Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (Cth)

Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

No. 69, 2023

An Act to amend the law relating to corporations, consumer credit and other matters in the Treasury portfolio, to make miscellaneous and technical amendments of the law of the Commonwealth, and for related purposes

Contents

Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

No. 69, 2023

[Assented to 14 September 2023]

The Parliament of Australia enacts:

1Short title

This Act is the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023.

2Commencement

(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.	14 September 2023
2. Schedule 1, Parts 1 to 3	The day after this Act receives the Royal Assent.	15 September 2023
3. Schedule 1, Part 4	A single day to be fixed by Proclamation. However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.	1 January 2024 (F2023N00465)
4. Schedules 2 and 3	The day after this Act receives the Royal Assent.	15 September 2023
5. Schedule 4, Part 1	The day after this Act receives the Royal Assent.	15 September 2023
6. 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 October 2023

Note: This table relates only to the provisions of this Act as originally enacted.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.

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Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Note: The provisions of the National Consumer Credit Protection Regulations 2010 amended or inserted by this Act, and any other provisions of those Regulations, may be amended or repealed by regulations made under section 329 of the National Consumer Credit Protection Act 2009 (see subsection 13(5) of the Legislation Act 2003).

Schedule 1Modernising business communicationsPart 1Documents and meetings under the Corporations Act 2001

Corporations Act 2001

Section 9 (definition of sent)

After “has a meaning”, insert “(except in Chapters 6 and 6A)”.

Subsection 105A(2) (note)

Omit “Note”, substitute “Note 1”.

At the end of subsection 105A(2)

Add:
Note 2: The meaning of sent in Chapters 6 and 6A is not affected by this section: see the definition of sent in section 9.

Subsections 110(1), (2) and (3)

Repeal the subsections, substitute:
Signing of documents under this Act
(1)
This Division applies to a document (including a deed) required or permitted to be signed by a person under this Act.
Note 1: A document is any record of information: see the definition of document in section 9.
Note 2: This Division provides that a person may sign a document in physical form or electronic form: see subsection 110A(1).
Signing of documents by or on behalf of company
(2)
Without limiting subsection (1), this Division applies to a document (including a deed) to be signed by a person:
(a)
exercising the powers of a company under section 126 (making of contracts and execution of documents by an agent); or
(b)
under section 127 (execution of documents by a company).

5At the end of paragraph 110B(c)

Add “and”.

After paragraph 110B(c)

Insert:
(d)
the signature complies with any requirements relating to that lodgement under this Act or an instrument made under this Act;

At the end of section 110B

Add:
Note: This section does not prevent ASIC or the Registrar from refusing to receive or register the document on any other basis. For example, if the lodgement requirements mentioned in paragraph (d) (such as those under Chapter 2P) are not met, ASIC or the Registrar may refuse to receive or register the document.

Division 2 of Part 1.2AA (heading)

Omit “to be sent to, among others, directors, members and auditors”.

Section 110C

Repeal the section, substitute:

110CDocuments to which this Division applies

Sending documents
(1)
This Division applies to any document covered by subsection (3) or (4) that is required or permitted under this Act to be sent by a person or entity (the sender) to another person or entity (the recipient).
(2)
A reference in subsection (1) to an entity includes a reference to a disclosing entity.
Covered documents
(3)
This subsection covers a document that is required or permitted be sent by the sender to the recipient under:
(a)
this Chapter; or
(b)
Chapters 2A to 2M; or
(c)
Chapters 5 to 5D; or
(d)
Chapter 6, 6A, 6B or 6C; or
(e)
Chapter 8A or 8B; or
(f)
Chapter 9; or
(g)
Schedule 2; or
(h)
any other provision of this Act, to the extent that it relates to the provisions mentioned in paragraphs (a) to (g).
(4)
This subsection covers a document that is in a class of documents specified in regulations made for the purposes of this subsection.
(5)
However, this Division does not apply to a document that is required or permitted under this Act to be sent by or to ASIC, the Registrar or the Takeovers Panel.
References to sending documents
(6)
This Division applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.
(7) To avoid doubt, for the purposes of this Division, a document is not a document that is required or permitted under this Act to be sent merely because section 109X, 601CX or 1200R provides that the document may be served in a particular way.

10Paragraph 110D(3)(a)

Repeal the paragraph, substitute:
(a)
is a report mentioned in section 314 or 314A (which deal with annual financial reporting to members); or

At the end of section 110D

Add:

Address for sending document
(5)
Paragraphs (1)(a) and (b) apply only if:
(a)
where the recipient is covered by subsection (7)—the sending of the document mentioned in paragraph (1)(a), or the sending of the information mentioned in paragraph (1)(b), is to an address known to the sender because the recipient is a member or holder of securities mentioned in whichever of paragraphs (7)(a) to (f) applies; or
(b)
the recipient is not covered by subsection (7).
(6)
Paragraphs (1)(c) and (d) apply only if:
(a)
where the recipient is covered by subsection (7):
(i)
the sending of the document mentioned in paragraph (1)(c), or the sending of the information mentioned in paragraph (1)(d), is to an address known to the sender because the recipient is a member or holder of securities mentioned in whichever of paragraphs (7)(a) to (f) applies; and
(ii)
that address is a nominated electronic address of the recipient; or
(b)
where the recipient is not covered by subsection (7)—the sending of the document mentioned in paragraph (1)(c), or the sending of the information mentioned in paragraph (1)(d), is to a nominated electronic address of the recipient.
(7)
For the purposes of subsections (5) and (6), this subsection covers the recipient if:
(a)
the recipient is a member of the sender; or
(b)
where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme; or
(c)
where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
(d)
where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; or
(e)
where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f)
where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid.

Section 110E (heading)

Omit “Member’s election”, substitute “Election”.

At the end of subsection 110E(1)

Add:
; or (e)
where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f)
where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid; or
(g)
the recipient is of a kind specified in regulations made for the purposes of this paragraph.

At the end of subsection 110E(3)

Add:
Note: The documents in relation to which an election may be made include, for example, documents required or permitted to be sent under this Act in relation to a takeover bid: see section 648CB.

Paragraph 110E(5)(a)

Repeal the paragraph, substitute:
(a)
reports mentioned in section 314 or 314A (which deal with annual financial reporting to members);

Paragraph 110F(1)(b)

After “election”, insert “(otherwise than by way of giving it to the recipient personally)”.

