Small business tax relief a focus area for new Treasury
The government has announced its portfolio arrangement for Treasury as it shores up its credentials for delivering tax initiatives for small business.
Treasurer Josh Frydenberg said in a statement that assistant treasurer Stuart Robert will be responsible for financial services, and will be assisting across the portfolio on matters including tax legislation and administration.
In addition, Mr Robert will be responsible for the day-to-day management of superannuation, competition and consumer policy, the Australian Bureau of Statistics, fintech and crowd sourced equity funding.
He takes over the responsibility for financial services from Kelly O’Dwyer, who was previously the minister for revenue and financial services.
Mr Frydenberg said he will responsible for the development of the budget, economic and fiscal policy, taxation and superannuation policy, responding to the banking royal commission, major foreign investment decisions and international engagement through the G20 and APEC meetings of finance minister the International Monetary Fund and the World Bank.
He also said he will have primary oversight of the Australian Securities and Investment Commission, the Australian Prudential Regulation Authority and the Australian Competition and Consumer Commission.
Further, Mr Frydenberg said the assistant to the minister for treasury and finance, Zed Seselja, will have responsibility for the not-for-profit and mutuals sector, including the Australian Charities and Not-for-profits Commission and the Royal Australian Mint.
Mr Seselja will be also assisting Mr Frydenberg with some aspects of foreign investment as well as working with him on housing policy and other matters across the portfolio.
“The Morrison government will continue to deliver strong economic management which has seen one million new jobs created since the Coalition came to government while also delivering important tax relief for individuals and small and medium-sized business,” Mr Frydenberg said.