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Schedule 1—Regulatory reform

Schedule 1 Regulatory reform

Part 1 Commonwealth Borrowing Levy

Division 1—Repeals of Acts

Commonwealth Borrowing Levy Act 1987

1  The whole of the Act

Repeal the Act.

Commonwealth Borrowing Levy Collection Act 1987

2  The whole of the Act

Repeal the Act.

Division 2—Other amendments

AeroSpace Technologies of Australia Limited Sale Act 1994

3  Part 7

Repeal the Part.

CSL Sale Act 1993

4  Section 52

Repeal the section.

Medibank Private Sale Act 2006

5  Schedule 3

Repeal the Schedule.

Moomba-Sydney Pipeline System Sale Act 1994

6  Section 54

Repeal the section.

Qantas Sale Act 1992

7  Section 28

Repeal the section.

Snowy Mountains Engineering Corporation Limited Sale Act 1993

8  Section 42

Repeal the section.

Division 3—Transitional provision

9  Exemptions from Commonwealth Borrowing Levy

To avoid doubt, the amendments made by this Part do not make an entity liable to pay an amount of levy imposed by the Commonwealth Borrowing Levy Act 1987 , repealed by this Part, that the entity would not have been liable to pay apart from those amendments.

Part 2 Equity investments in small-medium enterprises

Income Tax Assessment Act 1936

10  Division 11B of Part III

Repeal the Division.

11  Subsection 272-90(10) in Schedule 2F

Repeal the subsection.

Income Tax Assessment Act 1997

12  Section 10-5 (table item headed “shares”)

Omit:

small-medium enterprise, profit on disposal of shares in .......................................................................................

128TG to 128TL

13  Section 10-5 (table item headed “small-medium enterprises (SMEs)”)

Repeal the item.

14  Section 12-5 (table item headed “shares”)

Omit:

small-medium enterprise, loss on disposal of shares in

128TG to 128TL

15  Section 12-5 (table item headed “small-medium enterprises (SMEs)”)

Repeal the item.

16  Section 109-60 (table item 7)

Repeal the item.

17  Section 112-97 (table item 9)

Repeal the item.

18  Subsection 713-140(5) (table items 1 and 2)

Repeal the items.

19  Application of amendments

(1)       The amendments made by this Part apply in relation to assessments for:

                     (a)  the 2017-18 year of income; and

                     (b)  later years of income.

(2)       However, the amendments made by this Part do not apply to a taxpayer in relation to a threshold interest that the taxpayer acquired before the commencement of this item.

Part 3 Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996

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

20  The whole of the Act

Repeal the Act.

Part 4 Terminal medical conditions

Income Tax Assessment Act 1997

21  Subsection 307-5(1) (table item 4, column 2)

After “65,”, insert “65A,”.

22  Subsection 307-5(1) (table item 7, column 2)

Omit “or 66”, substitute “, 66 or 66A”.

23  Subsection 307-5(1) (table item 7, column 2)

After “or invalidity”, insert “, or who has a terminal medical condition”.

Small Superannuation Accounts Act 1995

24  Section 14

After:

Disability

•      Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.

insert:

Terminal medical condition

•      Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.

25  Paragraph 16(b)

After “65,”, insert “65A,”.

26  Section 16 (after note 2)

Insert:

Note 2A:    Section 65A deals with individuals in relation to whom terminal medical conditions exist.

27  Section 62

After:

•      The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.

insert:

•      The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.

28  After section 65

Insert:

65A   Withdrawal of account balance—terminal medical condition

Withdrawal request

             (1)  This section applies to an individual’s account if:

                     (a)  the individual gives the Commissioner of Taxation a request (the withdrawal request ) for the withdrawal of the account balance; and

                     (b)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the individual.

Form of withdrawal request

             (2)  The withdrawal request must be:

                     (a)  in writing; and

                     (b)  in a form approved in writing by the Commissioner of Taxation.

Compliance with withdrawal request

             (3)  The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.

Special Account to be debited

             (4)  The Special Account is debited for the purposes of making the payment.

Individual’s account to be debited

             (5)  When the payment is made, the individual’s account is debited by the amount of the payment.

Superannuation Guarantee (Administration) Act 1992

29  Subsection 65(1)

After “66”, insert “, 66A”.

30  After section 66

Insert:

66A   Payment to employee with terminal medical condition

                   Except in a case covered by section 65AA, the Commissioner must pay the amount of the shortfall component to the employee (whether or not he or she is still an employee) if:

                     (a)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the employee; and

                     (b)  the employee has requested the Commissioner in the approved form to pay the amount to him or her.

