposed changes to streamline aspects of the Financial Accountability Regime (FAR).
The proposals include removing key functions requirements from the FAR regulator rules and no longer requiring information on accountable persons’ direct reports in accountability maps. These changes are intended to reduce regulatory burden for entities, while ensuring regulators have the information they require to oversee the regime.
ASIC and APRA estimate the changes will reduce reporting for all accountable entities and approximately 4,500 accountable people and halve the number of updates to accountability maps.
See also APRA’s media release.
ASIC: Final call for firms to act before digital asset licensing deadline
On 2 September 2026, ASIC announced that businesses relying on ASIC’s sector-wide no-action position for digital assets have until 30 September 2026 to apply for or vary an AFS licence or risk operating in breach of financial services law.
ASIC’s no-action position applies to providers of digital asset-related financial products and services.
Firms that need an Australian Market Licence or Clearing and Settlement facility licence are also being reminded to notify ASIC in writing of their intention to apply and hold a pre-application meeting with ASIC by the 30 September 2026 deadline.
From 1 October 2026, firms that need a licence or variation to their existing authorisation but have not met the conditions of ASIC’s no-action position risk breaching financial services law and could face civil and criminal penalties. This includes potential fines of up to 10% of annual turnover.
ASIC InFocus – September 2026 (Volume 35 Issue 8)
On 2 September 2026, ASIC published its InFocus newsletter for September 2026, which includes information about:
- getting ready for new director ID requirements from 1 July 2027
- how you must have no outstanding liabilities before applying for voluntary deregistration of a company
- working together to build business confidence – see ASIC's media release
- financial reports being due soon – see ASIC’s website
- ASIC releasing research findings to help shape external stakeholder communications
- An ATO course available to help manage your small business tax debt with confidence – see ATO’s course.
ASIC Parliamentary Joint Committee on Corporations and Financial Services
On 4 September 2026, ASIC published Chair Sarah Court’s opening statement to the Parliamentary Joint Committee on Corporations and Financial Services as part of its oversight of ASIC, the Takeovers Panel and the corporations legislation. The statement covers ASIC’s statement of intent and corporate plan, the KPMG matter, ASIC’s recent consumer-focused work, developments in the private credit sector and ASIC’s latest enforcement outcomes.
ASIC: Scams and governance failures dominate misconduct report
On 3 September 2026, ASIC announced that new data highlights the important role reports from the public play in helping ASIC identify misconduct, emerging risks and scams across Australia's financial system. Between 1 January and 30 June 2026, ASIC received 9,807 ‘Reports of Misconduct’ with retail investor issues and governance matters continuing to dominate, together accounting for over four in five of all reports.
ASIC and APRA host super CEOs to discuss frontier AI, cyber and operational resilience
On 1 September 2026, ASIC announced that it has released public notes from the latest superannuation CEO roundtables, held on 24 and 30 June 2026 with APRA. The regulators jointly hosted superannuation chief executive officers representing a broad cross-section of the industry.
See also APRA’s media release.
ASIC warns insurers cash settlements should not short-change homeowners in need
On 31 August 2026, ASIC announced that insurers who offer cash settlements need to be vigilant that their assessments reflect the true cost of repairs, and that consumers have enough information to make informed decisions. This is due to home insurers potentially leaving Australians exposed to higher repair costs by using cash settlements in a significant percentage of claims, an ASIC review has found.
ASIC is concerned that the use of cash settlements might be resulting in unfair outcomes for consumers who need to make a home building insurance claim.
ASIC seeks feedback on future access to information on companies register
On 11 September 2026, ASIC announced that it has released Consultation Paper 391 Access to information on the companies register, seeking feedback on what information on the companies register should be made available in the future, and who should have access.
ASIC is seeking feedback to understand the needs of registry users and ensure future access to registry information balances transparency of important business information with impacts relating to privacy and safety, particularly given the heightened increase of cybercrime and impersonation scams.
ASIC Financial advice update: September 2026
On 9 September 2026, ASIC published its Financial advice update (September 2026) which is a round-up of regulatory developments and issues affecting financial advice. It covers all areas of financial advice regulation and includes a broad range of content relevant to AFS licensees who are advice licensees and financial advisers. The key updates include:
- ASIC guidance released for professional year candidates
- reference checking reminder
- surveillance of financial advice licensees reporting low professional indemnity insurance
- superannuation contribution and rollover advice: getting it right
- qualifications standard for relevant providers
- qualification assessments – using ASIC’s worked examples
- relevant provider registration
- summary of recent ASIC enforcement matters
- update from the Financial Services and Credit Panel
- links to recent ASIC pieces on its views and articles and reports on financial advice.
APRA
APRA revises proposals to implement the Government’s Retirement Reporting Framework for final consultation
On 10 September 2026, APRA released its revised draft reporting standards and supporting materials to implement the Government's Retirement Reporting Framework, along with its response to submissions received during the initial consultation.
Other bodies and regulators
Treasury: Driving financial system innovation
On 3 September 2026,Treasury announced the release of its Financial Innovation Strategy which will establish a Financial Innovation Committee to complement existing coordination mechanisms and support a coordinated whole-of-government approach to financial innovation.
The Treasury is also modernising the Enhanced Regulatory Sandbox framework after the independent review of the Enhanced Regulatory Sandbox found the existing model has not delivered the level of use or flexibility industry needs. The review recommends that the strategy to:
- outline the government's overarching plan for financial innovation
- give industry, regulators and government a common understanding of objectives
- coordinate efforts.
RBA: RITS consultation and retail CBDC update
On 3 September 2026, the RBA announced that it has launched a consultation on the Role of RITS in Supporting Settlement in a Tokenised Ecosystem. As highlighted in Project Acacia, tokenisation has the potential to enhance the efficiency, functionality and resilience of Australia’s wholesale financial markets.