After subsection 110F(4)

Insert:
No current address for sending documents in elected manner
(4A)
Subsection (2) does not apply if:
(a)
the sender reasonably believes that none of the addresses (including any electronic addresses) for the recipient that are:
(i)
known to the sender; and
(ii)
where the recipient is covered by subsection (4B)—so known because the recipient is a member or holder of securities mentioned in whichever of paragraphs (4B)(a) to (f) applies;
are a current address for the recipient to be sent the document in a manner that complies with the election; and
(b)
the sender sends the document to the recipient in a manner that does not comply with the election, as mentioned in paragraph (1)(b), other than in the manner mentioned in paragraph 110D(1)(e); and
(c)
if the document is a report mentioned in section 314A (annual reporting by notified foreign passport funds)—the requirement (if applicable) in paragraph 314A(4)(b) (about sending report in elected language) is satisfied.
Note: A defendant bears an evidential burden in relation to the matter in subsection (4A), see subsection 13.3(3) of the Criminal Code.
(4B)
For the purposes of subparagraph (4A)(a)(ii), this subsection covers the recipient if:
(a)
the recipient is a member of the sender; or
(b)
where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme; or
(c)
where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV; or
(d)
where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; or
(e)
where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f)
where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid.

At the end of subsection 110J(3)

Add:
; or (e)
where the sender is the operator of a notified foreign passport fund—the recipient is an Australian member of the fund; or
(f)
where the sender is the bidder under a takeover bid—the recipient is a holder of securities in the target for the bid; or
(g)
the recipient is of a kind specified in regulations made for the purposes of this paragraph.

After section 110J

Insert:

110JASender does not need to send document if member uncontactable

Sender taken to send document
(1)
This section applies if:
(a)
the sender is required or permitted to send a document to which this Division applies to the recipient under a provision of this Act; and
(b)
the conditions in subsection (3) are satisfied; and
(c)
any of the following apply:
(i)
where the sender is a company—the recipient is a member of the company;
(ii)
where the sender is the responsible entity of a registered scheme—the recipient is a member of the scheme;
(iii)
where the sender is the corporate director of a CCIV—the recipient is a member of the CCIV;
(iv)
where the sender is a disclosing entity mentioned in subsection 111AC(1)—the recipient is a member of the disclosing entity;
(v)
where the sender is a disclosing entity mentioned in subsection 111AC(2)—the recipient is a member of the managed investment scheme mentioned in that subsection; and
(d)
the sender sends the document in accordance with the provision mentioned in paragraph (a) to one or more other members of a kind mentioned in whichever of subparagraphs (c)(i) to (v) applies.
(2)
For the purposes of the provision mentioned in paragraph (1)(a):
(a)
the sender is taken to send the document, as required or permitted in accordance with that provision, at the later of:
(i)
the time all of the conditions in paragraphs (3)(a), (b) and (c) are first satisfied; and
(ii)
the time the sender first sends the document to one or more other members as mentioned in paragraph (1)(d); and
(b)
the recipient is taken to receive the document when it is taken to be sent under paragraph (a) of this subsection.
Conditions for relief
(3)
For the purposes of paragraph (1)(b), the conditions are that:
(a)
the sender has received notification in relation to each of the following addresses that indicates it is not a current address for the recipient:
(i)
if the sender is a company, responsible entity of a registered scheme or corporate director of a CCIV—the recipient’s address in the company, scheme or CCIV’s register of members;
(ii) any other addresses for the recipient, including any electronic addresses for receiving electronic communications, known to the sender because the recipient is a member mentioned in whichever of subparagraphs (1)(c)(i) to (v) applies; and
(b)
the sender reasonably believes that none of those addresses are a current address for the recipient; and
(c)
the sender is unable, after taking reasonable steps, to ascertain a current address for the recipient.
(4)
For the purposes of paragraph (3)(c), the sender has not taken reasonable steps unless the sender has attempted to communicate with the recipient using all contact details for the recipient that are known to the sender because the recipient is a member mentioned in whichever of subparagraphs (1)(c)(i) to (v) applies.
Sender must send notice for relief to continue to apply after period of 18 months
(5)
Subsection (6) applies if the period of 18 months starting on the day all of the conditions in paragraphs (3)(a), (b) and (c) are first satisfied has ended.
(6)
Subsection (2) does not apply to the sending of a document mentioned in paragraph (1)(d) if, within the last 12 months of that period, the sender did not take reasonable steps to advise the recipient that:
(a)
the sending of documents to which this Division applies to the recipient by the sender is suspended; and
(b)
although that sending has been suspended, it will be resumed if the recipient provides a current address (which may be an electronic address) for being sent those documents.

Paragraph 110K(3)(a)

Omit “paragraph 110E(1)(c) or (d)”, substitute “subsection (3A)”.

After subsection 110K(3)

Insert:
(3A)
For the purposes of paragraph (3)(a), the members are:
(a)
for a disclosing entity mentioned in subsection 111AC(1)—the members of the disclosing entity; and
(b)
for a disclosing entity mentioned in subsection 111AC(2)—the members of the managed investment scheme mentioned in that subsection.
(3B)
The operator of a notified foreign passport fund must:
(a)
send the Australian members of the fund, at least once in each financial year, a notice setting out the matters mentioned in subsection (4); or
(b)
make such a notice readily available on a website.

At the end of subsection 110K(4)

Add:
; and (d)
for the operator of a notified foreign passport fund—Australian members’ rights to elect to be sent reports mentioned in section 314A in English or in an official language of the home economy of the fund (see subsections 314A(3) and (4)).

Section 248D

Repeal the section, substitute:

248DUse of technology

(1)
A directors’ meeting may be called or held using any technology.
(2)
Without limiting subsection (1), a directors’ meeting may be held:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual meeting technology; or
(c)
using virtual meeting technology only.
(3)
Despite subsections (1) and (2), if technology is used to call a director’s meeting, or to hold a directors’ meeting (whether or not the meeting is held at one or more physical venues), the technology must be reasonable.

Subsection 254P(2)

Omit “The notice must be sent by post.”.

Paragraphs 283EA(3)(b) and (c)

Repeal the paragraphs, substitute:
(b)
in the manner mentioned in paragraph 110D(1)(a), (b), (c) or (d); or

Subsection 283EA(4) (heading)

Omit “fax”, substitute “electronic means”.

