Treasury Laws Amendment (2023 Measures No. 3) Commencement Proclamation 2024

Overview

The Treasury Laws Amendment (2023 Measures No. 3) Commencement Proclamation 2024I, enacted in 2024, sets the commencement date for Schedule 4 of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023. This proclamation was issued by the Honourable David Hurley AC DSC (Retd), the Governor-General of the Commonwealth of Australia, with the advice of the Federal Executive Council. The legislation was designed to address various fiscal measures introduced in the 2023 financial year, aiming to streamline and enforce the provisions outlined in the parent Act. The policy objective of this commencement proclamation is to ensure that the specified measures are implemented effectively and in a timely manner, facilitating the intended economic and regulatory reforms.

Scope and Application

The Treasury Laws Amendment (2023 Measures No. 3) Commencement Proclamation 2024I, signed and sealed by the Honourable David Hurley AC DSC (Retd), Governor-General of the Commonwealth of Australia, establishes that the provisions of Schedule 4 to the Treasury Laws Amendment (2023 Measures No. 3) Act 2023 will commence on 15 September 2024. This commencement applies across the Commonwealth of Australia, thereby affecting entities and individuals subject to federal legislation. The Act is designed to incorporate the measures stipulated in the 2023 Act, ensuring a cohesive application of the intended legislative changes. This encompasses a broad range of entities, including corporations, financial institutions, and individuals involved in transactions that fall under federal purview. The geographic reach is nationwide, affecting all states and territories within Australia. However, the proclamation does not detail specific exclusions or exemptions; these would need to be inferred from the substantive provisions of the 2023 Act and any subordinate legislation that may further define the scope or application of the measures.

Key Provisions

The Treasury Laws Amendment (2023 Measures No. 3) Commencement Proclamation 2024I sets forth the commencement date for specific provisions of the Treasury Laws Amendment (2023 Measures No. 3) Act 2023. Section 3 of the Proclamation (s. 3) specifies that Schedule 4 to the Act will commence on 15 September 2024. This commencement date is critical as it activates the changes and provisions outlined in Schedule 4, ensuring that any new laws or amendments become effective on the designated day. The Act imposes certain obligations on parties and entities governed by its provisions. Specifically, those affected by the commencement of Schedule 4 must ensure compliance with any new requirements or changes introduced by the Act from the effective date. This includes adapting business practices, updating documentation, and ensuring that all activities align with the new legislative framework. The clear commencement date helps in planning and preparing for these changes effectively. Failure to comply with the provisions of the Act after the commencement date can result in significant legal consequences. The Act includes provisions for both civil and criminal penalties for breaches. The specific penalties depend on the nature and severity of the breach, with maximum penalties outlined in the relevant sections of the Act. Civil penalties can include fines up to a specified amount, while criminal penalties might involve imprisonment or both fines and imprisonment, depending on the severity of the offence. It is essential for all affected parties to be aware of these potential consequences to ensure full compliance with the Act.