Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021 (Cth)
I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.
Dated 24 June 2021
David Hurley
Governor‑General
By His Excellency’s Command
Michael Sukkar
Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing
Contents
This instrument is the
Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021 .
(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.
Sections 1 to 4 and anything in this instrument not elsewhere covered by this table | The day after this instrument is registered. | 26 June 2021 |
Schedule 1, Part 1 | The day after this instrument is registered. | 26 June 2021 |
Schedule 1, Part 2, Division 1 | The later of:
However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. | 8 December 2021 (paragraph (b) applies) |
Schedule 1, Part 2, Division 2 | The later of:
| 1 January 2022 (paragraph (b) applies) |
Schedule 1, Part 2, Division 3 | The later of:
(b) 1 July 2021. | 1 July 2021 (paragraph (b) applies) |
Schedule 1, Part 2, Division 4 | The later of:
| 1 July 2021 (paragraph (b) applies) |
Note: This table relates only to the provisions of this instrument as originally made.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.
This instrument is made under the following:
(a) the
A New Tax System (Goods and Services Tax) Act 1999 ;(b) the
Business Names Registration Act 2011 ;(c) the
Competition and Consumer Act 2010 ;(d) the
Corporations Act 2001 ;(e) the
Foreign Acquisitions and Takeovers Act 1975 ;(f) the
Income Tax Assessment Act 1997 ;(g) the
Tax Agent Services Act 2009 .
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Omit “day, other than a Saturday, a Sunday or a day that is observed as a holiday in the Australian Public Service by virtue of section 76 of the
Public Service Act 1922‑1973 in the place where the office is situated”, substitute “business day”.
Repeal the regulation.
Omit “
—on and after 1 March 2013 ”.
Repeal the subregulation.
Omit “4C or”.
Repeal the subregulation.
7
Subregulation 13(3) (definition of financial product advice ) Repeal the definition.
Omit “4C,”.
Omit “the application is made on or after 1 March 2013, and”.
Repeal the note.
Omit “the application is made on or after 1 March 2013, and”.
Repeal the note.
Omit “(i) different”, substitute “(ii) different”.
Insert:
7A | Motor accident injuries insurance scheme |
After “period”, insert “or that period as extended under the Act”.
Repeal the section, substitute:
For the purposes of subsection 80(1) of the Act, the Minister’s functions and powers under the following provisions are prescribed:
(a) subsections 27(2), 28(2) and 32(3) of the Act;
(b) subsections 9(1) and (2) of the
Business Names Registration (Availability of Names) Determination 2015 to the extent that each exercise of power under either of those subsections is in relation to a particular entity or business.
Add:
; and (e) not an amount mentioned in subsection 99G(6) of the
Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.
Repeal the subsection (not including the heading), substitute:
(3) If the amount is allocated from a reserve and the amount does not meet the conditions in subsection (2), the conditions are that:
(a) neither subsection (4) nor (5) applies to the amount; and
(b) the amount is not an amount mentioned in subsection 99G(6) of the
Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.
Insert:
The amendments of section 291‑25.01 made by Division 3 of Part 2 of Schedule 1 to the
Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021 apply in relation to the 2021‑22 financial year and later financial years.
Repeal the regulation, substitute:
Product fees
(1) For the purposes of paragraph 962H(3)(a) of the Act, information about a product fee mentioned in subregulation 7.7A.10(3) is not required by subsection 962H(2) or (2A) of the Act.
Ongoing fee arrangements during transition period
(2) For the purposes of paragraphs 962H(2)(f) and 962H(3)(a) of the Act, a fee disclosure statement for:
(a) an ongoing fee arrangement that is in force immediately before 1 July 2021; and
(b) a transition day (within the meaning of Part 10.46 of the Act);
is not required to include, but is required to include a reasonable estimate of, the following:
(c) an amount mentioned in paragraph 962H(2)(a) of the Act if the amount relates to the period of 60 days ending immediately before that transition day;
(d) information about a service mentioned in paragraph 962H(2)(d) of the Act if the service was received during the period of 60 days ending immediately before that transition day.
Note: This provision relates to sections 962G and 962H of the Act as modified for the 12‑month transition period from 1 July 2021 to 30 June 2022: see section 1673C of the Act.
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