Corporations (Review Fees) Amendment Act 2018 (Cth)

Corporations (Review Fees) Amendment Act 2018

No. 72, 2018

An Act to amend the law relating to taxation, and for related purposes

Contents

Corporations (Review Fees) Amendment Act 2018

No. 72, 2018

An Act to amend the law relating to taxation, and for related purposes

[Assented to 29 June 2018]

The Parliament of Australia enacts:

1Short title

This Act is the Corporations (Review Fees) Amendment Act 2018.

2Commencement

1. (1)

   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	29 June 2018
2. Schedule 1	The later of: (a) the start of the day after this Act receives the Royal Assent; and (b) the time Schedule 2A to the Corporations Amendment (Asia Region Funds Passport) Act 2018 commences. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.	18 September 2018 (paragraph (b) applies)

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

1. (2)

   Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Review fees

Corporations (Review Fees) Act 2003

1. 1

   Section 4(1) (paragraphs (a) and (b) of the definition of review date)

   Omit “company or a registered scheme”, substitute “company, registered scheme or notified foreign passport fund”.

2

Section 5

Repeal the section, substitute:

5Imposition of review fees

1. (1)

   Subject to section 6, the regulations may prescribe fees in relation to the review dates of the following:

   1. (a)

      companies;

   2. (b)

      registered schemes;

   3. (ba)

      notified foreign passport funds;

   4. (c)

      registered Australian bodies;

   5. (d)

      natural persons registered as auditors under Part 9.2 of the Corporations Act 2001;

   6. (f)

      persons holding an Australian financial services licence under Part 7.6 of the Corporations Act 2001.

   Note: The regulations may prescribe a fee to be paid in one year in relation to the review date of a later year (see paragraph 1351(4)(b) of the Corporations Act 2001).

2. (2)

   The fees prescribed by the regulations are imposed, and are so imposed as taxes.

3

Subsection 7(1) (after table item 2)

Insert:

2A a notified foreign passport fund the operator of the fund

4

Saving of regulations

Regulations made under subsection 5(1) of the Corporations (Review Fees) Act 2003 that were in force immediately before the commencement of this Schedule continue in force (and may be dealt with) on and after that commencement as if they had been made under subsection 5(1) of that Act as amended by this Schedule.

[Minister’s second reading speech made in—

House of Representatives on 24 May 2018

Senate on 25 June 2018]

(106/18)