Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (Cth)
This is a compilation of the
The notes at the end of this compilation (the
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
This Act is the
Treasury Laws Amendment (2020 Measures No. 6) Act 2020 .
(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.
Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day this Act receives the Royal Assent. | 17 December 2020 |
Schedule 1 | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | 1 January 2021 |
Schedule 2, Part 1 | The day after this Act receives the Royal Assent. | 18 December 2020 |
Schedule 2, Part 2 | The later of:
(b) 28 February 2021. | 28 February 2021 (paragraph (b) applies) |
Schedule 3 | The day after the end of the period of 3 months beginning on the day this Act receives the Royal Assent. | 17 March 2021 |
Schedule 4, Part 1 | The day after this Act receives the Royal Assent. | 18 December 2020 |
Schedule 4, Part 2 | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | 1 January 2021 |
Schedule 4, items 112 and 113 | The later of:
| 4 April 2021 (paragraph (b) applies) |
Schedule 4, item 114 | The later of:
| |
Schedule 4, items 115 to 120 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Schedule 4, item 121 | The later of:
| 5 April 2021 (paragraph (b) applies) |
Schedule 4, item 122 | The later of:
However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. | 28 September 2022 (paragraph (b) applies) |
Schedule 4, items 123, 124, 125 and 126 | The later of:
| 4 April 2021 (paragraph (b) applies) |
Schedule 4, items 127 to 142 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Schedule 4, items 143 and 144 | 4 April 2021. | 4 April 2021 |
Schedule 4, Part 4 | The day after this Act receives the Royal Assent. | 18 December 2020 |
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.
(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.
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 — Temporary full expensing of depreciating assets and other amendments
After “how much” (wherever occurring), insert “(expressed as a specified amount)”.
Add:
; and (d) you have not made a choice under section 40‑137 in relation to the income year.
Add:
(1) You may choose that the decline in value of a particular depreciating asset for an income year, and subsequent income years, is not to be worked out under this Subdivision.
(2) The choice must be in the approved form.
(3) The choice cannot be revoked.
(4) You must give the choice to the Commissioner by the day you lodge your income tax return for the first income year to which the choice relates.
Note: The Commissioner may defer the time for giving the choice: see section 388‑55 in Schedule 1 to the
Taxation Administration Act 1953 .
Insert:
(1) This section covers you for an income year if:
(a) you are a corporate tax entity at any time in the income year; and
(b) any of the following amounts is less than $5 billion:
(i) the sum of your ordinary income (if any) and statutory income (if any) for the 2018‑19 income year;
(ii) if the 2019‑20 income year ends on or before 6 October 2020—the sum of your ordinary income (if any) and statutory income (if any) for the 2019‑20 income year; and
(c) the sum of the amounts worked out under subsection (3) for the 2016‑17, 2017‑18 and 2018‑19 income years exceeds $100 million.
(2) For the purposes of paragraph (1)(b), disregard non‑assessable non‑exempt income.
(3) The amount under this subsection for an income year is worked out as follows:
(a) firstly, identify each depreciating asset (other than an intangible asset) that:
(i) you hold at any time in the income year; and
(ii) you started to use, or have installed ready for use, for a taxable purpose in the income year;
(b) next, work out the cost of each of those assets (including any amounts included in the second element of the asset’s cost at a time that is in the income year);
(c) finally, work out the total of those costs.
(4) For the purposes of subsection (3), disregard an asset if, at the time you first used the asset, or had it installed ready for use, for a taxable purpose:
(a) it was not reasonable to conclude that you would use the asset principally in Australia for the principal purpose of carrying on a business; or
(b) it was reasonable to conclude that the asset would never be located in Australia.
Repeal the paragraph, substitute:
(d) you are covered for the current year by any of the following:
(i) section 40‑155 (about businesses with turnover under $5 billion);
(ii) section 40‑157 (about corporate tax entities with income under $5 billion); and
Add:
; and (f) you have not made a choice under section 40‑190 in relation to the current year.
Repeal the subsection, substitute:
Exclusions
(2) However, this section does not apply if:
(a) where section 40‑155 covers you for the current year (regardless whether section 40‑157 also covers you for the current year)—an exclusion applies to you and the asset for the current year under section 40‑165 (about exclusions for businesses with turnover of $50 million or more); or
(b) where section 40‑157 covers you for the current year (but section 40‑155 does not):
(i) an exclusion applies to you and the asset for the current year under section 40‑165; or
(ii) an exclusion applies to you and the asset for the current year under section 40‑167 (about exclusions for corporate tax entities with income under $5 billion).
Repeal the heading, substitute:
Before “section 40‑155 would not cover you”, insert “where paragraph 40‑160(2)(a) applies—”.
Insert:
(1) For the purposes of subsections 40‑160(2) and 40‑170(1A), an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset.
Exclusion—intangible assets
(2) This exclusion applies in relation to the asset if the asset is an intangible asset.
Exclusion—assets previously held by associates
(3) This exclusion applies in relation to the asset if it had been previously held by an associate of yours.
Exclusion—assets available for use by associates or foreign residents
(4) This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following:
(a) an associate of yours;
(b) an entity that is a foreign resident.
Repeal the paragraph, substitute:
(c) you are covered for the current year by any of the following:
(i) section 40‑155 (about businesses with turnover under $5 billion);
(ii) section 40‑157 (about corporate tax entities with income under $5 billion); and
Insert:
Exclusions
(1A) However, this section does not apply if:
(a) section 40‑157 covers you for the current year (but section 40‑155 does not); and
(b) an exclusion applies to you and the asset for the current year under section 40‑167 (about exclusions for corporate tax entities with income under $5 billion).
Add:
; and (f) you have not made a choice under section 40‑190 in relation to the current year.
Add:
(1) This section applies if the decline in value for a depreciating asset for an income year is worked out under this Subdivision, and at a time (the
balancing adjustment time ) in a later income year:
(a) either:
(i) it becomes not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or
(ii) it becomes reasonable to conclude that the asset will never be located in Australia; and
(b) none of the requirements in paragraphs 40‑295(1)(a), (b) or (c) of the
Income Tax Assessment Act 1997 are satisfied in relation to the asset.
