Trade Support Loans (Consequential Amendments) Act 2014
No. 82, 2014
An Act to deal with consequential and transitional matters in connection with the Trade Support Loans Act 2014, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendments
Bankruptcy Act 1966
Income Tax Assessment Act 1936
Income Tax Assessment Act 1997
Taxation Administration Act 1953
Taxation (Interest on Overpayments and Early Payments) Act 1983
Trade Support Loans (Consequential Amendments) Act 2014
No. 82, 2014
An Act to deal with consequential and transitional matters in connection with the Trade Support Loans Act 2014, and for related purposes
[Assented to 17 July 2014]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Trade Support Loans (Consequential Amendments) Act 2014.
2 Commencement
(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 |
Provision(s) | 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. | 17 July 2014 |
2. Schedule 1, items 1 to 25 | At the same time as sections 3 to 106 of the Trade Support Loans Act 2014 commence. | 18 July 2014 |
3. Schedule 1, item 26 | At the same time as the provision(s) covered by table item 2. However, the provision(s) do not commence at all if item 115 of Schedule 1 to the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 commences at or before that time. | 18 July 2014 |
4. Schedule 1, item 27 | Immediately after the commencement of the provision(s) covered by table item 2. However, the provision(s) do not commence at all if item 115 of Schedule 1 to the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 does not commence at or before the time the provision(s) covered by table item 2 commence. | Never commenced |
5. Schedule 1, items 28 to 35 | At the same time as the provision(s) covered by table item 2. | 18 July 2014 |
Note: This table relates only to the provisions of this Act as originally enacted.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.
3 Schedule(s)
Each Act 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—Amendments
Bankruptcy Act 1966
1 Subsection 82(3AB)
Repeal the subsection, substitute:
(3AB) A debt incurred under any…
Overview
The Trade Support Loans (Consequential Amendments) Act 2014 was enacted by the Parliament of Australia to address consequential and transitional matters arising from the introduction of the Trade Support Loans Act 2014. The primary objective of this legislation is to ensure that various other Acts are amended to reflect the changes introduced by the Trade Support Loans Act 2014, thereby maintaining consistency and coherence across the legislative framework. This includes making adjustments to the Bankruptcy Act 1966, the Income Tax Assessment Acts 1936 and 1997, the Taxation Administration Act 1953, and the Taxation (Interest on Overpayments and Early Payments) Act 1983 to accommodate the new provisions related to trade support loans. The Act commenced on 17 July 2014, with certain provisions aligning with the commencement of other related Acts to ensure a smooth transition and integration of the new trade support loan framework.
This Act plays a crucial role in ensuring that the implementation of the Trade Support Loans Act 2014 does not inadvertently create legal discrepancies or operational challenges in other areas of law. By making the necessary amendments, the Trade Support Loans (Consequential Amendments) Act 2014 supports the overarching policy objective of facilitating the effective administration and enforcement of trade support loans while maintaining the integrity of the broader legislative landscape.
Scope and Application
The Trade Support Loans (Consequential Amendments) Act 2014 applies to various entities and individuals by amending and repealing certain provisions of several Acts, including the Bankruptcy Act 1966, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, and the Taxation (Interest on Overpayments and Early Payments) Act 1983. The Act deals with consequential and transitional matters in connection with the Trade Support Loans Act 2014, primarily by updating the referenced Acts to accommodate the new trade support loan regime. It affects entities and individuals who are subject to the amended Acts and who may have trade support loan debts or related transactions.
Geographically, the Act applies across Australia as it is a Commonwealth Act. The commencement of the Act and its provisions is staggered as per the table in section 2 of the Act, with some provisions commencing on 17 July 2014 and others on 18 July 2014, subject to certain conditions related to the commencement of other Acts. Certain provisions of the Act do not commence at all if specific provisions of the Minerals Resource Rent Tax Repeal and Other Measures Act 2014 commence or do not commence within a specified time frame. The Act does not specify any exclusions, exemptions, or thresholds in its text, but it extends its application through amendments to the specified Acts.
Key Provisions
- The Trade Support Loans (Consequential Amendments) Act 2014 (C2014A00082) is an Act that makes consequential and transitional amendments in connection with the Trade Support Loans Act 2014. The Act came into effect on various dates, with most provisions commencing on 18 July 2014 (section 2). The Act amends several other Acts, including the Bankruptcy Act 1966, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, and the Taxation (Interest on Overpayments and Early Payments) Act 1983 (section 3). These amendments pertain to the treatment of trade support loans in these Acts, including the non-provability of trade support loans in bankruptcy, the deduction of trade support loan payments for tax purposes, and the treatment of compulsory repayment amounts under these Acts.
- The Act imposes certain obligations on the parties and entities it governs. For instance, it requires that trade support loan debts are not provable in bankruptcy under the Bankruptcy Act 1966 (Schedule 1, item 1). It also requires that payments made in respect of trade support loans be included in the definition of expenses of self-education under the Income Tax Assessment Act 1936 (Schedule 1, item 2). Furthermore, it mandates that decisions to give certain notices under the Trade Support Loans Act 2014 be included in the definition of administrative expenses under the Income Tax Assessment Act 1997 (Schedule 1, items 4 and 5).
- Breach of the provisions of this Act may lead to various civil or criminal consequences, depending on the specific provision breached. However, the Act itself does not explicitly state the penalties for breach. The penalties would likely be determined by the relevant Act that is amended by this Act, such as the Trade Support Loans Act 2014, the Bankruptcy Act 1966, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, and the Taxation (Interest on Overpayments and Early Payments) Act 1983. It is important to refer to these Acts for the specific penalties associated with their provisions.
- Area of Law
- Taxation Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Repeal & Amendment
- Transitional Provisions
- Offence Provisions
- Compliance Obligations
- Reporting & Disclosure Obligations