Paragraph 283EA(4)(b)

Omit “fax or other”.
28
Subsections 314A(2), (3), (4), (5), (6), (7) and (8)
Repeal the subsections, substitute:
(2)
A notified foreign passport fund may provide the reports by sending them to each Australian member.
(3)
If an Australian member of a notified foreign passport fund elects under subsection 110E(2) to be sent reports mentioned in this section in physical form or in electronic form, that election may also include an election to be sent the reports in English or in an official language of the home economy of the fund.
(4)
If the member makes an election to be sent the reports in a language mentioned in subsection (3) of this section:
(a)
for the purposes of section 110F (failure to comply with member’s election), such a report is not sent in a manner that complies with the election under section 110E unless it is sent in that language; and
(b)
for the purposes of paragraph 110F(4A)(c), it is a requirement that such a report be sent in that language.
(5)
A notified foreign passport fund must provide the reports in English to the extent that:
(a)
the reports are provided by sending them in accordance with paragraph 110D(1)(e) (sending documents by making them available on a website); or
(b)
the reports are provided to an Australian member for whom an election in accordance with subsection (3) of this section to be sent the reports in a particular language is not in force.

Subsection 314A(9)

Omit “(1), (3) or (7)”, substitute “(1) or (5)”.

Subsection 315(6)

Repeal the subsection.

Section 316AA

Repeal the section.

Subsection 316A(1)

Omit “notice in writing to the company, elect to receive a hard copy or an electronic copy of”, substitute “notifying the company (whether or not in writing), elect to receive”.

Subsections 316A(3) and (4)

Omit “, in accordance with the election,”.

Subsection 414(2)

Omit “as prescribed”, substitute “, in accordance with the requirements mentioned in subsection (10B) (if applicable),”.

Paragraph 414(9)(a)

Omit “as prescribed”, substitute “, in accordance with the requirements mentioned in subsection (10B) (if applicable),”.

After subsection 414(10)

Insert:
(10A)
Without limiting the manner in which a notice mentioned in subsection (2) or paragraph (9)(a) may be given to a shareholder, the notice may be given to the shareholder personally.
(10B)
If a notice mentioned in subsection (2) or paragraph (9)(a) is given to a shareholder:
(a)
by sending the notice in a physical form in accordance with paragraph 110D(1)(a); or
(b)
by sending information in a physical form in accordance with paragraph 110D(1)(b);
the notice or information must be sent by prepaid post to the shareholder’s address shown in the books of the transferor company.

Section 600G

Repeal the section.

After paragraph 641(1)(a)

Insert:
(aa)
where the target knows an electronic address for the person because the person holds securities in the target, and believes on reasonable grounds that it is a current electronic address for the person for receiving electronic communications—that electronic address; and

(ab)
where an election of the person to be sent documents by the target in physical form, or in electronic form, is in force under section 110E (disregarding subsection 110E(8)) in relation to a kind of documents mentioned in subsection (1C) of this section—the fact that such an election is in force; and

After subsection 641(1B)

Insert:
(1C)
For the purposes of paragraph (1)(ab), the kinds of documents are:
(a)
all documents to which Division 2 of Part 1.2AA applies; or
(b)
one or more classes of documents that, taken together, include the documents mentioned in subsection 648CB(3) (documents relating to takeover bids).

After section 641

Insert:

641AUse or disclosure of information obtained from target

(1)
A person (the first person) contravenes this subsection if:
(a)
the target gives the bidder information under section 641 in relation to another person; and
(b)
the first person:
(i)
is the bidder; or
(ii)
obtains the information from the bidder (whether directly or indirectly); and
(c)
the first person uses or discloses the information; and
(d)
the use or disclosure is not for the purposes of sending a document, or otherwise complying with an obligation under this Act, in relation to:
(i) the takeover bid; or
(ii)
a compulsory acquisition of securities under Part 6A.1 relating to the takeover bid.
Civil penalty:
(a) for an individual—2,000 penalty units; and
(b)
for a body corporate—10,000 penalty units.
(2)
Subsection (1) does not apply if the use or disclosure is required or permitted by a law of the Commonwealth or a prescribed law of a State or internal Territory.
(3)
A person who contravenes subsection (1) is not guilty of an offence.
Note: Subsection (1) is a civil penalty provision (see section 1317E).

Section 648B

After “address”, insert “(including the electronic address, if any)”.

Section 648C

Repeal the section, substitute:

648CSending documents to holders of securities—general

(1)
This section applies if a document is required or permitted to be sent to a holder of securities under this Chapter.
Note 1: Division 2 of Part 1.2AA provides for technology neutral sending of documents.
Note 2: Section 109X makes general provision for service of documents.
(2) If the document is sent by sending the document in a physical form in accordance with paragraph 110D(1)(a), or by sending information in a physical form in accordance with paragraph 110D(1)(b), the document or information must be sent:
(a)
if the document or information is to be sent to the holder outside Australia—by pre‑paid airmail post or by courier; or
(b)
if the document or information is to be sent to the holder in Australia—by pre‑paid ordinary post or by courier.
(3)
For the purposes of this Chapter, the document is taken to have been sent to the holder:
(a)
if the document is sent in a physical form in accordance with paragraph 110D(1)(a):
(i)
when the document is posted; or
(ii)
if the document is sent by courier—when the document is given to the courier; or
(b)
if the document is sent by sending information in accordance with paragraph 110D(1)(b) (sending information in physical form that allows electronic access):
(i)
when the information is posted; or
(ii)
if the information is sent by courier—when the information is given to the courier; or
(c)
if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(c)—when the electronic communication is sent; or
(d)
if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(d) (sending information in electronic form allowing electronic access)—when the electronic communication is sent.
(4)
This section applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.

648CBSending documents to holders of securities—effect of election by holder to be sent documents by target in particular form

(1)
This section applies if the target for a takeover bid has informed the bidder in accordance with paragraph 641(1)(ab) that an election of a holder of securities under section 110E to be sent documents in physical form or electronic form is in force.
(2)
An election of the holder under section 110E to be sent documents by the bidder in the relevant form is taken to be in force from the time the target informs the bidder of the election.
(3)
The election is taken to be made in relation to all documents required or permitted to be sent by the bidder under:
(a)
this Chapter; or
(b)
Part 6A.1; or
(c)
any other provision of this Act, to the extent that it relates to the provisions mentioned in paragraphs (a) and (b).
(4)
Subsection (2) has effect subject to any notification of withdrawal of the election received by the bidder from the holder of securities in accordance with paragraph 110E(7)(b).