Balancing adjustment event and termination value
(2) For the purposes of Subdivision 40‑D of the
Income Tax Assessment Act 1997 assume that, at the balancing adjustment time, you stop using the asset, or having it installed ready for use, for any purpose and you expect never to use it, or have it installed ready for use, again.
Cost resulting from balancing adjustment event
(3) For the purposes of section 40‑180 of the
Income Tax Assessment Act 1997 assume that the reference in item 3 of the table in subsection 40‑180(2) of that Act to “because you stop using it for any purpose expecting never to use it again” were instead a reference to “because of section 40‑185 of theIncome Tax (Transitional Provisions) Act 1997 ”.
Subdivision does not apply for income year after balancing adjustment event
(4) If a balancing adjustment event happens to a depreciating asset you hold because of this section, this Subdivision cannot apply to work out the decline in value of the asset for a later income year.
(1) You may choose that the decline in value of a particular depreciating asset for an income year is not to be worked out under this Subdivision.
(2) The choice must be in the approved form.
(3) The choice cannot be revoked.
(4) You must give the choice to the Commissioner by the day you lodge your income tax return for the income year to which the choice relates.
Note: The Commissioner may defer the time for giving the choice: see section 388‑55 in Schedule 1 to the
Taxation Administration Act 1953 .
To avoid doubt, section 40‑185 of the
Income Tax (Transitional Provisions) Act 1997 (as inserted by this Schedule) can apply even if the balancing adjustment time mentioned in that section occurs before the commencement of this Schedule.
Repeal the heading, substitute:
Low pool value
Omit “beginning to hold the designated information”, substitute “holding the designated information”.
Repeal the paragraph, substitute:
(b) the CDR data is held by (or on behalf of) the person on or after the earliest holding day specified in the designation instrument; and
(ba) in the case of the CDR data beginning to be held by (or on behalf of) the person before that earliest holding day, the CDR data:
(i) is of continuing use and relevance; and
(ii) is not about the provision before that earliest holding day of a product or service by (or on behalf of) the person; and
Repeal the note, substitute:
Note 2: For a product or service that the person began providing before the earliest holding day and continued providing after that day:
(a) subparagraph (ba)(ii) means the person will not be the data holder of CDR data about the person’s provision of the product or service before that day; but
(b) the person will be the data holder of CDR data about the person’s provision of the product or service on or after that day.
Omit “if it is not chargeable CDR data.”, substitute:
if:
(a) the consumer data rules require it to be disclosed; and
(b) it is not chargeable CDR data.
Add:
(5) If the CDR provisions so apply to an entity covered by subsection (1):
(a) as a data holder of CDR data, the entity is conferred such functions as are necessary to enable the entity to operate as a data holder in accordance with the CDR provisions; or
(b) as a designated gateway for CDR data, the entity is conferred such functions as are necessary to enable the entity to operate as a designated gateway in accordance with the CDR provisions.
Add:
Conduct of agents etc. of a CDR entity attributable to the CDR entity
(1) For the purposes of this Part and the consumer data rules, each of the following provisions applies to a CDR entity who is not a body corporate in a corresponding way to the way that provision applies to a CDR entity who is a body corporate:
(a) section 84 of this Act;
(b) section 97 of the Regulatory Powers Act (to the extent that it applies in relation to a provision of this Part).
Acts done in relation to an agent of a CDR entity taken to be done in relation to the CDR entity
(2) For the purposes of this Part and the consumer data rules, if an act is done by a person in relation to another person (the
agent ) who:
(a) is acting on behalf of a CDR entity; and
(b) is so acting within the agent’s actual or apparent authority;
the act is taken to have also been done in relation to the CDR entity.
Definitions
(3) In this section:
CDR entity means any of the following:
(a) a data holder of CDR data;
(b) an accredited person;
(c) a designated gateway for CDR data.
Add:
; or (iv) a data holder of the CDR data by a designated gateway for the CDR data; or
(v) a person acting on behalf a person referred to in subparagraph (ii), (iii) or (iv).
Insert:
(ia) rules requiring agents of any of the following entities (a
CDR entity ):
(i) a data holder of CDR data;
(ii) an accredited person;
(iii) a designated gateway for CDR data;
to do or not to do specified things when acting on behalf of the CDR entity and within the agent’s actual or apparent authority;
Omit:
The privacy safeguards apply mainly to accredited data recipients, but also to data holders and designated gateways, in relation to their handling of the CDR data.
substitute:
The privacy safeguards apply mainly to accredited persons, but also to data holders and designated gateways, in relation to their handling or future handling of the CDR data.
Insert:
(aa) if section 56ED, 56EE, 56EF or 56EG applies to an accredited person in relation to CDR data—the corresponding Australian Privacy Principle does not apply to the accredited person in relation to the CDR data; and
Omit “paragraphs (4)(b) to (d)”, substitute “paragraphs (4)(aa) to (d)”.
Insert:
(aa) an accredited person who does not become an accredited data recipient of the CDR data; or
Before “an accredited data recipient”, insert “an accredited person who is or who may become”.
After “If the CDR entity is”, insert “an accredited person who is or who may become”.
Before “held by”, insert “that is or may become”.
After “is held”, insert “or is to be held”.
Repeal the subsection, substitute:
(1) A person who is:
(a) an accredited data recipient of CDR data; or
(b) an accredited person who may become an accredited data recipient of CDR data;
must give each CDR consumer for that CDR data the option of using a pseudonym, or not identifying themselves, when dealing with the person in relation to that CDR data.
Note: The CDR participant from whom the person acquired (or may acquire) the CDR data may be subject to a similar obligation under Australian Privacy Principle 2.
Omit “If a person collects CDR data in accordance with section 56EF, the person must:”, substitute “If an accredited data recipient of CDR data collected the CDR data in accordance with section 56EF, the accredited data recipient must:”.
After “requests”, insert “, in accordance with the consumer data rules,”.
After “request by disclosing the corrected CDR data”, insert “, in accordance with the consumer data rules,”.
Insert:
(4A) Subsection (4) does not apply in the circumstances specified in the consumer data rules.