Superannuation (Unclaimed Money and Lost Members) Act 1999

31  Paragraph 24G(2)(d)

Repeal the paragraph, substitute:

                     (d)  to the person if this paragraph applies (see subsection (2A)).

32  After subsection 24G(2)

Insert:

          (2A)  Paragraph (2)(d) applies if:

                     (a)  subparagraph (2)(a)(ii) does not apply; and

                     (b)  any of the following subparagraphs apply:

                              (i)  the person has reached the eligibility age;

                             (ii)  the amount is less than $200;

                            (iii)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and

                     (c)  the person has not died.

Part 5 Receivers, and other controllers, of property of corporations

Corporations Act 2001

33  Section 9

Insert:

custodial or depository service that a person provides has the meaning given by section 766E.

licensed trustee company has the meaning given by Chapter 5D.

34  Paragraph 53(b)

Omit “within the meaning of Chapter 5D”.

35  Paragraph 283AC(1)(aa)

Omit “(within the meaning of Chapter 5D)”.

36  At the end of paragraph 426(b)

Add “(including as it applies under paragraph 429A(3)(g))”.

37  Before subsection 428(1)

Insert:

Property of corporation

38  After subsection 428(2)

Insert:

          (2A)  However, if the only property of the corporation in respect of which a receiver has been appointed, or in respect of which there is a controller, is:

                     (a)  scheme property of any registered schemes of which the corporation is the responsible entity; or

                     (b)  property the corporation holds on trust, if the corporation:

                              (i)  is a licensed trustee company; or

                             (ii)  holds an Australian financial services licence that covers the provision of custodial or depository services;

subsections (1) and (2) apply only to documents or instruments that relate to the relevant registered schemes and trusts. The statement may refer to those schemes and trusts.

Scheme property

          (2B)  A corporation must set out in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a receiver, or a receiver and manager, as the case requires, has been appointed, if:

                     (a)  the corporation is the responsible entity of the registered scheme; and

                     (b)  a receiver of scheme property (whether in or outside this jurisdiction or in or outside Australia) of the registered scheme has been appointed; and

                     (c)  the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

          (2C)  A corporation must set out in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a controller is acting, if:

                     (a)  the corporation is the responsible entity of the registered scheme; and

                     (b)  there is a controller (other than a receiver) of scheme property (whether in Australia or elsewhere) of the registered scheme; and

                     (c)  the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

Offence

39  Subsection 428(3)

Omit “subsection (1) or (2)”, substitute “this section”.

40  After subsection 429(2)

Insert:

          (2A)  However, if:

                     (a)  the corporation:

                              (i)  is a licensed trustee company; or

                             (ii)  holds an Australian financial services licence that covers the provision of custodial or depository services; and

                     (b)  the only property of the corporation in respect of which a person is controller is property the corporation holds on trust;

subsection (2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph (2)(a) may refer to those schemes and trusts.

Note:          See section 429A if the property is scheme property of a registered scheme.

41  Subsection 429(6)

After “Subsections (2), (3) and (4)”, insert “and 429A(3)”.

42  Subsection 429(6A)

After “subsection (2)” (wherever occurring), insert “or 429A(3)”.

43  Paragraph 429(6A)(a)

After “paragraphs (2)(b) and (c)”, insert “and 429A(3)(e), (f), (g) and (h)”.

44  Subsection 429(7)

Omit “section 430”, substitute “sections 429A and 430”.

45  After section 429

Insert:

429A   Special rules for scheme property

Report by controller of scheme property

             (1)  If:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

                     (c)  the corporation is the responsible entity of the registered scheme;

subsection 429(2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph 429(2)(a) may refer to those schemes and trusts.

             (2)  Subsection 429(2) does not apply if:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

                     (c)  the corporation is not the responsible entity of the registered scheme; and

                     (d)  the corporation holds an Australian financial services licence that covers the provision of custodial or depository services.

Reporting to and by responsible entity

             (3)  If:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the property is scheme property of a registered scheme; and

                     (c)  the property is not property of the responsible entity of the scheme; and

                     (d)  the corporation holds an Australian financial services licence that covers the provision of custodial or depository services;

the following paragraphs apply:

                     (e)  the person must serve on the responsible entity as soon as practicable notice that the person is a controller of the scheme property;

                      (f)  within 14 days after the responsible entity receives the notice, the persons who, on the control day, were directors or the secretary of the responsible entity must make out and submit to the person who is a controller a report in the prescribed form about the affairs of the scheme as at the control day;

                     (g)  paragraph 429(2)(c) and subsections 429(3) to (5) apply, in relation to a report submitted under paragraph (f) of this subsection, in the same way as those provisions apply in relation to reports submitted under paragraph 429(2)(b), with the following modifications:

                              (i)  if subsection (2) of this section applies—subparagraph 429(2)(c)(ii) (which requires the person to send a copy of the notice to the corporation) does not apply;

                             (ii)  a reference in those provisions to the reporting officers is treated as being a reference to the directors and secretary mentioned in paragraph (f) of this subsection;

                     (h)  if the person receives a report to which paragraph 429(2)(c) applies (including because of paragraph (g) of this subsection)—the person must, within one month after receipt of the report, send a copy of the notice lodged in accordance with subparagraph 429(2)(c)(i) to the responsible entity.