Subsection 661B(3)

Repeal the subsection.

Subsection 661B(4)

Repeal the subsection (including the note).

Subsection 661D(1)

After “addresses”, insert “(but not the electronic addresses)”.

Subsection 662B(3)

Repeal the subsection.

Subsection 662B(4)

Repeal the subsection (including the note).

Subsection 663B(3)

Repeal the subsection.

Subsection 663B(4)

Repeal the subsection (including the note).

Subsection 664C(4)

Repeal the subsection.

Subsection 664C(5)

Repeal the subsection.

Subsection 664E(1)

Omit “returning”, substitute “giving”.

Subsection 664E(2)

Omit “returned” (wherever occurring), substitute “given”.

Subsection 665B(3)

Repeal the subsection.

Subsection 665B(4)

Repeal the subsection (including the note).

At the end of Chapter 6A

Add:

Part 6A.7—Miscellaneous

669ASending documents

(1)
This section applies to any document that is required or permitted to be sent to a person (the recipient) under this Chapter.
Note 1: Division 2 of Part 1.2AA provides for technology neutral sending of documents.
Note 2: Section 109X makes general provision for service of documents.
(2)
Without limiting the manner in which the document may be sent, the document may be sent to the recipient by giving it to the recipient personally.
(3)
For the purposes of this Chapter, the document is taken to have been sent to the recipient:
(a)
if the document is sent in a physical form in accordance with paragraph 110D(1)(a):
(i)
3 days after the document is posted; or
(ii)
if the document is sent by courier—3 days after the document is given to the courier; or
(b)
if the document is sent by sending information in accordance with paragraph 110D(1)(b) (sending information in physical form that allows electronic access):
(i)
3 days after the information is posted; or
(ii)
if the information is sent by courier—3 days after the information is given to the courier; or
(c)
if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(c)—when the electronic communication is sent; or
(d)
if the document is sent by sending an electronic communication in accordance with paragraph 110D(1)(d) (sending information in electronic form allowing electronic access)—when the electronic communication is sent.
(4)
This section does not apply to a document that is required or permitted to be sent by or to ASIC under this Chapter.
(5)
This section applies to a requirement or permission to send a document, whether the expression send, give, serve or dispatch, or any other expression, is used.

In the appropriate position in Chapter 10

Insert:

Part 10.64—Application and transitional provisions relating to Schedules 1 and 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

Division 1—Modernising Business Communications

1694Definitions

In this Division:
amending Part means Part 1 of Schedule 1 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023.
commencement day means the day the amending Part commences.

1694AApplication—signing documents

The amendments made by the amending Part apply in relation to the signing of a document (including a deed) on or after the commencement day.

1694BApplication—sending documents

The amendments made by the amending Part apply in relation to a document sent on or after the commencement day.

1694CApplication—uncontactable members

Section 110JA, as inserted by the amending Part, applies in relation to documents required or permitted to be sent on or after the commencement day, if the notification under paragraph 110JA(3)(a) of this Act was received on or after that day.

1694DApplication—directors’ meetings

The amendment of section 248D made by the amending Part applies in relation to the calling or holding, on or after the commencement day, of a directors’ meeting.

1694ETransitional—elections by Australian members of notified foreign passport funds to receive annual reports in particular form etc.

(1)
This section applies in relation to an election by an Australian member of a notified foreign passport fund, to receive reports in hard copy or as an electronic copy, that is in force under subsection 314A(3) of this Act immediately before the commencement day.
(2)
Despite the repeal of that subsection by the amending Part, the election continues in force on and after that day as if it were an election under section 110E of this Act, as amended by the amending Part:
(a)
to be sent such reports:
(i)
for an election to receive in hard copy—in physical form; or
(ii)
for an election to receive as an electronic copy—in electronic form; and
(b)
if the election included an election to receive the reports in English, or in an official language of the home economy of the fund—to be sent such reports in that language.

1694FTransitional—elections by members of companies limited by guarantee to receive reports etc.

(1)
This section applies in relation to an election by a member of a company limited by guarantee, to receive reports in hard copy or as an electronic copy, that is in force under subsection 316A(1) immediately before the commencement day.
(2)
Despite the amendment of that subsection by the amending Part:
(a)
the election continues in force on and after the commencement day as an election under subsection 316A(1) of this Act to receive such reports (in accordance with subsection 316A(2)); and
(b)
an election of the member is taken to be in force under section 110E on and after the commencement day to be sent such reports:
(i)
for an election to receive in hard copy—in physical form; or
(ii)
for an election to receive as an electronic copy—in electronic form.
(3)
Paragraph (2)(b) has effect subject to paragraph 110E(7)(b) (withdrawal of election).

In the appropriate position in Schedule 3

Insert:

Subsection 110K(3B)

30 penalty units

59
Schedule 3 (table item dealing with subsections 314A(1), (3) and (7), column headed “provision”)
Omit “Subsections 314A(1), (3) and (7)”, substitute “Subsections 314A(1) and (5)”.
60
In the appropriate position in subsection 1317E(3) (table)
Insert:

subsection 641A(1)

use or disclosure of information obtained from target

uncategorised

Part 2Virtual hearings and examinations

Australian Prudential Regulation Authority Act 1998

Subsection 3(1)

Insert:
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.

After section 58

Insert:

58AProceedings at examination

(1)
This section applies to the following:
(a)
an examination under Division 2 of Part VIII of the Banking Act 1959 by an investigator appointed by APRA;
(b)
an examination under subsection 55(1), 62C(1), 62C(2) or 81(2) of the Insurance Act 1973 by APRA or an inspector appointed by APRA;
(c)
an investigation under Division 3 of Part 7 of the Life Insurance Act 1995 by APRA;
(d)
an examination under Division 3 of Part 6 of the Private Health Insurance (Prudential Supervision) Act 2015 by an inspector appointed by APRA;
(e)
an examination under Division 5 of Part 25 of the Superannuation Industry (Supervision) Act 1993 by APRA or an inspector appointed by APRA;
(f)
an examination under Division 4 of Part 10 of the Retirement Savings Accounts Act 1997 by an inspector appointed by APRA.
(2)
For the purposes of paragraph (1)(c), treat references in the following subsections to examination as references to investigation.
(3)
APRA, the investigator or the inspector (as applicable) may decide to hold the examination:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(4)
Subsection (5) applies if the examination is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(5)
APRA, the investigator or the inspector (as applicable) must ensure that the use of the virtual enquiry technology is reasonable.
(6)
If the examination is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
APRA, the investigator or the inspector (as applicable) may appoint a single place and time at which the examination is taken to have been held.
(7)
This section applies to part of an examination in the same way that it applies to all of an examination.