Insert:
(1A) The Information Commissioner may assess whether an accredited person who may become an accredited data recipient of CDR data is complying with:
(a) section 56ED (about privacy safeguard 1); or
(b) the consumer data rules to the extent that those rules relate to that section.
Omit “the assessment”, substitute “an assessment under subsection (1) or (1A)”.
Omit “or designated gateway”, substitute “, designated gateway or accredited person”.
Omit “act of practice”, substitute “act or practice”.
Insert:
or (c) an accredited person who may become an accredited data recipient of CDR data;
Omit “respondent; and”, substitute “respondent; or”.
Add:
(iii) in the case of a complaint about an act or practice of an accredited person who may become an accredited data recipient of CDR data—the accredited person is the respondent; and
Add:
(iii) a paragraph that states that an act or practice of an accredited person who may become an accredited data recipient of CDR data has breached a privacy safeguard; and
Repeal the subsection, substitute:
(2) Before making an instrument under subsection 56AC(2), the Minister must:
(a) be satisfied that the Secretary of the Department has complied with section 56AE in relation to the making of the instrument; and
(b) wait at least 60 days after the day the Secretary publishes the report relating to the making of the instrument (see section 56AE).
Repeal the section, substitute:
(1) The Secretary of the Department complies with this section in relation to the making of an instrument under subsection 56AC(2) if the Secretary arranges for all of the following:
(a) an analysis of the matters in paragraphs 56AD(1)(a) to (e) in relation to the instrument;
(b) public consultation about those matters in relation to the instrument:
(i) for at least 28 days; and
(ii) in one or more ways that includes making information available on the Department’s website and inviting the public to comment;
(c) consultation with each of the following about those matters in relation to the instrument:
(i) the Commission;
(ii) the Information Commissioner;
(iii) the person or body (if any) that the Secretary believes to be the primary regulator of the sector that the instrument would designate;
(iv) any person or body prescribed by the regulations;
(d) the preparation of a report for the Minister about that analysis and consultation.
(2) The Secretary must publish the report on the Department’s website.
When the Commission is consulted under subparagraph 56AE(1)(c)(i), the Commission must analyse the matters in paragraphs 56AD(1)(a) to (e) in relation to the instrument.
Repeal the section.
Omit “56AE, 56AF or 56AG”, substitute “56AE, 56AEA or 56AF”.
Omit “
Commission ”, substitute “Minister ”.
Omit “Commission”, substitute “Minister”.
Repeal the Subdivision, substitute:
Before making consumer data rules under subsection 56BA(1), the Minister must:
(a) consider the kinds of matters referred to in paragraphs 56AD(1)(a) and (b) in relation to the making of the rules; and
(b) be satisfied that the Secretary of the Department has complied with section 56BQ in relation to the making of the rules; and
(c) wait at least 60 days after the day public consultation begins under paragraph 56BQ(b) about the making of the rules.
The Secretary of the Department complies with this section in relation to the making of consumer data rules if the Secretary arranges for all of the following:
(a) an analysis of the kinds of matters referred to in paragraphs 56AD(1)(a) and (b) in relation to the making of the rules;
(b) public consultation about the making of the rules:
(i) for at least 28 days; and
(ii) in one or more ways that includes making information available on the Department’s website and inviting the public to comment;
(c) consultation with each of the following about the making of the rules:
(i) the Commission;
(ii) the Information Commissioner;
(iii) the person or body (if any) that the Secretary believes to be the primary regulator of the sector;
(iv) any person or body prescribed by the regulations;
(d) the preparation of a report for the Minister about that analysis and consultation.
When consulted under paragraph 56BQ(c), the Commission and the Information Commissioner must each analyse the kinds of matters referred to in paragraphs 56AD(1)(a) and (b) in relation to the making of the rules.
(1) The Minister may make consumer data rules under subsection 56BA(1):
(a) without complying with paragraph 56BP(b) or (c); but
(b) after consulting the Commission and Information Commissioner;
if the Minister believes (whether or not that belief is reasonable) that it is necessary to do so in order to avoid a risk of serious harm to:
(c) the efficiency, integrity or stability of any aspect of the Australian economy; or
(d) the interests of consumers.
Note: The Minister still needs to comply with paragraph 56BP(a).
(2) However, a failure to comply with paragraph (1)(b) of this section does not invalidate consumer data rules made as described in subsection (1).
Note: Such rules may have a limited life (see section 56BT).
If:
(a) the Minister makes consumer data rules as described in subsection 56BS(1) (the
emergency rules ); and(b) the emergency rules are made without consulting either the Commission or the Information Commissioner, or both;
the emergency rules cease to be in force 6 months after the day they are made.
Note: If the emergency rules vary other consumer data rules, this section causes only the emergency rules to cease to be in force.
A failure to comply with section 56BP, 56BQ or 56BR does not invalidate consumer data rules made under subsection 56BA(1).
Omit “
Commission ”, substitute “Minister ”.
Omit “Commission”, substitute “Minister”.
Omit “Commission” (wherever occurring), substitute “Minister”.
Omit “Commission must consult the Information Commissioner about the scheme”, substitute “Minister must arrange for the Information Commissioner to be consulted about the scheme”.
Repeal the paragraph, substitute:
(b) to consult with or advise any of the following about any matter relevant to the operation of this Part (or the operation of instruments made under this Part):
(i) the Minister;
(ii) the Secretary of the Department;
(iii) the Commission;
(iv) the Data Standards Chair.
Insert:
(1) The Secretary of the Department may, in writing, delegate all or any of the Secretary’s functions or powers under this Part to an SES employee, or an acting SES employee, in the Department.
Note: Sections 34AA to 34A of the
Acts Interpretation Act 1901 contain provisions relating to delegations.(2) In performing a delegated function or exercising a delegated power, the delegate must comply with any written directions of the Secretary.
The CDR provisions are not intended to exclude or limit the operation of a law of a State or Territory that is capable of operating concurrently with the CDR provisions.
