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Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to superannuation, corporations and taxation and to repeal certain Acts and provisions of Acts, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 3

Schedule 1—Regulatory reform                                                                                    4

Part 1—Commonwealth Borrowing Levy                                                           4

Division 1—Repeals of Acts                                                                                       4

Commonwealth Borrowing Levy Act 1987                                                              4

Commonwealth Borrowing Levy Collection Act 1987                                          4

Division 2—Other amendments                                                                                 4

AeroSpace Technologies of Australia Limited Sale Act 1994                             4

CSL Sale Act 1993                                                                                                        4

Medibank Private Sale Act 2006                                                                               4

Moomba-Sydney Pipeline System Sale Act 1994                                                   5

Qantas Sale Act 1992                                                                                                  5

Snowy Mountains Engineering Corporation Limited Sale Act 1993                5

Division 3—Transitional provision                                                                            5

Part 2—Equity investments in small-medium enterprises                            6

Income Tax Assessment Act 1936                                                                               6

Income Tax Assessment Act 1997                                                                               6

Part 3—Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996    8

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996        8

Part 4—Terminal medical conditions                                                                     9

Income Tax Assessment Act 1997                                                                               9

Small Superannuation Accounts Act 1995                                                              9

Superannuation Guarantee (Administration) Act 1992                                     11

Superannuation (Unclaimed Money and Lost Members) Act 1999                  11

Part 5—Receivers, and other controllers, of property of corporations 13

Corporations Act 2001                                                                                              13

Part 6—Repeals of Acts and related provisions                                             18

Division 1—Repeals of Acts                                                                                     18

Papua and New Guinea Loan (International Bank) Act 1970                          18

Statistical Bureau (Tasmania) Act 1924                                                                18

Statistics (Arrangements With States) Act 1956                                                   18

Termination Payments Tax (Assessment and Collection) Act 1997                  18

Termination Payments Tax Imposition Act 1997                                                  18

Division 2—Amendments consequential on repeal of statistical legislation   19

Long Service Leave (Commonwealth Employees) Act 1976                               19

Division 3—Amendments consequential on repeal of Termination Payments Tax legislation         19

Income Tax Assessment Act 1936                                                                             19

Income Tax Assessment Act 1997                                                                             20

Retirement Savings Accounts Act 1997                                                                  20

Superannuation Industry (Supervision) Act 1993                                               21

Taxation Administration Act 1953                                                                          21

Taxation (Interest on Overpayments and Early Payments) Act 1983               21

Part 7—General application and transitional provisions                             22

Schedule 2—Merging superannuation funds                                                      24

Income Tax Assessment Act 1997                                                                             24

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012     24

Tax Laws Amendment (2009 Measures No. 6) Act 2010                                     24

Schedule 3—Superstream gateway network governance funding         26

Australian Prudential Regulation Authority Act 1998                                       26

Schedule 4—Transfer of early release function                                                 27

Part 1—Amendments                                                                                                   27

Retirement Savings Accounts Act 1997                                                                  27

Superannuation Industry (Supervision) Act 1993                                               28

Part 2—Application of amendments                                                                    30

Schedule 5—Payment of GST on taxable supplies of certain real property           31

Part 1—Main amendments                                                                                        31

Taxation Administration Act 1953                                                                          31

Part 2—Other amendments                                                                                       38

A New Tax System (Goods and Services Tax) Act 1999                                       38

Income Tax Assessment Act 1997                                                                             38

Taxation Administration Act 1953                                                                          39

Part 3—Application of amendments                                                                    42

 

 



A Bill for an Act to amend the law relating to superannuation, corporations and taxation and to repeal certain Acts and provisions of Acts, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2018 Measures No. 1) Act 2018 .

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, Part 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

4.  Schedule 1, Part 3

The day after this Act receives the Royal Assent.

 

5.  Schedule 1, Part 4

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

6.  Schedule 1, Part 5

The day after this Act receives the Royal Assent.

 

7.  Schedule 1, Part 6, Divisions 1 and 2

The day after this Act receives the Royal Assent.

 

8.  Schedule 1, Part 6, Division 3

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

9.  Schedule 1, Part 7

The day after this Act receives the Royal Assent.

 

10.  Schedules 2 and 3

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

11.  Schedule 4

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 commence on the day after the end of that period.

 

12.  Schedule 5

The first 1 January, 1 April, 1 July or 1 October to occur after 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.