Australian Securities and Investments Commission Act 2001

Subsection 5(1)

Insert:
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.

After section 22

Insert:

22AProceedings at examination

(1)
The inspector may decide to hold the examination:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsection (3) applies if the examination is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
The inspector must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the examination is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the inspector may appoint a single place and time at which the examination is taken to have been held.
(5)
This section applies to part of an examination in the same way that it applies to all of an examination.

After section 59

Insert:

59AProceedings at hearings

(1)
ASIC may decide to hold a hearing:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsections (3) and (4) apply if the hearing is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
ASIC must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the hearing is held in public, ASIC must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the hearing; and
(b)
information sufficient to allow the public to observe the hearing using the virtual enquiry technology is made publicly available in a reasonable way.
(5)
If the hearing is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
ASIC may appoint a single place and time at which the hearing is taken to have been held.
(6)
This section applies to part of a hearing in the same way that it applies to all of a hearing.

Subsections 159(3) and (4)

Repeal the subsections.

After section 159

Insert:

159AProceedings at hearings

(1)
The Chair of a Financial Services and Credit Panel may decide to hold a hearing:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsections (3) and (4) apply if the hearing is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
The Chair of the Financial Services and Credit Panel must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the hearing is held in public, the Chair of the Financial Services and Credit Panel must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the hearing; and
(b)
information sufficient to allow the public to observe the hearing using the virtual enquiry technology is made publicly available in a reasonable way.
(5)
If the hearing is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the Chair of the Financial Services and Credit Panel may appoint a single place and time at which the hearing is taken to have been held.
(6)
This section applies to part of a hearing in the same way that it applies to all of a hearing.

After section 218

Insert:

218AProceedings at hearings

(1)
The Panel may decide to hold a hearing:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsections (3) and (4) apply if the hearing is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
The Panel must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the hearing is held in public, the Panel must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the hearing; and
(b)
information sufficient to allow the public to observe the hearing using the virtual enquiry technology is made publicly available in a reasonable way.
(5)
If the hearing is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the Panel may appoint a single place and time at which the hearing is taken to have been held.
(6)
This section applies to part of a hearing in the same way that it applies to all of a hearing.

Competition and Consumer Act 2010

Subsection 4(1)

Insert:
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.

Subsection 44ZF(4)

Repeal the subsection.

After section 158

Insert:

158AProceedings without initiation notice—use of virtual enquiry technology

(1)
This section applies to the following (the proceedings):
(a)
an arbitration of an access dispute under Part IIIA by the Commission as constituted by members of the Commission under section 44Z;
(b)
an inquiry under Part VIIA by an inquiry body (within the meaning of that Part) before an inquiry Chair (within the meaning of that Part);
(c)
a conference convened under subsection 151AZ(1) by the Commission.
(2)
The members of the Commission, the inquiry Chair or the Commission (as applicable) may decide to hold the proceedings:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(3)
Subsections (4) and (5) apply if the proceedings are held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(4)
The members of the Commission, the inquiry Chair or the Commission (as applicable) must ensure that the use of the virtual enquiry technology is reasonable.

(5)
If the proceedings are held in public, the members of the Commission, the inquiry Chair or the Commission (as applicable) must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the proceedings; and
(b)
information sufficient to allow the public to observe the proceedings using the virtual enquiry technology is made publicly available in a reasonable way.

(6)
If the proceedings are or will be held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the members of the Commission, the inquiry Chair or the Commission (as applicable) may appoint a single place and time at which the proceedings are taken to be or have been held.
(7)
This section applies to part of the proceedings in the same way that it applies to all of the proceedings.

158BProceedings with initiation notice—use of virtual enquiry technology

(1)
This section applies to the following (the proceedings):
(a)
an appearance to give evidence or produce documents under section 44AAFA before the AER or a person assisting the AER;
(b)
a conference held under subsection 90A(6) by the Commission as represented by a member or members of the Commission under paragraph 90A(7)(a);
(c)
a conference held under subsection 93A(5) by the Commission as represented by a member or members of the Commission under paragraph 93A(6)(a);
(d)
a conference held under Subdivision A or B of Division 3 of Part XI by the Commission as represented by a member or members of the Commission under paragraph 132H(1)(a);
(e)
an appearance to give evidence or produce documents under section 133D before the Commonwealth Minister or an inspector;
(f)
an appearance to give evidence or produce documents under paragraph 155(1)(c) before the Commission, an associate member of the Commission who is an AER member or a member of the staff assisting the Commission.
(2)
The person who appoints the date or day (if applicable), time and place for the proceedings may decide that the proceedings are to be held:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(3)
If the proceedings are to be held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the single place and time at which the proceedings are taken to be held is that specified in the notice for the proceedings.
(4)
Subsections (5) and (6) apply if the proceedings are held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(5)
The AER, the person assisting the AER, the member or members of the Commission, the Commission, the Commonwealth Minister, the inspector, the associate member of the Commission who is an AER member or the member of the staff assisting the Commission (as applicable) (the relevant person) must ensure that the use of the virtual enquiry technology is reasonable.
(6)
If the proceedings are held in public, the relevant person must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the proceedings; and
(b)
information sufficient to allow the public to observe the proceedings using the virtual enquiry technology is made publicly available in a reasonable way.
(7)
This section applies to part of the proceedings in the same way that it applies to all of the proceedings.

72Application

Section 158B of the Competition and Consumer Act 2010, as inserted by this Part, applies in relation to proceedings for which notice has been given on or after the commencement of this Part.

National Consumer Credit Protection Act 2009

Subsection 5(1)

Insert:
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.

After section 256

Insert:

256AProceedings at examination

(1)
The inspector may decide to hold the examination:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsection (3) applies if the examination is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
The inspector must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the examination is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the inspector may appoint a single place and time at which the examination is taken to have been held.
(5)
This section applies to part of an examination in the same way that it applies to all of an examination.