Insert:
Disclosure to the Secretary
(2A) The Commission or a Commission official may disclose to:
(a) the Secretary of the Department; or
(b) any employee of the Department or consultant assisting the Secretary in performing the Secretary’s functions, or exercising the Secretary’s powers, relating to Part IVD;
any information that the Commission obtains under this Act, or the consumer data rules, that is relevant or likely to be relevant to the functions or powers referred to in paragraph (b).
Note: The
Privacy Act 1988 also contains provisions relevant to the use and disclosure of information.
(2B) The Secretary or a person mentioned in paragraph (2A)(b) must only use the information:
(a) for a purpose connected with the performance of the functions, or the exercise of the powers, referred to in paragraph (2A)(b); and
(b) in accordance with any conditions imposed under subsection (4).
Omit “(1) or (3)”, substitute “(1), (2A) or (3)”.
45
Application, saving and transitional provisions
Consultation underway for designating a sector (1) Despite the amendments of Part IVD of the
Competition and Consumer Act 2010 made by this Part, Part IVD of that Act continues to apply, in relation to consultation by the Minister:
(a) starting before the commencement of this Part; and
(b) under subsection 56AD(2) of that Act (as in force immediately before that commencement);
as if those amendments had not been made.
Existing rules taken to be have been made by the Minister (2) Despite the amendments of Part IVD of the
Competition and Consumer Act 2010 made by this Part, rules made by the Commission that are in force under subsection 56BA(1) of that Act immediately before the commencement of this Part:
(a) continue in force; and
(b) may be dealt with;
on and after that commencement as if they had been made by the Minister under that subsection as amended by this Part.
Consultation underway for making consumer data rules
(3) If:
(a) at a time (the
consultation start time ) before the commencement of this Part, the Commission begins consulting the public under paragraph 56BQ(1)(a) of theCompetition and Consumer Act 2010 (as in force at that time) about the making of consumer data rules; and(b) immediately before the commencement of this Part, the rules that were the subject of that consultation have yet to be made;
then, on and after that commencement, Subdivision C of Division 2 of Part IVD of that Act applies to that consultation as if the Secretary had arranged for it to begin under paragraph 56BQ(b) of that Act (as amended by this Part) at the consultation start time.
Add:
(6) An entity is also not a
basic religious charity at a time if:
(a) either:
(i) an application for redress is made under section 19 of the
National Redress Scheme for Institutional Child Sexual Abuse Act 2018 that identifies the entity as being involved in the abuse of a person; or(ii) an application for redress is made and information is given in response to a request under section 24 or 25 of that Act that identifies the entity as being involved in the abuse of a person; and
(b) the application for redress has not been withdrawn under section 22 of that Act; and
(c) the entity is not a participating non‑government institution (within the meaning of that Act) on a particular day (the
relevant day ).However, if an entity becomes a participating non‑government institution after the relevant day, this subsection does not apply to the entity at any time during which the entity is a participating non‑government institution.
(7) For the purposes of subsection (6), it does not matter whether the application is valid.
(8) For the purposes of paragraph (6)(c), the relevant day is:
(a) for applications made before 1 January 2021—the later of the following days:
(i) the day this section commences;
(ii) if, on the day this section commences, the 6 month period beginning on the day the application was made has not ended, the day after the end of that 6 month period; or
(b) in any other case—the latest of the following days:
(i) if a request is made under section 24 or 25 of that Act in relation to the application and information is given in response to the request, the day after the end of the 6 month period that begins on the day that the information is given;
(ii) if a request is made under section 24 or 25 of that Act in relation to the application and information is not given in response to the request, the day after the end of the 6 month period that begins on the day the application is made;
(iii) if a request is not made under section 24 or 25 of that Act in relation to the application, the day after the end of the 6 month period that begins on the day the application is made;
(iv) the day prescribed by the regulations.
Add:
Note: Section 175‑35 provides for an administrative penalty for failing to give the Commissioner a statement required by this Act within the required time.
Omit “may give ASIC a written direction”, substitute “may, by legislative instrument, give ASIC a direction”.
Repeal the subsection.
Insert:
A direction given under subsection 12(1) of this Act that is in force immediately before the commencement of Part 1 of Schedule 4 to the
Treasury Laws Amendment (2020 Measures No. 6) Act 2020 continues in force (and may be dealt with) as if it had been given under that subsection as amended by that Part.
Repeal the section.
Omit “
Co‑operatives Act 1992 ”, substitute “Co‑operatives (Adoption of National Law) Act 2012 ”.
Omit “
Co‑operatives Act 1996 ”, substitute “Co‑operatives National Law Application Act 2013 ”.
Repeal the paragraph, substitute:
(a) the register of co‑operatives established under the
Co‑operatives National Law (South Australia) Act 2013 of South Australia;
Omit “
Cooperatives Act 1999 ”, substitute “Co‑operatives National Law (Tasmania) Act 2015 ”.
Repeal the paragraph, substitute:
(a) the register of co‑operatives established under the
Co‑operatives National Law (ACT) Act 2017 of the Australian Capital Territory;
Omit “
Co‑operatives Act ”, substitute “Co‑operatives (National Uniform Legislation) Act 2015 ”.
Omit “the Northern Territory” (second and third occurring), substitute “that Territory”.
Omit “his or her”, substitute “the member’s”.
Omit “his or her”, substitute “the Chairperson’s”.
Omit “he or she shall”, substitute “the Chairperson is to”.
Omit “he or she shall”, substitute “the member is to”.
Repeal the subsection, substitute:
(1) A member may resign the member’s appointment by giving the Governor‑General a written resignation.
(1A) The resignation takes effect on the day it is received by the Governor‑General or, if a later day is specified in the resignation, on that later day.
Omit “his or her”, substitute “the member’s”.
Omit “he or she”, substitute “the member”.
Omit “his or her”, substitute “the Chairperson’s”.
Omit “his or her”, substitute “the part‑time member’s”.
Omit “he or she”, substitute “the Chairperson”.
Omit “
Inquiries relating ”, substitute “Assistance ”.
Omit “may, by writing under his or her hand, determine”, substitute “may determine in writing”.
Omit “he or she may, by writing under his or her hand”, substitute “the Chairperson may, in writing”.
Insert:
(2A) A determination made under subsection (1) is not a legislative instrument.
