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Schedule 8—Miscellaneous amendments

Schedule 8 Miscellaneous amendments

Part 1 Amendments to commencement provisions

Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012

1  Subsection 2(1) (table item 3)

Repeal the item, substitute:

3.  Schedule 1, items 2 to 13

1 January 2013.

1 January 2013

Part 2 Amendments to application provisions

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

2  Subitem 15(3) of Schedule 1

Repeal the subitem, substitute:

Reporting of Lower Value Accounts

(3)       For the purposes of (and without limiting) subsections 396-105(1) and (2) in Schedule 1 to the Taxation Administration Act 1953 , as amended by this Schedule, an account maintained by a Reporting Financial Institution at any time in the 2018 calendar year is treated as being a Reportable Account (within the meaning of the CRS) at that time if the account:

                     (a)  is a Lower Value Account (within the meaning of the CRS); and

                     (b)  has not been included in a statement under subsection 396-105(2) in that Schedule for the 2017 calendar year; and

                     (c)  at that time, would be a Reportable Account (within the meaning of the CRS) if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account at that time.

Part 3 Road user charge

Fuel Tax Act 2006

3  Subsections 43-10(7) and (8)

Repeal the subsections, substitute:

Determining the rate of road user charge

             (7)  The * amount of road user charge for a taxable fuel is worked out using the rate determined under subsection (8) that applies to the taxable fuel.

             (8)  The * Transport Minister may, by legislative instrument, determine a rate of road user charge for the following classes of taxable fuels:

                     (a)  taxable fuels for which duty is payable at a rate per litre of fuel;

                     (b)  taxable fuels for which duty is payable at a rate per kilogram of fuel;

                     (c)  taxable fuels for which duty is payable at a rate expressed in a unit of measurement that is not mentioned in paragraph (a) or (b).

Note 1:       A different rate may be determined for each class of taxable fuels.

Note 2:       For the purposes of determining whether duty is payable for a taxable fuel at a rate per litre, per kilogram or per another unit of measurement, see whichever of the Excise Tariff Act 1921 and the Customs Tariff Act 1995 is applicable to the taxable fuel.

4  Subsection 43-10(11A)

Omit “for each litre of fuel”.

5  Subsection 43-10(12)

Repeal the subsection, substitute:

           (12)  The * Transport Minister must not make more than one determination in respect of a class of taxable fuel in a financial year if the effect of the determination would be to increase the road user charge for that class of taxable fuel more than once in that financial year.

Note:          For the classes of taxable fuel, see subsection (8).

6  Saving provision—Transport Minister’s determinations

A determination under subsection 43-10(8) of the Fuel Tax Act 2006 that was in force immediately before the commencement of this Part continues in force on and after that commencement as if it were a determination made under that subsection as amended by this Part for the class of taxable fuels described in paragraph 43-10(8)(a).

7  Rate for working out amount of road user charge

(1)       This item applies to taxable fuel for which duty is payable at a rate per kilogram of fuel.

Note:          For the purposes of determining the taxable fuels for which duty is payable at a rate per kilogram of the fuel, see whichever of the Excise Tariff Act 1921 and the Customs Tariff Act 1995 is applicable to the taxable fuel.

(2)       For the purposes of section 43-10 of the Fuel Tax Act 2006 , the rate specified in the following table for a period is taken to have been the rate of road user charge for the taxable fuel for that period.

 

Rate of road user charge

Item

Period

Rate per kilogram of taxable fuel

1

1 July 2011 to 30 June 2012

$0.30792

2

1 July 2012 to 30 June 2013

$0.33992

3

1 July 2013 to 30 June 2016

$0.34845

4

1 July 2016 to 30 June 2017

$0.345

5

1 July 2017 to immediately before this item commences

$0.344

(3)       For the purposes of section 43-10 of the Fuel Tax Act 2006 , the rate of road user charge for the taxable fuel is taken to be $0.344 for the period:

                     (a)  beginning on the commencement of this item; and

                     (b)  ending immediately before the commencement of the first determination made under subsection 43-10(8) of that Act (as amended by this Part) for the class of taxable fuels described in paragraph 43-10(8)(b).

(4)       This item has effect despite subsection 43-10(7) of the Fuel Tax Act 2006 (as in force before and after the commencement of this item).

Part 4 Seasonal Workers Program

Income Tax Assessment Act 1997

8  Subparagraph 840-905(b)(ii)

Repeal the subparagraph, substitute:

                             (ii)  you hold a Temporary Work (International Relations) Visa (subclass 403).

Taxation Administration Act 1953

9  Subparagraph 12-319A(b)(ii) in Schedule 1

Repeal the subparagraph, substitute:

                             (ii)  the employee holds a Temporary Work (International Relations) Visa (subclass 403).

10  Application of amendments

(1)       The amendment made by item 8 applies to income derived on or after 19 November 2016.

(2)       The amendment made by item 9 applies to salary, wages, commission, bonuses or allowances paid on or after 19 November 2016.

11  Continued application of the old law in relation to holders of a Special Program Visa (subclass 416)

(1)       Despite the amendment of section 840-905 of the Income Tax Assessment Act 1997 made by item 8, that section, as in force immediately before the commencement of this item, continues to apply to income derived on or after 19 November 2016 by an individual who holds a Special Program Visa (subclass 416).

