Creation
The Department of the Treasury [II] was created on 7 December 1976 (Australian Government Gazette No. S 221 of 7 December 1976). Most of its functions were inherited from the Department of Treasury [I] (CA 11).
Function and purpose
The functions of the Department are:
Economic, fiscal and monetary policy
Taxation
Borrowing money on the public credit of the Commonwealth
International finance
Foreign exchange
Financial sector policy
Currency and legal tender
Foreign investment in Australia
Superannuation and retirement savings policy
Business law and practice
Corporate, financial services and securities law
Corporate insolvency
Competition and consumer policy
Prices surveillance
Excise
Census and statistics
Valuation services
Commonwealth-State financial relations
Consumer credit
Housing supply and affordability
Population policy
Infrastructure and project financing
Small business policy and programmes
The Acts administered by the Department are:
A New Tax System (Australian Business Number) Act 1999
A New Tax System (Goods and Services Tax) Act 1999
A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999
A New Tax System (Goods and Services Tax Imposition—Excise) Act 1999
A New Tax System (Goods and Services Tax Imposition—General) Act 1999
A New Tax System (Goods and Services Tax Imposition (Recipients)—Customs) Act 2005
A New Tax System (Goods and Services Tax Imposition (Recipients)—Excise) Act 2005
A New Tax System (Goods and Services Tax Imposition (Recipients)—General) Act 2005
A New Tax System (Goods and Services Tax Transition) Act 1999
A New Tax System (Luxury Car Tax) Act 1999
A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999
A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999
A New Tax System (Luxury Car Tax Imposition—General) Act 1999
A New Tax System (Managing the GST Rate and Base) Act 1999
A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999
A New Tax System (Wine Equalisation Tax) Act 1999
A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999
A New Tax System (Wine Equalisation Tax Imposition—Excise) Act 1999
A New Tax System (Wine Equalisation Tax Imposition—General) Act 1999
Aircraft Noise Levy Act 1995, subsection 6(1), insofar as it relates to levy unit, subsections 6(3) and 6(4) and section 8 in relation to the foregoing
Aircraft Noise Levy Collection Act 1995, section 7
Asian Development Bank Act 1966
Asian Development Bank (Additional Subscription) Acts
Asian Infrastructure Investment Bank Act 2015
ASIC Supervisory Cost Recovery Levy Act 2017
ASIC Supervisory Cost Recovery Levy (Collection) Act 2017
Australian Bureau of Statistics Act 1975
Australian Business Growth Fund (Coronavirus Economic Response Package) Act 2020
Australian Business Securitisation Fund Act 2019
Australian Charities and Not-for-profits Commission Act 2012
Australian Prudential Regulation Authority Act 1998
Australian Securities and Investments Commission Act 2001
Australian Small Business and Family Enterprise Ombudsman Act 2015
Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998
Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998
Bank Integration Act 1991
Banking Act 1959
Banking (State Bank of South Australia and Other Matters) Act 1994
Bills of Exchange Act 1909
Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020
Business Names Registration Act 2011
Business Names Registration (Application of Consequential Amendments) Act 2011
Business Names Registration (Fees) Act 2011
Business Names Registration (Transitional and Consequential Provisions) Act 2011
Census and Statistics Act 1905
Charities Act 2013, only to the extent of its application to taxation and corporations law
Charter of Budget Honesty Act 1998
Cheques Act 1986
COAG Reform Fund Act 2008
Commonwealth Authorities (Australian Capital Territory Pay-roll Tax) Act 1995
Commonwealth Authorities (Northern Territory Pay-roll Tax) Act 1979
Commonwealth Bank Sale Act 1995
Commonwealth Banks Act 1959
Commonwealth Banks Restructuring Act 1990
Commonwealth Functions (Statutes Review) Act 1981, section 234
Commonwealth Grants Commission Act 1973
Commonwealth Inscribed Stock Act 1911
Commonwealth Places (Mirror Taxes) Act 1998
Commonwealth Places Windfall Tax (Collection) Act 1998
Commonwealth Places Windfall Tax (Imposition) Act 1998
Commonwealth Registers Act 2020
Commonwealth Volunteers Protection Act 2003
Competition and Consumer Act 2010, except to the extent administered by the Attorney-General or the Minister responsible for Communications or the Minister responsible for Industry or the Minister responsible for Transport or the Minister responsible for Energy
Competition Policy Reform Act 1995
Co-operative Farmers and Graziers Direct Meat Supply Limited (Loan Guarantee) Act 1978