Omit “him or her”, substitute “the person”.
Omit “he or she”, substitute “the person”.
Omit “him or her as he or she”, substitute “the Minister as the Minister”.
Repeal the section, substitute:
For the purposes of this Act, unless the contrary intention appears, a person is taken to have acquired particular goods or services as a
consumer if the person would be taken to have acquired the goods or services as a consumer under section 3 of the Australian Consumer Law.
Omit “Subsection 4B(1)”, substitute “Section 4B”.
Omit “to the extent that”, substitute “if”.
After “accessible by doing so”, insert “(including evidential material not held at the premises)”.
Omit “
Affect ”, substitute “Effect ”.
Note: This item fixes a grammatical error.
Before “A failure”, insert “(1)”.
Add:
(2) A failure to comply with a guarantee referred to in section 259(1)(b) that applies to a supply of goods is also a
major failure if:
(a) the failure is one of 2 or more failures to comply with a guarantee referred to in section 259(1)(b) that apply to the supply; and
(b) the goods would not have been acquired by a reasonable consumer fully acquainted with the nature and extent of those failures, taken as a whole.
Note: The multiple failures do not need to relate to the same guarantee.
(3) Subsection (2) applies regardless of whether the consumer has taken action under section 259 in relation to any of the failures.
Before “A failure”, insert “(1)”.
Add:
(2) A failure to comply with a guarantee referred to in section 267(1)(b) that applies to a supply of services is also a
major failure if:
(a) the failure is one of 2 or more failures to comply with a guarantee referred to in section 267(1)(b) that apply to the supply; and
(b) the services would not have been acquired by a reasonable consumer fully acquainted with the nature and extent of those failures, taken as a whole.
Note: The multiple failures do not need to relate to the same guarantee.
(3) Subsection (2) applies regardless of whether the consumer has taken action under section 267 in relation to any of the failures.
39
In the appropriate position in Chapter 6 of Schedule 2 Insert:
(1) The amendments made by Part 1 of Schedule 4 to the
Treasury Laws Amendment (2020 Measures No. 6) Act 2020 apply in relation to goods supplied under a contract entered into on or after the day that that Part commences.(2) The amendments made by Part 1 of Schedule 4 to the
Treasury Laws Amendment (2020 Measures No. 6) Act 2020 apply in relation to a services supplied under a contract entered into on or after the day that that Part commences.
Insert:
ASIC delegate has the same meaning as in the ASIC Act.
Repeal the definition.
42
Section 9 (paragraph (c) of the definition of professional investor )
Repeal the paragraph, substitute:
(c) the person is a registered entity within the meaning of the
Financial Sector (Collection of Data) Act 2001 ;
Omit “a Commission”, substitute “an ASIC”.
Omit “the Commission”, substitute “the ASIC”.
Omit “for the purposes of the
Legislative Instruments Act 2003 ”.Note: This item removes an incorrect and redundant citation of a short title of an Act.
Omit “earlier than the day after the last day on which the regulations may be disallowed under Part 5 of the
Legislative Instruments Act 2003 ”, substitute “before the first day those regulations are no longer liable to be disallowed, or to be taken to have been disallowed, under section 42 of theLegislation Act 2003 ”.Note: This item fixes an incorrect cross‑reference and an incorrect citation of a short title of an Act.
Omit “for the purposes of the
Legislative Instruments Act 2003 ”.Note: This item removes an incorrect and redundant citation of a short title of an Act.
Repeal the heading.
Note: This item and item 49 relocate a subsection heading to its appropriate position.
Insert:
Definitions Note: This item and item 48 relocate a subsection heading to its appropriate position.
Omit “a Commission”, substitute “an ASIC”.
51
Subsection 1317E(3) (table item dealing with subsection 588GAB(2)) Omit “Subsection”, substitute “subsection”.
Note: This item changes the capitalisation of the first word in a table item, for consistency with current drafting practice in that table.
52
Subsection 1317E(3) (table item dealing with subsection 588GAC(2)) Omit “Subsection”, substitute “subsection”.
Note: This item changes the capitalisation of the first word in a table item, for consistency with current drafting practice in that table.
53
Subsection 1317E(3) (table item dealing with subsection 1317AAE(1)) Omit “Subsection”, substitute “subsection”.
Note: This item changes the capitalisation of the first word in a table item, for consistency with current drafting practice in that table.
54
Subsection 1317E(3) (table item dealing with subsections 1317AC(1), (2) and (3)) Omit “Subsections”, substitute “subsections”.
Note: This item changes the capitalisation of the first word in a table item, for consistency with current drafting practice in that table.
55
At the end of paragraphs 32(1)(a) to (j) of Schedule 4 Add “;”.
Note: This item adds semi‑colons at the end of paragraphs, for consistency with current drafting practice.
After “endorsed”, insert “(including by electronic means)”.
Omit “$50,000”, substitute “$100,000”.
Omit “$25,000”, substitute “$50,000”.
Omit “court in foreign country”, substitute “court in a foreign country”.
Note: This item fixes a grammatical error.
60 Subsections 194(3), (4) and (5) of the National Credit Code (headings) Omit “
etc ”, substitute “etc. ”.
Note: This item fixes a spelling error.
Omit “National Consumer and Credit Protection Act 2009”, substitute “
National Consumer Credit Protection Act 2009 ”.Note: This item fixes an incorrect citation of a short title of an Act.
Repeal the subsection, substitute:
Reduction of ordinary time earnings base if amount excluded from employee’s salary or wages
(12) If:
(a) because of section 27 or 28, an amount of an employee’s salary or wages is not taken into account for the purpose of making a calculation under section 19; and
(b) a portion of that amount (which could be all of it) is included in the employee’s ordinary time earnings base for the quarter in respect of the employer;
for the purposes of this section, the employee’s ordinary time earnings base for the quarter in respect of the employer is taken to be reduced by an amount equal to that portion.
Omit “excluded salary or wages are paid by an employer to an employee”, substitute “the only salary or wages paid by an employer to an employee are excluded salary or wages”.
