Treasury Legislation Amendment (Repeal Day) Act 2015
No. 2, 2015
Compilation No. 3
Compilation date: 1 July 2015
Includes amendments up to: Act No. 15, 2017
Registered: 9 March 2017
This compilation includes a retrospective amendment made by Act No. 15, 2017
About this compilation
This compilation
This is a compilation of the Treasury Legislation Amendment (Repeal Day) Act 2015 that shows the text of the law as amended and in force on 1 July 2015 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
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 (www.legislation.gov.au). 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.
Application, saving and transitional provisions for provisions and amendments
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.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
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.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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
1 Short title
2 Commencement
3 Schedules
Schedule 1—Employer reporting of superannuation contributions on payslips
Superannuation Industry (Supervision) Act 1993
Schedule 2—Consolidation and repeal of tax provisions
Part 1—Administrative provisions
Division 1—Consolidation of administrative provisions
Income Tax Assessment Act 1997
Petroleum Resource Rent Tax Assessment Act 1987
Product Grants and Benefits Administration Act 2000
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003
Taxation Administration Act 1953
Division 2—Repeals of administrative provisions
A New Tax System (Goods and Services Tax) Act 1999
Fringe Benefits Tax Assessment Act 1986
Fuel Tax Act 2006
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
Petroleum Resource Rent Tax Assessment Act 1987
Product Grants and Benefits Administration Act 2000
Superannuation Contributions Tax (Assessment and Collection) Act 1997
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997
Superannuation (Government Co‑contribution for Low Income Earners) Act 2003
Superannuation Guarantee (Administration) Act 1992
Superannuation (Unclaimed Money and Lost Members) Act 1999
Taxation Administration Act 1953
Part 2—Reports by investment bodies
Overview
The Treasury Legislation Amendment (Repeal Day) Act 2015 was enacted to address gaps and issues in Australian tax, superannuation, and financial sector legislation by consolidating, repealing, and amending various Acts. The Act was passed by the Australian Parliament and received Royal Assent on 25 February 2015. The Act includes provisions that consolidate administrative provisions, repeal outdated sections, and introduce new definitions and reporting requirements. For example, it amends the definition of Australia in various Acts to align with the Income Tax Assessment Act 1997 and introduces new reporting requirements for investment bodies under the Taxation Administration Act 1953. The Act also makes savings provisions to ensure that legal and administrative consequences of actions taken before the repeals and amendments commence can still be carried out.
Scope and Application
The Treasury Legislation Amendment (Repeal Day) Act 2015 applies to various pieces of Commonwealth legislation relating to taxation, superannuation, and shareholdings in certain financial sector companies. The Act amends or repeals sections of the Superannuation Industry (Supervision) Act 1993, the Income Tax Assessment Act 1997, the Fringe Benefits Tax Assessment Act 1986, the Petroleum Resource Rent Tax Assessment Act 1987, the Product Grants and Benefits Administration Act 2000, the Superannuation (Government Co-contribution for Low Income Earners) Act 2003, the Superannuation Guarantee (Administration) Act 1992, the Taxation Administration Act 1953, and the Financial Sector (Shareholdings) Act 1998. The amendments and repeals in Schedule 1 to the Act concerning the Superannuation Industry (Supervision) Act 1993, and in Schedules 2, 3, and 4 concerning other acts, commence on the day this Act receives the Royal Assent (25 February 2015). Other amendments and repeals in Schedule 2 concerning the administrative provisions of various tax laws commence on 1 July 2015. The Act applies to the Commonwealth of Australia, its territories, and the external territories. It does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence. The Act extends to every external territory referred to in the definition of Australia and may apply to acts, omissions, matters, and things outside Australia, whether or not in a foreign country. The Act binds the Crown in each of its capacities.
Key Provisions
- The Treasury Legislation Amendment (Repeal Day) Act 2015 (the Act) contains several key provisions that modify existing legislation concerning taxation, superannuation, and shareholdings in the financial sector. Section 2 specifies the commencement date of the Act, with different provisions coming into effect on various dates from 25 February 2015. The Act repeals and amends several Acts, including the Superannuation Industry (Supervision) Act 1993, the Income Tax Assessment Act 1997, and the Taxation Administration Act 1953, among others, as outlined in Schedule 2. These amendments primarily consolidate administrative provisions, repeal certain sections, and redefine terms related to taxation and superannuation.
- Entities governed by the amended Acts are required to comply with new reporting and record-keeping obligations. For example, investment bodies under the Taxation Administration Act 1953 must provide quarterly reports to the Commissioner about quoting investors' tax file numbers and ABNs, and annual reports on Part VA investments (Schedule 2, Part 2, Division 393). Employers must report superannuation contributions on payslips as stipulated in Schedule 1. Additionally, certain entities are required to give information and documents to the Commissioner under the amended Taxation Administration Act 1953.
- Failure to comply with these provisions can result in civil or criminal penalties. For instance, the Taxation Administration Act 1953 includes offences under sections 8C and 8D for failing to comply with requirements to provide information or documents. Similarly, the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 provides for infringement notices for breaches of record-keeping obligations. The maximum penalties for these offences vary depending on the specific provision and nature of the breach but can include substantial fines.
- In summary, the Act introduces significant changes to existing legislation by repealing certain sections, amending definitions, and imposing new reporting and record-keeping obligations on entities involved in taxation, superannuation, and financial sector shareholdings. Compliance is mandatory, and failure to adhere to these requirements can lead to civil or criminal penalties.
- Area of Law
- Taxation Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Repeal & Amendment
- Enforcement Powers
- Reporting & Disclosure Obligations
- Regulatory Standards
