On 4 October, the Government released or public consultation an exposure draft of the Treasury Laws Amendment (Measures for a later sitting) Bill 2018: Mutual entities and accompanying Exposure Draft Explanatory Materials.

The Bill introduces a definition of a mutual entity and removes the uncertainty for transferring financial institutions and friendly societies in respect of the demutualisation provisions in Part 5 of Schedule 4 of the Corporations Act.

Interested parties may submit responses to this consultation up until 1 November via the Treasury website.