Repeal the subsection, substitute:
(2) If:
(a) an employer pays an employee salary or wages in a calendar month; and
(b) the portion of those salary or wages that is not covered by subsection (1) is less than $450;
that portion of those salary or wages is not to be taken into account for the purpose of making a calculation, in relation to the employer and the employee, under section 19.
Insert:
lifecycle exception has the meaning given by subsection 29TC(2).
Omit “(see subsection (2))”.
Omit “an age cohort identified in the governing rules in relation to the MySuper product for the purposes of this subsection”, substitute “a subclass of the members of the fund who hold the MySuper product to whom gains and losses from different classes of asset of the fund may be streamed in accordance with a lifecycle exception”.
Repeal the paragraph.
Repeal the paragraph, substitute:
(d) the investment fees for each such subclass reflect a fair and reasonable attribution of the investment costs of the fund between all such subclasses.
Insert:
(2A) A member’s election:
(a) that:
(i) is given under subsection (2); or
(ii) because of a previous application of this subsection, is taken to have been given under subsection (2);
to the trustee of a regulated superannuation fund (the
original fund ); and
(b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the
successor fund );continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if:
(c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and
(d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member.
Insert:
(3A) A member’s election:
(a) that:
(i) is given under subsection (2); or
(ii) because of a previous application of this subsection, is taken to have been given under subsection (2);
to the trustee of a regulated superannuation fund (the
original fund ); and
(b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the
successor fund );continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if:
(c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and
(d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member.
Insert:
(3A) A member’s election:
(a) that:
(i) is given under subsection (2); or
(ii) because of a previous application of this subsection, is taken to have been given under subsection (2);
to the trustee of a regulated superannuation fund (the
original fund ); and
(b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the
successor fund );continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if:
(c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and
(d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member.
73
Subsection 105(3) (paragraph (a) of the definition of member or beneficiary report ) Omit “
Superannuation (Excluded Funds) Taxation Act 1987 ”, substitute “Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 ”.
Omit “68AAB(5)”, substitute “68AAB(2), (5)”.
Add:
(x) no benefit that despite section 68AAC of the SIS Act could, because of the application of subsection 68AAC(2) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and
Omit “of regulations”, substitute “a legislative instrument”.
Omit “by you”, substitute “to you”.
After “Entity”, insert “(other than a *self managed superannuation fund or a *small superannuation fund)”.
Insert:
(aa) a *self managed superannuation fund account;
(ab) a *small superannuation fund account;
Repeal the paragraph, substitute:
(d) one or more of the following:
(ia) the Reporting Financial Institution;
(ib) the Account Holder (within the meaning of the CRS);
(ic) an intermediary of the Reporting Financial Institution or the Account Holder;
(id) any other entity;
undertook a transaction, or entered into an *arrangement:
(i) for the purpose of causing the account not to be such a Reportable Account; or
(ii) for 2 or more purposes of which that purpose is the dominant purpose.
Repeal the following Acts:
82 Section 40‑10 (table item 1.5, column headed “Major topic”) Omit:
substitute:
Insert:
(2C) Subsection (2) does not apply if:
(a) you are a *complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust; and
(b) the *capital proceeds from the *CGT event exceed the *market value of the *CGT asset; and
(c) assuming the capital proceeds were your *statutory income, the proceeds would be *non‑arm’s length income.
Before “A *capital gain”, insert “(1)”.
Add:
(2) However, subsection (1) does not apply to a *capital gain if the capital gain would, if it were an amount of *ordinary income or *statutory income received by the *complying superannuation fund, be *non‑arm’s length income.
Omit “highly”.
Add:
6 | CSF N‑CSF *RSA provider | An amount payable to a person under an income stream because of the person’s temporary inability to engage in *gainful employment |
Omit “
4 years ”, substitute “5 years ”.
After “income year”, insert “of the provider”.
Add:
Note: In certain circumstances the superannuation provider or RSA provider can get a refund of the tax offset under Division 67.
Repeal the subsection (including the note), substitute:
(2) An amount of tax counts towards the offset for the provider for the current year if subsection (3), (4) or (5) applies for the provider and the tax.
Superannuation providers and RSA providers—main case
(3) This subsection applies for the provider and the tax if:
(a) the tax was payable by the provider in one of the most recent 3 income years of the provider ending before the current year; and
(b) the tax was payable on an amount of *no‑TFN contributions income of the fund or *RSA provider; and
(c) the amount of no‑TFN contributions income was a contribution made to the fund or provider to provide *superannuation benefits for an individual who, in the current year, has *quoted (for superannuation purposes) the individual’s *tax file number to the provider for the first time.
Superannuation providers of successor funds
(4) This subsection applies for the provider (the
current provider ) and the tax if:
(a) the tax was payable on an amount of *no‑TFN contributions income that:
(i) was no‑TFN contributions income of another *superannuation fund (the
previous fund ); and(ii) was a contribution made to the previous fund to provide *superannuation benefits for an individual; and
(b) the tax was so payable by the *superannuation provider (the
previous provider ) of the previous fund; and(c) the tax was so payable in:
(i) one of the most recent 3 income years of the previous provider ending before the current year; or
(ii) an income year of the previous provider ending or starting in the current year; and
(d) the current provider is the superannuation provider of a *successor fund in relation to the individual and the previous fund; and
(e) the individual:
(i) never *quoted (for superannuation purposes) the individual’s *tax file number to the previous provider; but
(ii) has, in the current year, done so to the current provider for the first time.
RSA providers of successor funds
(5) This subsection applies for the provider (the
current provider ) and the tax if:
(a) the tax was payable on an amount of *no‑TFN contributions income that:
(i) was no‑TFN contributions income of another *RSA provider (the
previous provider ); and(ii) was a contribution made to the previous provider to provide *superannuation benefits for an individual; and
(b) the tax was so payable by the previous provider; and
(c) the tax was so payable in:
(i) one of the most recent 3 income years of the previous provider ending before the current year; or
(ii) an income year of the previous provider ending or starting in the current year; and
(d) the current provider is the *superannuation provider of a *successor fund in relation to the individual and an *RSA of the previous provider; and
(e) the individual:
(i) never *quoted (for superannuation purposes) the individual’s *tax file number to the previous provider but
(ii) has, in the current year, done so to the current provider for the first time.