Coronavirus Economic Response Package (Payments and Benefits) Act 2020
Corporations Act 2001, except to the extent administered by the Attorney-General
Corporations (Compensation Arrangements Levies) Act 2001
Corporations (Fees) Act 2001
Corporations (National Guarantee Fund Levies) Act 2001
Corporations (Review Fees) Act 2003
Crimes (Taxation Offences) Act 1980
Cross-Border Insolvency Act 2008
Crown Debts (Priority) Act 1981
Currency Act 1965
Diverted Profits Tax Act 2017
European Bank for Reconstruction and Development Act 1990
Excess Exploration Credit Tax Act 2015
Excise Act 1901
Excise Tariff Act 1921
Excise Tariff Validation Act 2009
Family Trust Distribution Tax (Primary Liability) Act 1998
Family Trust Distribution Tax (Secondary Liability) Act 1998
Federal Financial Relations Act 2009
Financial Agreement Act 1994
Financial Agreement Validation Act 1929
Financial Agreements (Commonwealth Liability) Act 1932
Financial Claims Scheme (ADIs) Levy Act 2008
Financial Claims Scheme (General Insurers) Levy Act 2008
Financial Corporations (Transfer of Assets and Liabilities) Act 1993
Financial Institutions Supervisory Levies Collection Act 1998
Financial Regulator Assessment Authority Act 2021
Financial Sector (Transfer and Restructure) Act 1999
Financial Sector (Collection of Data) Act 2001
Financial Sector (Shareholdings) Act 1998
Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Act 2021
First Home Super Saver Tax Act 2017
Foreign Acquisitions and Takeovers Act 1975
Foreign Acquisitions and Takeovers Fees Imposition Act 2015
Franchise Fees Windfall Tax (Collection) Act 1997
Franchise Fees Windfall Tax (Imposition) Act 1997
Fringe Benefits Tax Act 1986
Fringe Benefits Tax (Application to the Commonwealth) Act 1986
Fringe Benefits Tax Assessment Act 1986
Fuel Indexation (Road Funding) Special Account Act 2015
Fuel Tax Act 2006
General Insurance Supervisory Levy Imposition Act 1998
General Interest Charge (Imposition) Act 1999
Guarantee of Lending to Small and Medium Enterprises (Coronavirus Economic Response Package) Act 2020
Guarantee of State and Territory Borrowing Appropriation Act 2009
Guarantee Scheme for Large Deposits and Wholesale Funding Appropriation Act 2008
HIH Royal Commission (Transfer of Records) Act 2003
Housing Loans Guarantees (Australian Capital Territory) Act 1959
Housing Loans Guarantees (Northern Territory) Act 1959
Income Tax Act 1986
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016
Income Tax (Bearer Debentures) Act 1971
Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991
Income Tax (Diverted Income) Act 1981
Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974
Income Tax (Former Complying Superannuation Funds) Act 1994
Income Tax (Former Non-resident Superannuation Funds) Act 1994
Income Tax (Fund Contributions) Act 1989
Income Tax (Managed Investment Trust Transitional) Act 2008
Income Tax (Managed Investment Trust Withholding Tax) Act 2008
Income Tax (Mining Withholding Tax) Act 1979
Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988
Income Tax Rates Act 1986
Income Tax (Seasonal Labour Mobility Program Withholding Tax) Act 2012
Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986
Income Tax (TFN Withholding Tax (ESS)) Act 2009
Income Tax (Transitional Provisions) Act 1997
Inspector-General of Taxation Act 2003
Insurance Acquisitions and Takeovers Act 1991
Insurance Act 1973
Insurance Contracts Act 1984
International Bank for Reconstruction and Development (General Capital Increase) Act 1989
International Bank for Reconstruction and Development (Share Increase) Act 1988
International Finance Corporation Act 1955
International Financial Institutions (Share Increase) Act 1982
International Financial Institutions (Share Increase) Act 1986
International Monetary Agreements Acts
International Monetary Agreements (Quota Increase) Act 1980
International Tax Agreements Act 1953
James Hardie (Investigations and Proceedings) Act 2004
Life Insurance Act 1995
Life Insurance Supervisory Levy Imposition Act 1998
Loan (Temporary Revenue Deficits) Act 1953
Loans Redemption and Conversion Act 1921
Loans Securities Act 1919, except to the extent administered by the Minister responsible for Finance
Loans (Taxation Exemption) Act 1978
Major Bank Levy Act 2017
Medical Indemnity (Prudential Supervision and Product Standards) Act 2003, except to the extent administered by the Minister responsible for Health
Medicare Guarantee Act 2017, except to the extent administered by the Minister responsible for Health
Medicare Levy Act 1986
Minerals Resource Rent Tax Repeal and Other Measures Act 2014
Multilateral Investment Guarantee Agency Act 1997
Mutual Assistance in Business Regulation Act 1992
National Consumer Credit Protection Act 2009
National Consumer Credit Protection (Fees) Act 2009
