Legislation (Deferral of Sunsetting—Commonwealth Borrowing Levy Regulations) Certificate 2018 (Cth)

Legislation (Deferral of Sunsetting—Commonwealth Borrowing Levy Regulations) Certificate 2018

I, Christian Porter, Attorney-General, make the following certificate.

Dated 14 March           2018                                      

Christian Porter

Attorney-General

Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Statement of reasons for issue of certificate.............................................................................. 2

6  Deferral of sunsetting of the Regulations................................................................................. 2

7  Repeal of this instrument.......................................................................................................... 2

1  Name

This instrument is the Legislation (Deferral of Sunsetting—Commonwealth Borrowing Levy Regulations) Certificate 2018.

2  Commencement

(1)   Each provision of this instrument 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.  The whole of this instrument	The day after this instrument is registered.

Note:          This table relates only to the provisions of this instrument as originally made.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

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

3  Authority

This instrument is made under paragraph 51(1)(c) of the Legislation Act 2003.

4  Definitions

In this instrument:

Act means the Commonwealth Borrowing Levy Act 1987.

Bill means the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.

Legislation Act means the Legislation Act 2003.

levy means the levy imposed by the Act.

Regulations means the Commonwealth Borrowing Levy Regulations.

5  Statement of reasons for issue of certificate

For the purposes of paragraph 51(2)(a) of the Legislation Act, this section sets out the statement of the reasons for the issue of this certificate.

Statement of reasons

I am satisfied that the Regulations would, apart from the operation of Part 4 of Chapter 3 of the Legislation Act, be likely to cease to be in force within 12 months after the sunsetting day for the Regulations.

The Regulations are made under section 8 of the Act. The Act imposes the levy, which is a tax on borrowings by certain Commonwealth-controlled entities. The Regulations currently set the rate of the levy at zero.

The Bill was introduced into the House of Representatives on 7 February 2018. The Government intends to seek the passage of the Bill through both houses of Parliament and its enactment into law during 2018. If enacted, it will repeal the Act and the Regulations will cease to be in force.

A 12 month deferral of the sunsetting day for the Regulations will avoid the need to remake the Regulations in their current form for the short period before they cease to be in force.

6  Deferral of sunsetting of the Regulations

The Regulations, for which the sunsetting day is 1 April 2018, are taken to cease to be in force under section 51 of the Legislation Act on 1 April 2019.

7  Repeal of this instrument

This instrument is repealed at the start of 2 April 2019.