Omit “or subsection 24G(2) or (3A)”, substitute “or subsection 24G(2) or (3A) or 24NA(2), (3) or (4)”.
Omit “or 24G(2), (3A) or (3B)”, substitute “, 24G(2), (3A) or (3B) or 24NA(2), (3) or (4)”.
Omit “or 24G(2), (3A) or (3B)”, substitute “, 24G(2), (3A) or (3B) or 24NA(2), (3) or (4)”.
95
Subsection 307‑142(2) (method statement, step 1, at the end of the note) Add:
A payment under subsection 24NA(2) or (3) of that Act may be attributable to more than one unclaimed amount.
Omit “or 24G(3A) or (3B)”, substitute “, 24G(3A) or (3B) or 24NA(4)”.
Omit “or 24G(2)”, substitute “, 24G(2) or 24NA(2) or (3)”.
98
Subsection 307‑300(2) (method statement, step 1, at the end of the note) Add:
A payment under subsection 24NA(2) or (3) of that Act may be attributable to more than one unclaimed amount.
Insert:
(1) The *Arts Minister may, in writing, delegate all or any of the Arts Minister’s powers under the provisions mentioned in subsection (2) to:
(a) the *Arts Secretary; or
(b) an SES employee, or acting SES employee, in the Department administered by the Arts Minister.
(2) For the purposes of subsection (1), the provisions are as follows:
(a) section 376‑20 (issue of certificate for location offset);
(b) section 376‑30 (determination of qualifying Australian production expenditure for location offset);
(c) section 376‑45 (issue of certificate for PDV offset);
(d) section 376‑50 (determination of qualifying Australian production expenditure for PDV offset);
(e) section 376‑235 (notice of refusal to issue certificate for location offset or PDV offset);
(f) section 376‑245 (revocation of certificate for location offset or PDV offset).
(3) In exercising powers under a delegation, the delegate must comply with any directions of the Arts Minister.
Insert:
(aa) the United Kingdom;
Omit “485AA(1)”, substitute “485AA(2)”.
Repeal the paragraphs, substitute:
(c) in the case of registration which is not a renewal—the individual maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and
(d) in the case of a renewal of registration—the individual:
(i) maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements; and
(ii) has completed continuing professional education that meets the Board’s requirements.
Repeal the paragraph, substitute:
(d) in the case of registration which is not a renewal—the partnership maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and
(e) in the case of a renewal of registration—the partnership maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements.
Repeal the paragraph, substitute:
(e) in the case of registration which is not a renewal—the company maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and
(f) in the case of a renewal of registration—the company maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements.
After “30 days”, insert “, but not more than 90 days,”.
Omit “shorter”, substitute “other”.
Repeal the subsection, substitute:
(2) Your registration is taken to continue until your application is decided, or you withdraw your application, whichever happens first.
Omit “business or email address” (wherever occurring), substitute “address for service of notices”.
109
Paragraphs 40‑5(3)(b), 40‑10(2A)(b) and 40‑15(2A)(b) Repeal the paragraphs, substitute:
(b) either:
(i) the Board considers that, due to a current investigation or the outcome of an investigation, it would be inappropriate to terminate your registration; or
(ii) the Board, within 30 days after receiving your surrender notice, decides to investigate you and considers that it would be inappropriate to terminate your registration.
Omit “a shorter”, substitute “another”.
Add:
70‑60 Address for service of notices
70‑65 How documents may be given
(1) An entity’s address for service of notices by the Board for the purposes of this Act is:
(a) a physical address in Australia; or
(b) a postal address in Australia; or
(c) an electronic address;
that the entity has given the Board as the entity’s address for service for the purposes of this Act.
(2) If an entity has given the Board more than one address for service for the purposes of subsection (1), the entity’s address for service is such of those addresses as the Board considers reasonable in the circumstances.
(3) If an entity has not given the Board an address for service, the entity’s address for service is the address that the Board reasonably believes to be the entity’s address for service for the purposes of this Act.
(1) For the purposes of this Act, a document (however described) may be given to an entity:
(a) in the manner specified in section 28A of the
Acts Interpretation Act 1901 ; or(b) if the entity’s address for service is an electronic address—by sending it to that address; or
(c) if the entity is a company and a liquidator of the company has been appointed—by leaving it at, or posting it to, the address of the liquidator’s office in the most recent notice of that address lodged with *ASIC; or
(d) if the entity is a company and an administrator of the company has been appointed—by leaving it at, or posting it to, the address of the administrator in the most recent notice of that address lodged with ASIC.
(2) Despite section 29 of the
Acts Interpretation Act 1901 , a document posted under subsection (1) of this section is taken to be given at the time the Board posts it.(3) This Subdivision has effect despite paragraphs 9(1)(d) and (2)(d) of the
Electronic Transactions Act 1999 .
Insert:
(1A) The Commonwealth Registrar may make a request of the person under subsection (5) for the purposes of satisfying the Commonwealth Registrar that the person’s identity has been established.
Add:
(5) The Commonwealth Registrar may request, but not compel, the person:
(a) if the person has a tax file number—to give the Commonwealth Registrar a written statement of the person’s tax file number; or
(b) if the person does not have a tax file number:
(i) to apply to the Commissioner of Taxation for a tax file number; and
(ii) to give the Commonwealth Registrar a written statement of the person’s tax file number after the Commissioner of Taxation has issued it.
Before “
delegates ”, insert “ASIC ”.
Omit “be in the prescribed form”, substitute “meet any requirements of the data standards”.
Repeal the subsection.
After “lodge”, insert “with the Registrar”.
Add:
(8) A lodgement under paragraph (5)(a) must meet any requirements of the data standards.
Omit “ASIC, in the prescribed form,”, substitute “the Registrar”.
Add:
(3) A lodgement under paragraph (2)(a) must meet any requirements of the data standards.
Omit “days. after”, substitute “days, after”.
Omit “section 90MZB”, substitute “section 90XZB or 90YZR”.
Insert:
(1A) The Registrar may make a request of the person under subsection (5) for the purposes of satisfying the Registrar that the person’s identity has been established.