After section 285

Insert:

285AProceedings at hearings

(1)
ASIC may decide to hold the hearing:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(2)
Subsections (3) and (4) apply if the hearing is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(3)
ASIC must ensure that the use of the virtual enquiry technology is reasonable.
(4)
If the hearing is held in public, ASIC must ensure that:
(a)
the virtual enquiry technology provides the public with a reasonable opportunity to observe the hearing; and
(b)
information sufficient to allow the public to observe the hearing using the virtual enquiry technology is made publicly available in a reasonable way.
(5)
If the hearing is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
ASIC may appoint a single place and time at which the hearing is taken to have been held.
(6)
This section applies to part of a hearing in the same way that it applies to all of a hearing.

Tax Agent Services Act 2009

At the end of section 60‑105

Add:
Use of virtual enquiry technology etc.
(4)
The Board may decide to hold a proceeding at which a person is to appear before it:
(a)
at one or more physical venues; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only.
(5)
Subsection (6) applies if the proceeding is held:
(a)
at one or more physical venues and using virtual enquiry technology; or
(b)
using virtual enquiry technology only.
(6)
The Board must ensure that the use of the virtual enquiry technology is reasonable.
(7)
If the proceeding is held:
(a)
at more than one physical venue; or
(b)
at one or more physical venues and using virtual enquiry technology; or
(c)
using virtual enquiry technology only;
the Board may appoint a single place and time at which the proceeding is taken to have been held.
(8)
This section applies to part of a proceeding in the same way that it applies to all of a proceeding.

Subsection 90‑1(1)

Insert:
virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry.

Part 3Payment methods

Corporations Act 2001

Paragraph 254P(2)(c)

Repeal the paragraph, substitute:
(c)
details for making the payment.

Subsection 254P(2)

Omit “The notice must be sent by post.”.

Excise Act 1901

Paragraph 129C(2)(a)

Repeal the paragraph, substitute:
(a)
the person may pay the penalty stated in the notice in any way stated in the notice; and

Small Superannuation Accounts Act 1995

Section 32

Repeal the section.

Part 4Publication requirements and other amendments

Competition and Consumer Act 2010

Paragraph 28(2)(a)

Omit “such newspapers and other journals as”, substitute “any other manner”.

Subsection 44GA(10)

Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Subsection 44LD(10)

Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Subsection 44NC(10)

Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Subsection 44ZZOA(10)

Omit “national newspaper”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Corporations Act 2001

Section 9 (definition of daily newspaper)

Repeal the definition.

Section 9 (definition of national newspaper)

Repeal the definition.

Paragraph 103(2)(b)

Omit all the words after “published”.

Subsections 254Q(3), (4) and (4A)

Repeal the subsections, substitute:
Advertisement of sale
(3)
At least 14 days, and not more than 21 days, before the day of the sale, a notice of the sale must be published in accordance with subsection (5A). The specific number of shares to be offered need not be specified in the notice and it is sufficient for the notice to be to the effect that all shares on which a call remains unpaid will be sold.
Postponement of sale
(4)
An intended sale of forfeited shares of which a notice has been published in accordance with subsection (3) may be postponed for not more than 21 days from the date of sale specified in the notice. A notice of the date to which the sale is postponed must be published in accordance with subsection (5A).

After subsection 254Q(5)

Insert:
Publishing notices
(5A)
A notice under subsection (3) or (4) is published in accordance with this subsection if the notice is published:
(a)
unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b)
if a determination in force under subsection (5B) specifies one or more manners in which such a notice may be published—in a manner so specified.
(5B)
For the purposes of paragraph (5A)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which a notice under subsection (3) or (4) may be published.
(5C)
A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

Paragraph 601CC(14)(a)

Omit “advertisement in a daily newspaper circulating generally in each State or Territory where the body carried on business at any time during the 6 years before the liquidation”, substitute “a notice published in accordance with subsection 601CCA(1)”.

At the end of Division 1 of Part 5B.2

Add:

601CCAPublishing notices relating to cessation of business etc.

(1)
A notice mentioned in paragraph 601CC(14)(a) is published in accordance with this subsection if it is published:
(a)
unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b)
if a determination under subsection (2) is in force:
(i)
if the determination specifies one or more manners of publication under paragraph (2)(a)—in a manner specified in the determination; or
(ii)
if the determination specifies that such a notice may be published in the prescribed manner—in the prescribed manner.
Note: For publication in the prescribed manner, see section 1367A.
(2)
For the purposes of paragraph (1)(b), ASIC may, by legislative instrument, make a determination specifying:
(a)
unless the matter in paragraph (b) of this subsection is specified—one or more manners in which a notice mentioned in paragraph 601CC(14)(a) may be published; or
(b)
that such a notice may be published in the prescribed manner.
(3)
A manner of publication may be specified in the determination under paragraph (2)(a) only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

Paragraph 601CL(15)(a)

Omit “advertisement in a daily newspaper circulating generally in each State or Territory where the foreign company carried on business at any time during the 6 years before the liquidation”, substitute “a notice published in accordance with subsection 601CLA(1)”.

After section 601CL

Insert:

601CLAPublishing notices relating to cessation of business etc.

(1)
A notice mentioned in paragraph 601CL(15)(a) is published in accordance with this subsection if it is published:
(a)
unless paragraph (b) of this subsection applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b)
if a determination under subsection (2) is in force:
(i)
if the determination specifies one or more manners of publication under paragraph (2)(a)—in a manner specified in the determination; or
(ii)
if the determination specifies that such a notice may be published in the prescribed manner—in the prescribed manner.
Note: For publication in the prescribed manner, see section 1367A.
(2)
For the purposes of paragraph (1)(b), ASIC may, by legislative instrument, make a determination specifying:
(a)
unless the matter in paragraph (b) of this subsection is specified—one or more manners in which a notice mentioned in paragraph 601CL(15)(a) may be published; or
(b)
that such a notice may be published in the prescribed manner.
(3)
A manner of publication may be specified in the determination under paragraph (2)(a) only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

Section 601WBH

Before “ASIC”, insert “(1)”.

Paragraph 601WBH(b)

Repeal the paragraph, substitute:
(b)
make a notifiable instrument setting out notice of the issue of the certificate; and
(c)
if regulations made for the purposes of this paragraph specify requirements for such notice to be published—publish the notice in accordance with those requirements.

At the end of section 601WBH

Add:
(2)
To avoid doubt, paragraph (1)(c) expresses a contrary intention for the purposes of subsection 11(4) of the Legislation Act 2003.