46  Paragraph 601RAC(3)(b)

Omit “(within the meaning of section 766E)”.

47  Section 761A

Repeal the following definitions:

                     (a)  definition of custodial or depository service ;

                     (b)  definition of licensed trustee company .

48  Subsection 766E(1)

Omit “For the purposes of this Chapter, a”, substitute “A”.

49  Paragraph 766E(2)(a)

Omit “for the purposes of this Chapter,”.

50  Schedule 3 (cell at table item 120, column headed “Penalty”)

Repeal the cell, substitute:

15 penalty units.

Part 6 Repeals of Acts and related provisions

Division 1—Repeals of Acts

Papua and New Guinea Loan (International Bank) Act 1970

51  The whole of the Act

Repeal the Act.

Statistical Bureau (Tasmania) Act 1924

52  The whole of the Act

Repeal the Act.

Statistics (Arrangements With States) Act 1956

53  The whole of the Act

Repeal the Act.

Termination Payments Tax (Assessment and Collection) Act 1997

54  The whole of the Act

Repeal the Act.

Termination Payments Tax Imposition Act 1997

55  The whole of the Act

Repeal the Act .

Division 2—Amendments consequential on repeal of statistical legislation

Long Service Leave (Commonwealth Employees) Act 1976

56  Paragraph 24(3)(c)

Before “ Statistics (Arrangements with States) Act 1956 ”, insert “former”.

Division 3—Amendments consequential on repeal of Termination Payments Tax legislation

Income Tax Assessment Act 1936

57  Paragraph 202(l)

Omit “, the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 and the Termination Payments Tax (Assessment and Collection) Act 1997 ”, substitute “and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ”.

58  Subsection 202DH(1)

Omit “, the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 or the Termination Payments Tax (Assessment and Collection) Act 1997 ”, substitute “or the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ”.

59  Subsection 202DJ(1)

Omit “, the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 and the Termination Payments Tax (Assessment and Collection) Act 1997 ”, substitute “and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ”.

Income Tax Assessment Act 1997

60  Section 12-5 (table item headed “termination payments surcharge”)

Repeal the item.

61  Section 26-65

Repeal the section.

62  Subsection 995-1(1) (table item 30 in the definition of assessment )

Repeal the item.

Retirement Savings Accounts Act 1997

63  Section 16 (paragraph (d) of the definition of Superannuation Acts )

Omit “ 1999 ; and”, substitute “ 1999 .”.

64  Section 16 (paragraph (e) of the definition of Superannuation Acts )

Repeal the paragraph.

65  Section 16 (definition of Surcharge Acts )

Repeal the definition.

66  Subsection 136(1)

Omit “Surcharge Acts”, substitute “ Superannuation Contributions Tax (Assessment and Collection) Act 1997 ”.

67  Subsections 147A(2) and (3)

Omit “Surcharge Acts”, substitute “ Superannuation Contributions Tax (Assessment and Collection) Act 1997 ”.

Superannuation Industry (Supervision) Act 1993

68  Section 299W (paragraph (d) of the definition of Superannuation Acts )

Omit “ 1999 ;”, substitute “ 1999 .”.

69  Section 299W (paragraph (e) of the definition of Superannuation Acts )

Repeal the paragraph.

70  Section 299W (paragraph (b) of the definition of Surcharge Acts )

Omit “ 1997 ; and”, substitute “ 1997 .”.

71  Section 299W (paragraph (c) of the definition of Surcharge Acts )

Repeal the paragraph.

Taxation Administration Act 1953

72  Subsection 8AAB(4) (table items 50 and 51)

Repeal the items.

73  Subsection 250-10(2) in Schedule 1 (table item 145)

Repeal the item.

Taxation (Interest on Overpayments and Early Payments) Act 1983

74  Part IID

Repeal the Part.

Part 7 General application and transitional provisions

75  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

76  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

77  Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

78  Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on an Act, or a provision of an Act, that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.

79  Part does not limit operation of section 7 of the Acts Interpretation Act 1901

This Part does not limit the operation of section 7 of the Acts Interpretation Act 1901 .