Add:
(5) The Registrar may request, but not compel, the person:
(a) if the person has a tax file number—to give the Registrar a written statement of the person’s tax file number; or
(b) if the person does not have a tax file number:
(i) to apply to the Commissioner of Taxation for a tax file number; and
(ii) to give the Registrar a written statement of the person’s tax file number after the Commissioner of Taxation has issued it.
Omit “paragraph 1272C(2)(b)”, substitute “subparagraph 1272C(2)(a)(ii)”.
Add:
(1) If:
(a) the Commissioner is appointed as the Commonwealth Registrar (within the meaning of the
Corporations (Aboriginal and Torres Strait Islander) Act 2006 ); and(b) no other person or body is appointed as that registrar;
the Commissioner may disclose the tax file number of a person to that registrar if the disclosure is made for the purposes of facilitating the administration of Part 6‑7A of that Act.
(2) If:
(a) the Commissioner is appointed as the Registrar (within the meaning of the
Corporations Act 2001 ); and(b) no other person or body is appointed as that registrar;
the Commissioner may disclose the tax file number of a person to that registrar if the disclosure is made for the purposes of facilitating the administration of Part 9.1A of that Act.
(3) To avoid doubt, subsection (1) or (2) applies to the disclosure of the person’s tax file number whether or not that registrar has requested the person, or the Commissioner, to give the tax file number to that registrar.
After “given”, insert “by the Regulator”.
After “of the Regulator”, insert “or the Registrar”.
Omit “request the Regulator”, substitute “request the decision maker”.
Omit “Regulator” (wherever occurring), substitute “decision maker”.
Insert:
(2A) If the Registrar is the decision maker, the request must meet any requirements of the data standards.
Omit “
Regulator ”, substitute “Decision maker ”.
Omit “Regulator” (wherever occurring), substitute “decision maker”.
Omit “
Regulator’s ”, substitute “Decision maker’s ”.
Omit “Regulator” (wherever occurring), substitute “decision maker”.
After “
Taxation ”, insert “if Regulator is decision maker ”.
After “If the Regulator”, insert “is the decision maker and the Regulator”.
Omit “
of Regulator’s decisions ”.
Omit “of the Regulator”.
After “Regulator”, insert “or the Registrar, as the case may be,”.
After “Regulator”, insert “or the Registrar”.
Omit “*ASIC”, substitute “the *Registrar”.
Insert:
(1) Section 355‑25 does not apply if:
(a) the entity is a *taxation officer; and
(b) the Commissioner is appointed as a registrar specified in subsection (2); and
(c) no other person or body is appointed as that registrar; and
(d) the record or the disclosure is made for the purposes of the performance of that registrar’s functions, or the exercise of that registrar’s powers.
Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the
Criminal Code .(2) The following registrars are specified:
(a) the *Registrar;
(b) the Registrar (within the meaning of the
Business Names Registration Act 2011 );(c) the Registrar (within the meaning of the
Corporations Act 2001 );(e) the Registrar (within the meaning of the
National Consumer Credit Protection Act 2009 ).
Insert:
(d) the Registrar (within the meaning of the
Foreign Acquisitions and Takeovers Act 1975 );
(1) The amendment of section 200 of the
Life Insurance Act 1995 made by Part 1 of this Schedule applies in relation to a policy issued before, on or after the commencement of that Part.(2) The amendments of subsection 29VA(9) of the
Superannuation Industry (Supervision) Act 1993 made by Part 1 of this Schedule apply in relation to a fee in relation to a MySuper product during a period that begins on or after the commencement of that Part.(3) The amendments of paragraph 20QA(1)(a) of the
Superannuation (Unclaimed Money and Lost Members) Act 1999 made by Part 1 of this Schedule apply in relation to unclaimed money days that occur on or after 1 April 2020.
(1) The amendment of section 116‑30 of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies to income years starting on or after the day this Act receives the Royal Assent.(2) The amendments of section 118‑320 of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply to income years starting on or after the day this Act receives the Royal Assent.(3) The amendments of paragraphs 230‑365(a) and (d) of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply for the purposes of determining whether the requirement of section 230‑365 of that Act is met in relation to a hedging financial arrangement on or after 1 January 2021 (regardless of whether an entity started to have the hedging financial arrangement before, on or after that day).(4) The amendment of section 295‑495 of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies in relation to the 2007‑08 income year and later income years.(5) The amendments of section 295‑675 of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply in relation to a tax offset for the 2020‑21 income year and later income years.(6) The amendment of subsections 307‑5(1), 307‑120(2), 307‑142(1) and (2), 307‑142(3B) and 307‑300(1) and (2) of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule apply in relation to payments made by the Commissioner on or after 13 March 2019.(7) The amendment of subsection 820‑935(3) of the
Income Tax Assessment Act 1997 made by Part 2 of this Schedule applies in relation to financial statements prepared before, at or after the commencement of that Part.(8) The amendments of the
Tax Agent Services Act 2009 made by Part 2 of this Schedule apply to an application for renewal of registration whether made before, on or after the commencement of that Part.
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
The
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev…) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = | Sch = Schedule(s) |
LIA = | Sdiv = Subdivision(s) |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub‑Ch = Sub‑Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | |
No. = Number(s) | commenced or to be commenced |
Treasury Laws Amendment (2020 Measures No. 6) Act 2020 | 141, 2020 | 17 Dec 2020 | Sch 1 and Sch 4 (items 82–111): Sch 2 (items 1–29) and Sch 4 (items 1–81, 145, 146): Sch 2 (items 30–45): Sch 3: Sch 4 (items 112, 113, 123–126, 143, 144): Sch 4 (items 114–120, 127–142): Sch 4 (item 121): Sch 4 (item 122): Remainder: 17 Dec 2020 (s 2(1) item 1) | |
Treasury Laws Amendment (2021 Measures No. 5) Act 2021 | 127, 2021 | 7 Dec 2021 | Sch 3 (items 107, 108): 17 Dec 2020 (s 2(1) item 9) | — |
s 2......................................... | am No 127, 2021 |
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