Paragraph 601WDA(1)(b)

Repeal the paragraph, substitute:
(b)
publish notice of the cancellation of the licence on the trustee company’s website (if any), and in another manner that is in accordance with subsection (4).

100

Subsection 601WDA(3)

Repeal the subsection (not including the note), substitute:
(3)
If a certificate of transfer for a voluntary transfer determination comes into force, the transferring company must, as soon as practicable, publish notice of the transfer of estate assets and liabilities on the transferring company’s website (if any), and in another manner that is in accordance with subsection (4).

101

At the end of section 601WDA

Add:
Publishing notices
(4)
A manner of publishing notice under paragraph (1)(b) or subsection (3) is in accordance with this subsection if the manner:
(a)
unless paragraph (b) applies—results in the notice being accessible to the public and reasonably prominent; or
(b)
if a determination in force under subsection (5) specifies one or more manners in which such a notice may be published—is so specified.
(5)
For the purposes of paragraph (4)(b), ASIC may, by legislative instrument, make a determination specifying one or more manners in which notice under paragraph (1)(b) or subsection (3) may be published.
(6)
A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

102

Paragraph 1070D(6)(a)

Omit “place an advertisement in a daily newspaper circulating in a place specified by the directors”, substitute “publish a notice in a manner specified by the directors”.

103

Paragraph 1071D(6)(b)

Omit all the words after “and”, substitute “by publishing a notice in any other manner the company thinks fit”.

104

After subclause 38(2) of Schedule 4

Insert:
(2A)
Without limiting paragraph (2)(c), regulations made under this clause may provide for ASIC to make, by legislative instrument, a determination relating to manners in which notice mentioned in that paragraph may be published.

Income Tax Assessment Act 1936

105

Subsection 45D(2) (heading)

Omit “in national newspaper”.

106

Subsection 45D(2)

Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

107

Subsection 177EA(7) (heading)

Omit “in national newspaper”.

108

Subsection 177EA(7)

Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Income Tax Assessment Act 1997

109

Subsection 204‑50(3)

Omit “daily newspaper that circulates generally in each State, the Australian Capital Territory and the Northern Territory”, substitute “manner that results in the notice being accessible to the public and reasonably prominent”.

Insurance Act 1973

110

Subsection 29(1)

Repeal the subsection, substitute:
(1)
A general insurer who changes its name must publish a notice of that fact:
(a)
unless paragraph (b) applies—in a manner that results in the notice being accessible to the public and reasonably prominent; or
(b)
if a determination under subsection (2A) is in force—in a manner specified in the determination.

111

After subsection 29(2)

Insert:
(2A)
For the purposes of paragraph (1)(b), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice mentioned in subsection (1) may be published.
(2B)
A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

112

Subsection 29(3)

Omit “placed”, substitute “published”.

Life Insurance Act 1995

113Paragraph 191(2)(b)

Repeal the paragraph, substitute:
(b) notice of intention to make the application has been published in accordance with subsection (2A); and

114

After subsection 191(2)

Insert:
(2A)
A notice referred to in paragraph (2)(b) is published in accordance with this subsection if:
(a)
the form of the notice is approved by APRA in accordance with subsection (2B); and
(b)
the applicant publishes the notice in a manner that:
(i)
unless subparagraph (ii) of this paragraph applies—results in the notice being accessible to the public and reasonably prominent; or
(ii)
if a determination under subsection (2C) is in force—is specified in the determination; and
(c)
any other requirements set out in regulations made for the purposes of this paragraph are satisfied.
(2B)
For the purposes of paragraph (2A)(a), APRA may approve, in writing, the form of a notice referred to in paragraph (2)(b).
(2C)
For the purposes of subparagraph (2A)(b)(ii), APRA may, by legislative instrument, make a determination specifying one or more manners in which a notice referred to in paragraph (2)(b) may be published.
(2D)
A manner of publication may be specified in the determination only if APRA considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.

115

Subsection 191(3)

Omit “(2)(b)”, substitute “(2A)(c)”.

116

Section 223 (heading)

Repeal the heading, substitute:

223Other matters relating to certain replacement policy documents

117

Subsections 223(3) and (4)

Repeal the subsections.

118

Subsection 224(1)

Omit “(1)”.

119

Subparagraph 224(1)(b)(i)

Repeal the subparagraph.

120

Subparagraph 224(1)(b)(ii)

Omit “after giving notice,”.

121

Subsections 224(2) and (3)

Repeal the subsections.

122

Application provision—publishing notices

The amendments of section 191 of the Life Insurance Act 1995 made by this Part apply in relation to the publishing of notice of intention under that section on or after the commencement of this Part.

123

Saving provision—approved form of notice

(1) This item applies if an approval by APRA of a form of a notice mentioned in paragraph 191(2)(b) of the Life Insurance Act 1995 is in force immediately before the commencement of this Part under regulations made for the purposes of that paragraph.
(2) The approval continues in force (and may be dealt with) on and after that commencement as if it were an approval of a form by APRA under subsection 191(2B) of the Life Insurance Act 1995, as amended by this Part.

(d)
if a mortgage intermediary has previously acted or is acting as an intermediary in relation to a licensee where the individual is, or is a former or current representative of, that licensee—that mortgage intermediary.
(3AC)
The Reference Checking and Information Sharing Protocol may provide for keeping and retaining records of information shared, and the circumstances under which that information is shared.

Subsections 47(3C) and (3D)

Repeal the subsections.

Subsection 47(3E)

Omit “subsection (3D)”, substitute “paragraphs (3A)(c) and (3AB)(c)”.

Subsection 47(3F)

Omit all the words after “Reference Checking and Information Sharing Protocol”.

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009

In the appropriate position

Insert:
Schedule 21—Transitional provisions relating to Division 18 of Part 1 of Schedule 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

1
Transitional—Reference Checking and Information Sharing Protocol
A protocol determined under subsection 47(3A) of the National Consumer Credit Protection Act 2009 in force immediately before the commencement of Division 18 of Part 1 of Schedule 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 continues in force as if it had been determined under that subsection as amended by that Schedule.

Division 19Disclosure documents for offers in a MIS

Corporations Act 2001

Subsection 708(13)

Repeal the subsection, substitute:
Certain offers to present holder of securities
(13)
An offer of securities for issue does not need disclosure to investors under this Part if it is an offer of fully‑paid shares in a body to one or more existing holders of shares in the body under a dividend reinvestment plan or bonus share plan.

