Following the report of the Joint Parliamentary Committee on Corporations and Financial Services on whistleblower protections in the corporate, public and not-for-profit sectors, the Minister for Revenue and Financial Services has released the terms of reference for the Expert Advisory Panel on whistleblower protections.
The Panel will review and comment upon draft legislation which:
- establishes whistleblower protections for people who disclose information about tax avoidance and other breaches of tax laws administered by the Commissioner of Taxation; and
- strengthens existing corporate whistleblower protections under statutes administered by the Australian Securities and Investments Commission and the Australian Prudential Regulatory Authority.
The Panel will also review and provide advice to the Government in respect of recommendations for legislative reforms in the JPC report and the Government’s response to the recommendations, and any further stakeholder or community consultation that may be required.
The Government expects to introduce legislation this calendar year.