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Treasury Legislation Amendment (Repeal Day) Bill 2014

2013-2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Legislation Amendment (Repeal Day) Bill 2014

 

No.      , 2014

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, superannuation and shareholdings in certain financial sector companies, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Employer reporting of superannuation contributions on payslips 3

Superannuation Industry (Supervision) Act 1993                                                 3

Schedule 2—Consolidation and repeal of tax provisions                                4

Part 1—Administrative provisions                                                                          4

Division 1—Consolidation of administrative provisions                                       4

Income Tax Assessment Act 1997                                                                               4

Petroleum Resource Rent Tax Assessment Act 1987                                              4

Product Grants and Benefits Administration Act 2000                                        4

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          5

Taxation Administration Act 1953                                                                            5

Division 2—Repeals of administrative provisions                                                  7

A New Tax System (Goods and Services Tax) Act 1999                                         7

Fringe Benefits Tax Assessment Act 1986                                                                7

Fuel Tax Act 2006                                                                                                        7

Income Tax Assessment Act 1936                                                                               8

Income Tax Assessment Act 1997                                                                               8

Income Tax (Transitional Provisions) Act 1997                                                     9

Petroleum Resource Rent Tax Assessment Act 1987                                              9

Product Grants and Benefits Administration Act 2000                                        9

Superannuation Contributions Tax (Assessment and Collection) Act 1997 10

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997                                                                                                   10

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          11

Superannuation Guarantee (Administration) Act 1992                                     12

Superannuation (Unclaimed Money and Lost Members) Act 1999                  12

Taxation Administration Act 1953                                                                          12

Part 2—Reports by investment bodies                                                                14

Taxation Administration Act 1953                                                                          14

Part 3—Repeals of penalty tax provisions                                                         17

Division 1—Amendments                                                                                         17

Crimes (Taxation Offences) Act 1980                                                                     17

Fringe Benefits Tax Assessment Act 1986                                                              17

Petroleum Resource Rent Tax Assessment Act 1987                                            18

Taxation Administration Act 1953                                                                          19

Division 2—Savings provisions                                                                                19

Part 4—Other repeals and amendments                                                             21

Income Tax Assessment Act 1936                                                                             21

Income Tax Assessment Act 1997                                                                             22

Superannuation (Government Co-contribution for Low Income Earners) Act 2003          22

Superannuation Guarantee (Administration) Act 1992                                     22

Schedule 3—Amendment of the Financial Sector (Shareholdings) Act 1998         24

Financial Sector (Shareholdings) Act 1998                                                         24

Schedule 4—Definition of Australia                                                                          27

Part 1—Income Tax Assessment Act 1997                                                      27

Part 2—Income Tax Assessment Act 1936                                                      31

Part 3—A New Tax System (Goods and Services Tax) Act 1999       33

Part 4—Other amendments                                                                                       40

A New Tax System (Australian Business Number) Act 1999                               40

A New Tax System (Luxury Car Tax) Act 1999                                                      40

A New Tax System (Wine Equalisation Tax) Act 1999                                        42

Child Support (Assessment) Act 1989                                                                     44

Child Support (Registration and Collection) Act 1988                                      44

Fringe Benefits Tax Assessment Act 1986                                                              44

Petroleum Resource Rent Tax Assessment Act 1987                                            45

Superannuation Guarantee (Administration) Act 1992                                     45

Taxation Administration Act 1953                                                                          46

Part 5—Application                                                                                                      48

 



A Bill for an Act to amend the law relating to taxation, superannuation and shareholdings in certain financial sector companies, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Treasury Legislation Amendment (Repeal Day) 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

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.

 

2.  Schedule 1

The day this Act receives the Royal Assent.

 

3.  Schedule 2, Part 1, Division 1

The day this Act receives the Royal Assent.

 

4.  Schedule 2, Part 1, Division 2

The later of:

(a) 90 days after the day this Act receives the Royal Assent; and

(b) 1 July 2015.

 

5.  Schedule 2, Parts 2 to 4

The day this Act receives the Royal Assent.

 

6.  Schedules 3 and 4

The day this Act receives the Royal Assent.

 

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   Schedules

                   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.