Subsection 710(1) (table item 1)

Omit “, debentures or interests in a managed investment scheme”, substitute “or debentures”.

Subsection 710(1) (table item 1)

Omit “the shares, debentures or interests”, substitute “the shares or debentures”.

Paragraph 710(2)(b)

Repeal the paragraph.

Subparagraph 711(3)(b)(ii)

Omit “; and”, substitute “.”.

Paragraph 711(3)(c)

Repeal the paragraph.

100

Section 720 (table item 1)

Omit “if securities interests in a managed investment scheme made available by a body—every director of that body
if securities interests in a managed investment scheme made available by an individual—that individual”.

101

Section 720 (table item 1A)

Omit “if simple corporate bonds in a managed investment scheme made available by a body—every director of that body
if simple corporate bonds in a managed investment scheme made available by an individual—that individual”.

Division 20Elections under section 110E of the Corporations Act 2001

Corporations Act 2001

102

Paragraphs 110H(1)(a) and 110J(1)(b)

Omit “Part”, substitute “Division”.

Division 21Continuing credit contracts exemption

National Consumer Credit Protection Regulations 2010

103

Regulation 51

Repeal the regulation, substitute:

51Exempt credit—maximum account charges

For the purposes of subsection 6(5) of the Code, for a continuing credit contract under which the only charge that is or may be made for providing credit:
(a)
is periodic or fixed; and
(b)
does not vary according to the amount of credit provided;
the prescribed maximum charge for the contract (the eligible contract) is as follows.

Prescribed maximum charge
Item	If:	Then the prescribed maximum charge is:
1	the debtor is not already a party to an eligible contract with the credit provider, or with an associate of the credit provider, when the eligible contract is entered into	(a) for the 12‑month period commencing when the debtor enters into the eligible contract—$200; and (b) for any later 12‑month period during which the eligible contract is in effect—$125
2	when the eligible contract (the new eligible contract) is entered into: (a) the debtor: (i) is already; or (ii) was within the previous 12 months; a party to an eligible contract with the credit provider or with an associate of the credit provider; and (b) neither the credit provider nor the associate of the credit provider is an ADI	(a) for the 12‑month period commencing when the debtor enters into the new eligible contract—nil; and (b) for any later 12‑month period during which the new eligible credit contract is in effect—nil

Note: Under subsection 6(5) of the Code, the Code does not apply to the provision of credit under an eligible contract unless the only charge that is or may be made for providing credit under the contract exceeds the maximum charge prescribed by this regulation.

104

In the appropriate position in Part 7‑11

Insert:

Division 4—Transitional provisions for the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

115Transitional arrangements

Regulation 51 (as substituted by Schedule 4 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023) applies in relation to contracts entered into on or after 13 June 2014.

Part 2Amendments commencing first day of next quarterDivision 1Asterisking

A New Tax System (Goods and Services Tax) Act 1999

105

Subsection 25‑5(3)

Omit “register”, substitute “*register”.

106

Subsection 25‑55(3)

Omit “registration”, substitute “*registration”.

107

Subsection 25‑57(3)

Omit “registration”, substitute “*registration”.

108

Subsection 63‑35(2)

Omit “registration”, substitute “*registration”.
109
Amendments of listed provisions relating to asterisking—definition of decreasing adjustment in section 195‑1
The items of the table in the definition of decreasing adjustment in section 195‑1 listed in the following table are amended as set out in the table.

Amendments relating to asterisking
Item	Table item	Omit	Substitute
1	Item 4AA	real property under the margin scheme	real property under the margin scheme
2	Item 4A	*compulsory third party schemes	compulsory third party schemes
3	Item 4B	Decreasing adjustments under compulsory third party schemes	Decreasing adjustments under compulsory third party schemes
4	Item 4C	Decreasing adjustments under compulsory third party schemes	Decreasing adjustments under compulsory third party schemes
5	Item 6A	Decreasing adjustments for additional consideration	Decreasing adjustments for additional consideration

110
Amendments of listed provisions relating to asterisking—definition of increasing adjustment in section 195‑1
The items of the table in the definition of increasing adjustment in section 195‑1 listed in the following table are amended as set out in the table.

Amendments relating to asterisking
Item	Table item	Omit	Substitute
1	Item 4AAA	real property under the margin scheme	real property under the margin scheme
2	Item 4AA	*compulsory third party schemes	compulsory third party schemes
3	Item 4AB	Increasing adjustments under compulsory third party schemes	Increasing adjustments under compulsory third party schemes
4	Item 4AC	Increasing adjustments under compulsory third party schemes	Increasing adjustments under compulsory third party schemes
5	Item 4AD	Increasing adjustments under insurance policy settlement sharing arrangements	Increasing adjustments under insurance policy settlement sharing arrangements
6	Item 4AE	Increasing adjustments under nominal defendant settlement sharing arrangements	Increasing adjustments under nominal defendant settlement sharing arrangements

Division 2Equal representation rules

Superannuation Industry (Supervision) Act 1993

111

Sub‑subparagraph 117(5)(b)(i)(B)

Omit “consisted of equal numbers of employer representatives and member representatives”, substitute “complied with the basic equal representation rules under Part 9”.

112

Sub‑subparagraph 117(5)(b)(ii)(B)

Omit “consisted of equal numbers of employer representatives and member representatives”, substitute “complied with the basic equal representation rules under Part 9”.

113

Subsection 117(9)

Repeal the subsection.

Division 3Registration requirements for GST

A New Tax System (Goods and Services Tax) Act 1999

114

Paragraph 84‑55(2)(a)

Repeal the paragraph, substitute:
(a)
*registered and a party to a written agreement, where:
(i)
the agreement is between the operator and at least one of the other operators of the platforms; and
(ii)
the operator is to be treated as the supplier under the agreement; or

115

Paragraphs 84‑55(2)(b) and (c)

Omit “if no such agreement has been made”, substitute “if paragraph (a) does not apply”.

116Application of amendments

The amendment of paragraph 84‑55(2)(a) of the A New Tax System (Goods and Services Tax) Act 1999 made by this Division applies in relation to a supply that is made on or after the commencement of this item.

[Minister’s second reading speech made in—

House of Representatives on 23 November 2022

Senate on 7 February 2023]

(125/22)