The consultation seeks views on how the RBA’s settlement services could support the development and growth of tokenised asset markets and tokenised private money in Australia, while continuing to promote safety, efficiency and financial stability.
Submissions for feedback close 2 September 2026.
Attorney-General discusses privacy, online safety and emerging technology reforms
On 1 September 2026, the Attorney-General’s portfolio published a television interview and a radio interview, which:
- presents the Government’s proposed privacy reforms as giving Australians greater control over their personal information, including more meaningful consent and a targeted right to erasure rom large digital platforms and search engines.
- confirms that, on smart glasses, the Government is not proposing an import ban at this stage, instead favouring consultation and technology-neutral laws that address covert recording and AI-enabled data use while preserving legitimate uses, including for people with disability.
- positions a proposed Digital Duty of Care, including possible controls over algorithms, as part of the broader effort to make social media safer.
Government response to report on ASIC from 2024
On 2 September 2026, the Government published its response to the Senate Economics Reference Committee’s final report on the ASIC investigation and enforcement on 3 July 2024. This report made 11 recommendations. The government response addresses these recommendations and tabled its response on 27 August 2026.
Broadly, the Government did not support most of the committee’s recommendations and only noted the proposals relating to whistleblower incentives and the litigation of serious breaches. It maintained confidence in ASIC and favoured improving the regulator within existing arrangements rather than pursuing major structural, governance or funding reforms.
RBA:Designation of Linfox Armaguard Pty Ltd under the Cash Distribution Framework Act 2026
On 3 September 2026, the RBA announced that it has designated Linfox Armaguard Pty Ltd (Armaguard) under the Cash Distribution Framework Act 2026 (the Act).
The designation brings Armaguard within the Cash Distribution Framework, making it a regulated entity under the Act and subject to the obligations and requirements designed to support a sustainable, resilient and efficient cash distribution system in Australia.
Changes to foreign investment fee payments from 19 September 2026
On 11 September 2026, the Treasury announced that, from 19 September 2026, it will no longer accept credit or debit card payments for foreign investment fees. This change applies to all foreign investment fee payments made on or after that date. Credit and debit card payment options will be removed from the Foreign Investment Portal from that date.
G+T Insight
The Competitive Edge Podcast – Moya Dodd and Matt Rubinstein (3 September 2026).
Global Legal Insights: Fintech Laws in Australia – Peter Reeves, Emily Shen and Maya Ruber (3 September 2026).
ESEM contract co-design – will financiers actually bank it? – Jamie Guthrie (3 September 2026).
Building on solid ground: navigating the ACNC's new community housing guidance – Darren Fittler, Elizabeth Wighton and Neha Sharma (2 September 2026).
Modern slavery reforms: public consultation commences on proposed ‘failure to prevent’ offence – Ilona Millar and Lily Morton (2 September 2026).
Evolution, not revolution: but is that enough? Assessing the draft 5th Edition of the ASX Corporate Governance Principles and Recommendations – Justin Mannolini (2 September 2026).
Cash Distribution Framework Act 2026: new regulation for Australia’s cash – Peter Reeves, Peter Bowden, Anna Schwartz, Orla McCoy, Tom Gardner and Billy Elsum (1 September 2026).
APRA’s 2026–27 Corporate Plan: cyber, AI, quantum and operational resilience at the centre of prudential supervision – Ross Phillipson, Simon Burns and Andrew Hii (1 September 2026).
NDIS in motion: August 2026 – Peter Munro, David Baddeley and Daniel Trajanoski (31 August 2026).
Dispute Resolution 2026 (Australia) – Chambers Global Practice Guide – Richard Harris, Alexandra Whitby, Crispian Lynch, Colleen Platford, Lauren Shave, Tim O’Leary, Kate Harrison, Peter Munro, Christiana McCudden, Janet Whiting, Patrick Tydde, Marshall McKenna, Antonia Garling, Daniel MacPherson, Philippa Hofbrucker, Rebecca Spigelman, Catherine Kelso, Aparna Nanayakkara, Daniel Moloney and Holly Sara (11 September 2026).
Getting the balance right – achieving digital sovereignty in the age of AI for Australian organisations – Melissa Fai and Ethan Huang (11 September 2026).
Reshaping Australian Leveraged Finance – Gail Christopher and Michael Spurritt (10 September 2026).
Acquisition Finance 2026 (Australia) – Chambers Global Practice Guide – John Schembri and Erin Cartledge (10 September 2026).
APRA and ASIC commence consultation on streamlining FAR administration – Silvana Wood, Chris Wittaker and Suh-Hyun Park (10 September 2026).
Australian Government passes legislation making critical changes to Australia’s merger control regime – Elizabeth Avery, Jeremy Jose, Haidee Leung and Jessica Haddad (10 September 2026).
ASIC consults on increasing NTA requirements for responsible entities and other fund operators (9 September 2026).
One giant leap: Tranche 2 of Privacy Act reform – Melissa Fai, Andrew Hii, Simon Burns, Ross Phillipson, Lesley Sutton, Michael Caplan, Tim Gole, Elizabeth Rich and Iris Vayzer (7 September 2026).
Calendar dates
18 September 2026 – Consultation on the next tranche of Privacy Act reforms closes
- 2 October 2026 – Treasury consultation on improving climate-related financial disclosures closes
- 2 November 2026 – Final report of Senate inquiry into greenwashing due
- 4 December 2026 – Amendments to the Corporations Act to expand substantial holding disclosure to commence
- 1 July 2027 – Mandatory climate-related financial disclosures for Group 3 entities apply in respect of financial years starting on or after this date
- 1 July 2027 – New director ID requirements to apply
- 30 September 2026 – Sustainability reports due for relevant 30 June year-end disclosing entities