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
National Disability Insurance Scheme Act 2013, sections 125B and 180C
National Housing Finance and Investment Corporation Act 2018
New Business Tax System (Alienated Personal Services Income) Tax Imposition Act (No. 1) 2000
New Business Tax System (Alienated Personal Services Income) Tax Imposition Act (No. 2) 2000
New Business Tax System (Former Subsidiary Tax Imposition) Act 1999
New Business Tax System (Franking Deficit Tax) Act 2002
New Business Tax System (Over-franking Tax) Act 2002
New Business Tax System (Untainting Tax) Act 2006
New Business Tax System (Venture Capital Deficit Tax) Act 2003
Northern Territory (Lessees' Loans Guarantee) Act 1954
Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022
Papua New Guinea Loan Guarantee Act 1973
Papua New Guinea Loans Guarantee Act 1975
Papua New Guinea (Transfer of Banking Business) Act 1973
Pay As You Go Withholding Non-compliance Tax Act 2012
Pay-roll Tax (State Taxation of Commonwealth Authorities) Act 1971
Payment Systems and Netting Act 1998
Payment Systems (Regulation) Act 1998
Payment Times Reporting Act 2020
Petroleum Excise (Prices) Act 1987
Petroleum Resource Rent Tax Assessment Act 1987
Petroleum Resource Rent Tax (Imposition—Customs) Act 2012
Petroleum Resource Rent Tax (Imposition—Excise) Act 2012
Petroleum Resource Rent Tax (Imposition—General) Act 2012
Petroleum Resource Rent Tax (Instalment Transfer Interest Charge Imposition) Act 2006
Petroleum Resource Rent Tax (Interest on Underpayments) Act 1987
Private Health Insurance (Collapsed Insurer Levy) Act 2003
Private Health Insurance (Prudential Supervision) Act 2015
Private Health Insurance Supervisory Levy Imposition Act 2015
Product Grants and Benefits Administration Act 2000
Productivity Commission Act 1998
Productivity Commission (Repeals, Transitional and Consequential Amendments) Act 1998
Qantas Airways Limited (Loan Guarantee) Acts
Qantas Sale Act 1992, sections 14, 16 and 17
Register of Foreign Ownership of Water or Agricultural Land Act 2015
Reserve Bank Act 1959
Retirement Savings Account Providers Supervisory Levy Imposition Act 1998
Retirement Savings Accounts Act 1997
Shortfall Interest Charge (Imposition) Act 2005
Small Superannuation Accounts Act 1995
States Grants Act 1927
Structured Finance Support (Coronavirus Economic Response Package) Act 2020
Superannuation Auditor Registration Imposition Act 2012
Superannuation Contributions Tax (Application to the Commonwealth) Act 1997
Superannuation Contributions Tax (Application to the Commonwealth—Reduction of Benefits) Act 1997
Superannuation Contributions Tax (Assessment and Collection) Act 1997
Superannuation Contributions Tax Imposition Act 1997
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997
Superannuation (Departing Australia Superannuation Payments Tax) Act 2007
Superannuation (Excess Concessional Contributions Charge) Act 2013
Superannuation (Excess Non-concessional Contributions Tax) Act 2007
Superannuation (Excess Transfer Balance Tax) Imposition Act 2016
Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007
Superannuation (Financial Assistance Funding) Levy Act 1993
Superannuation (Government Co-contribution for Low Income Earners) Act 2003
Superannuation Guarantee (Administration) Act 1992
Superannuation Guarantee Charge Act 1992
Superannuation Industry (Supervision) Act 1993
Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012
Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991
Superannuation (Self Managed Superannuation Funds) Taxation Act 1987
Superannuation Supervisory Levy Imposition Act 1998
Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013
Superannuation (Unclaimed Money and Lost Members) Act 1999
Tax Agent Services Act 2009
Tax Laws Amendment (Cross-Border Transfer Pricing) Act (No. 1) 2012
Tax Laws Amendment (Investment Manager Regime) Act 2012
Tax Laws Amendment (Research and Development) Act 2011
Taxation Administration Act 1953
Taxation (Interest on Non-resident Trust Distributions) Act 1990
Taxation (Interest on Overpayments and Early Payments) Act 1983
Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 1) 2007
Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 2) 2007
Terrorism and Cyclone Insurance Act 2003
Treasury Laws Amendment (Putting Consumers First – Establishment of the Australian Financial Complaints Authority) Act 2018
Treasury Bills Act 1914
Trust Recoupment Tax Act 1985
Trust Recoupment Tax Assessment Act 1985
Administrative structure
Ministers:
Hon Dr Jim Chalmers – Treasurer
Hon Julie Collins – Minister for Small Business
Hon Stephen Jones – Minister for Financial Services, Assistant Treasurer
Hon Dr Andrew Leigh – Assistant Minister for Competition, Charities and Treasury
Secretary:
Dr Steven Kennedy