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Treasury Laws Amendment (2018 Measures No. 4) 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. 4) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, superannuation, competition and consumers, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Direction powers                                                                                        4

Part 1—Direction to pay superannuation guarantee charge                        4

Taxation Administration Act 1953                                                                            4

Part 2—Education directions                                                                                   10

Taxation Administration Act 1953                                                                          10

Part 3—Consequential amendments                                                                     15

Administrative Decisions (Judicial Review) Act 1977                                        15

Taxation Administration Act 1953                                                                          15

Schedule 2—Disclosure of information about non-compliance                16

Taxation Administration Act 1953                                                                          16

Schedule 3—Single touch payroll reporting                                                         18

Part 1—Single touch payroll reporting                                                                18

Income Tax Assessment Act 1997                                                                             18

Taxation Administration Act 1953                                                                          18

Part 2—Reporting of salary sacrifice amounts                                                20

Taxation Administration Act 1953                                                                          20

Schedule 4—Fund reporting                                                                                          22

Part 1—Grace period for member information statements                       22

Taxation Administration Act 1953                                                                          22

Part 2—Employer reporting of superannuation contributions                 25

Taxation Administration Act 1953                                                                          25

Part 3—Statements for lost members                                                                   26

Superannuation (Unclaimed Money and Lost Members) Act 1999                  26

Taxation Administration Act 1953                                                                          28

Schedule 5—Compliance measures                                                                            29

Part 1—Penalties relating to estimates                                                                29

Taxation Administration Act 1953                                                                          29

Part 2—Director penalties                                                                                          32

Taxation Administration Act 1953                                                                          32

Part 3—Orders to provide security                                                                       34

Taxation Administration Act 1953                                                                          34

Schedule 6—Amendments relating to employee commencement            36

Part 1—Disclosure of tax file numbers                                                               36

Income Tax Assessment Act 1936                                                                             36

Part 2—Withholding information                                                                          37

Taxation Administration Act 1953                                                                          37

Part 3—Superannuation choice                                                                               38

Taxation Administration Act 1953                                                                          38

Schedule 7—Information sharing                                                                               39

Part 1—Tax file number sharing and verification                                          39

Income Tax Assessment Act 1936                                                                             39

Part 2—Providing information to the Repatriation Commission           41

Taxation Administration Act 1953                                                                          41

Schedule 8—Miscellaneous amendments                                                                42

Part 1—Amendments to commencement provisions                                   42

Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012                 42

Part 2—Amendments to application provisions                                             43

Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016    43

Part 3—Road user charge                                                                                          44

Fuel Tax Act 2006                                                                                                      44

Part 4—Seasonal Workers Program                                                                      46

Income Tax Assessment Act 1997                                                                             46

Taxation Administration Act 1953                                                                          46

Part 5—Offshore information notices                                                                 48

Income Tax Assessment Act 1936                                                                             48

Income Tax Assessment Act 1997                                                                             48

Petroleum Resource Rent Tax Assessment Act 1987                                            48

Register of Foreign Ownership of Water or Agricultural Land Act 2015       48

Taxation Administration Act 1953                                                                          49

Part 6—Various amendments                                                                                  54

A New Tax System (Goods and Services Tax) Act 1999                                       54

Competition and Consumer Act 2010                                                                    54

Crimes (Taxation Offences) Act 1980                                                                     54

Fringe Benefits Tax Assessment Act 1986                                                              54

Fuel Tax Act 2006                                                                                                      55

Income Tax Assessment Act 1936                                                                             55

Income Tax Assessment Act 1997                                                                             57

Income Tax (Transitional Provisions) Act 1997                                                   58

Taxation Administration Act 1953                                                                          58

Taxation (Interest on Overpayments and Early Payments) Act 1983               61

Part 7—Transitional arrangements relating to the disclosure of information         63

Superannuation (Resolution of Complaints) Act 1993                                       63

Schedule 9—Deductible gift recipients                                                                     64

Income Tax Assessment Act 1997                                                                             64

 

 



A Bill for an Act to amend the law relating to taxation, superannuation, competition and consumers, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2018 Measures No. 4) 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.  Schedules 1 and 2

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

 

3.  Schedule 3, Part 1

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

 

4.  Schedule 3, Part 2

The later of:

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

(b) immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Act 2018 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

5.  Schedules 4 and 5

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

 

6.  Schedule 6

1 July 2018.

1 July 2018

7.  Schedule 7

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

 

8.  Schedule 8, Part 1

Immediately after the commencement of sections 1 to 3 of the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

28 November 2012

9.  Schedule 8, Part 2

1 January 2018.

1 January 2018

10.  Schedule 8, Part 3

The day after this Act receives the Royal Assent.

 

11.  Schedule 8, Parts 4, 5 and 6

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

 

12.  Schedule 8, Part 7

The day after this Act receives the Royal Assent.

 

13.  Schedule 9

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.