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Treasury Legislation Amendment (Repeal Day 2015) Bill 2016

2013-2014-2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

 

No.      , 2015

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to corporations, superannuation and taxation, and for other purposes

   

   



Contents

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

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

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

Schedule 1—Superannuation guarantee charge                                                  3

Part 1—Salary or wages                                                                                                3

Superannuation Guarantee (Administration) Act 1992                                       3

Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Act 2015                 4

Part 2—Nominal interest component                                                                     6

Superannuation Guarantee (Administration) Act 1992                                       6

Part 3—Additional superannuation guarantee charge                                   9

Crimes (Taxation Offences) Act 1980                                                                       9

Superannuation Guarantee (Administration) Act 1992                                       9

Taxation Administration Act 1953                                                                          10

Part 4—Application of amendments                                                                    11

Schedule 2—Lost members and unclaimed superannuation                     12

Part 1—Terminal medical conditions                                                                   12

Income Tax Assessment Act 1997                                                                             12

Small Superannuation Accounts Act 1995                                                            12

Superannuation Guarantee (Administration) Act 1992                                     14

Superannuation (Unclaimed Money and Lost Members) Act 1999                  15

Part 2—Lost members statements                                                                         16

Superannuation (Unclaimed Money and Lost Members) Act 1999                  16

Part 3—Definition of lost member                                                                        19

Superannuation (Unclaimed Money and Lost Members) Act 1999                  19

Schedule 3—Receivers, and other controllers, of property of corporations           20

Corporations Act 2001                                                                                              20

Schedule 4—Inoperative provisions                                                                           25

Part 1—Commonwealth Borrowing Levy                                                         25

Division 1—Repeals of Acts                                                                                     25

Commonwealth Borrowing Levy Act 1987                                                            25

Commonwealth Borrowing Levy Collection Act 1987                                        25

Division 2—Other amendments                                                                               25

AeroSpace Technologies of Australia Limited Sale Act 1994                           25

CSL Sale Act 1993                                                                                                      25

Medibank Private Sale Act 2006                                                                             25

Moomba-Sydney Pipeline System Sale Act 1994                                                 26

Qantas Sale Act 1992                                                                                                26

Snowy Mountains Engineering Corporation Limited Sale Act 1993              26

Division 3—Transitional provisions                                                                        26

Part 2—Infrastructure certificates                                                                         27

Division 1—Repeals of Acts                                                                                     27

Development Allowance Authority Act 1992                                                        27

Infrastructure Certificate Cancellation Tax Act 1994                                        27

Division 2—Other amendments                                                                               27

Airports (Transitional) Act 1996                                                                             27

Income Tax Assessment Act 1936                                                                             27

Income Tax Assessment Act 1997                                                                             28

Taxation Administration Act 1953                                                                          29

Division 3—Application of amendments                                                               29

Part 3—Equity investments in small-medium enterprises                          30

Income Tax Assessment Act 1936                                                                             30

Income Tax Assessment Act 1997                                                                             30

Part 4—Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996    32

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996        32

Part 5—General application and transitional provisions                             33

 

 



A Bill for an Act to amend the law relating to corporations, superannuation and taxation, and for other purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Treasury Legislation Amendment (Repeal Day 2015) Act 2015 .

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

1 July 2016.

1 July 2016

3.  Schedule 2, Parts 1 and 2

1 July 2016.

1 July 2016

4.  Schedule 2, Part 3

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they do not commence at all.

 

5.  Schedules 3 and 4

The day after 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.