Treasury Laws Amendment (Miscellaneous Amendments No. 2) Instrument 2022

Overview

The Treasury Laws Amendment (Miscellaneous Amendments No. 2) Instrument 2022 was enacted to address various administrative and legislative gaps across several acts, primarily focusing on updating and streamlining certain functions and powers. This notifiable instrument was introduced by Stephen Jones, the Assistant Treasurer and Minister for Financial Services, under the authority of several key legislative acts including the Business Names Registration Act 2011, the Commonwealth Registers Act 2020, the Corporations Act 2001, the Foreign Acquisitions and Takeovers Act 1975, the Long Service Leave (Commonwealth Employees) Act 1976, the National Consumer Credit Protection Act 2009, and the Productivity Commission Act 1998. The overarching policy objective of this instrument is to enhance efficiency and accuracy in the administration of these acts by making necessary amendments to delegations, appointments, and leave entitlements for specific roles and functions within these legislative frameworks.

Scope and Application

The Treasury Laws Amendment (Miscellaneous Amendments No. 2) Instrument 2022 applies to various legislative acts including the Business Names Registration Act 2011, the Commonwealth Registers Act 2020, the Corporations Act 2001, the Foreign Acquisitions and Takeovers Act 1975, the Long Service Leave (Commonwealth Employees) Act 1976, the National Consumer Credit Protection Act 2009, and the Productivity Commission Act 1998. This instrument primarily affects entities and persons operating within these acts, including businesses registered under the Business Names Registration Act, entities that require registration under the Commonwealth Registers Act, corporations governed by the Corporations Act, entities subject to the Foreign Acquisitions and Takeovers Act, Commonwealth employees entitled to long service leave, consumers under the National Consumer Credit Protection Act, and members of the Productivity Commission. The instrument amends the Commonwealth Registers (Appointment of Registrars) Instrument 2021 to include the Foreign Acquisitions and Takeovers Act 1975 in the appointment of the Registrar, and modifies the Productivity Commission (Leave for Full-time Members) Delegations 2022 to update references and clarify the delegation of leave approval powers. This instrument's amendments are applicable nationally, reflecting the broad scope of the legislative acts it modifies. It does not specify exclusions or exemptions but relies on subordinate instruments to extend or restrict its application.

Key Provisions

The main provisions of the Treasury Laws Amendment (Miscellaneous Amendments No. 2) Instrument 2022 (F2022N00285) include amendments to existing legislative instruments. Specifically, the amendments relate to the Commonwealth Registers (Appointment of Registrars) Instrument 2021 (section 1), and the Productivity Commission (Leave for Full-time Members) Delegations 2022 (section 4). Section 1 amends the appointment of the Registrar under the Foreign Acquisitions and Takeovers Act 1975, and section 4 revises the delegations for granting leave to full-time members of the Productivity Commission. The obligations and requirements imposed by this instrument include the appointment of the Commissioner of Taxation as the Registrar for the Foreign Acquisitions and Takeovers Act 1975, which is specified in section 1. The instrument also details the delegation of powers to the Chair of the Productivity Commission to grant leave to full-time members, as outlined in section 4. Furthermore, the instrument specifies changes to the conditions under which leave can be granted, including adjustments to the timeframes and types of leave that can be approved. Breaching the provisions of this instrument may result in civil or criminal consequences. Under the Foreign Acquisitions and Takeovers Act 1975, failure to comply with the Registrar's duties can lead to penalties, including fines and imprisonment. Similarly, improper delegation of leave-granting powers under the Productivity Commission Act 1998 can also result in penalties. The exact penalties for breaches are not specified in the instrument itself but would be determined by the respective acts.