(2)       Despite the amendment of section 12-319A in Schedule 1 to the Taxation Administration Act 1953 made by item 9, that section, as in force immediately before the commencement of this item, continues to apply to salary, wages, commission, bonuses or allowances paid:

                     (a)  on or after 19 November 2016; and

                     (b)  to an individual for the individual’s employment before, on or after that day while the individual holds a Special Program Visa (subclass 416).

Part 5 Offshore information notices

Income Tax Assessment Act 1936

12  Section 264A

Repeal the section.

Income Tax Assessment Act 1997

13  Subsection 995-1(1)

Insert:

offshore document has the meaning given by section 353-25 in Schedule 1 to the Taxation Administration Act 1953 .

offshore information has the meaning given by section 353-25 in Schedule 1 to the Taxation Administration Act 1953 .

Petroleum Resource Rent Tax Assessment Act 1987

14  Section 108A

Repeal the section.

Register of Foreign Ownership of Water or Agricultural Land Act 2015

15  Section 33

Repeal the section, substitute:

33   Offshore information notices for persons who may have obligations under Part 3 or Part 3B

                   For the purposes of this Act, Subdivision 353-B in Schedule 1 to the Taxation Administration Act 1953 applies as if a reference in that Subdivision to an assessment of tax-related liability of a person were a reference to the determination of either or both of the following:

                     (a)  whether a person has or had an obligation under Part 3 or 3B of this Act;

                     (b)  whether a person has complied with an obligation the person has or had under Part 3 or 3B of this Act.

Note 1:       Subdivision 353-B in Schedule 1 to the Taxation Administration Act 1953 :

(a)    lets the Commissioner give a person an offshore information notice requesting the person to give the Commissioner information, or a document, that is outside Australia and that the Commissioner believes is relevant to an assessment of the person; and

(b)    sets out the consequences if the person does not comply with the request.

Note 2:       Subdivision 353-A in Schedule 1 to the Taxation Administration Act 1953 also gives the Commissioner power to require a person to give the Commissioner information or documents for the administration of this Act.

Taxation Administration Act 1953

16  Paragraph 8J(2)(k)

Repeal the paragraph.

17  At the end of subsection 8J(2)

Add:

               ; or (q)  paragraph 353-25(1)(b) or (c) in Schedule 1 to this Act.

18  Before section 353-10 in Schedule 1

Insert:

Table of Subdivisions

             Guide to Division 353

353-A   Powers to obtain information and evidence

353-B    Powers to obtain information and evidence from overseas

Guide to Division 353

353-1   What this Division is about

This Division gives the Commissioner powers to obtain information and evidence.

Subdivision 353-A Powers to obtain information and evidence

Table of sections

353-10      Commissioner’s power

353-15      Access to premises, documents etc.

353-20      Checking status of specifically listed deductible gift recipients

19  At the end of Division 353 in Schedule 1

Add:

Subdivision 353-B Powers to obtain information and evidence from overseas

Table of sections

353-25      Offshore information notices

353-30      Offshore information notices—consequence of not complying

353-25   Offshore information notices

             (1)  The Commissioner may, by notice in writing (an offshore information notice ) given to you, request you to do all or any of the following:

                     (a)  to give the Commissioner any information that the Commissioner reasonably believes is:

                              (i)  relevant to the * assessment of a * tax-related liability of yours; and

                             (ii)  * offshore information;

                     (b)  to produce to the Commissioner any documents that the Commissioner reasonably believes are:

                              (i)  relevant to the assessment of a tax-related liability of yours; and

                             (ii)  * offshore documents;

                     (c)  to make copies of any documents the Commissioner could request you to produce under paragraph (b), and to produce those copies to the Commissioner.

             (2)  An offshore information notice:

                     (a)  must specify a period, of at least 90 days after it is given to you, within which you are to give the information or produce the documents or copies; and

                     (b)  must set out the effect of section 353-30; and

                     (c)  may set out how the request is to be complied with; and

                     (d)  may be included in the same document as a notice under section 353-10.

A notice is not invalid merely because it does not comply with paragraph (b).

             (3)  The Commissioner may, by notice in writing, extend the period within which you are to give the information or produce the documents or copies, if, before the end of that period, you apply for the extension in the * approved form.

             (4)  If the Commissioner does not notify you, in writing, before the end of the period of the Commissioner’s decision on an application you make under subsection (3), then the period is extended until the day on which the Commissioner so notifies you.

             (5)  An offshore information notice may be varied or revoked in accordance with subsection 33(3) of the Acts Interpretation Act 1901 , however a variation:

                     (a)  must not have the effect of shortening the period within which you must give particular * offshore information or produce particular * offshore documents or copies; and

                     (b)  must not have the effect that the period within which you must give particular offshore information, or produce particular offshore documents or copies, is less than 90 days.

             (6)  Nothing in this section affects the operation of section 353-10 and nothing in that section affects the operation of this section.

             (7)  Offshore information is any information that is one or more of the following:

                     (a)  within the knowledge (whether exclusive or otherwise) of an entity outside Australia;

                     (b)  recorded (whether exclusively or otherwise) in a document outside Australia;

                     (c)  stored (whether exclusively or otherwise) by any means whatsoever outside Australia.

             (8)  An offshore document is any document that is outside Australia (whether or not copies are in Australia or, if the documents are copies of other documents, whether or not those other documents are in Australia).

353-30   Offshore information notices—consequence of not complying

             (1)  Section 8C does not apply to a request set out in an offshore information notice under section 353-25.

             (2)  If you refuse or fail to comply with a request set out in an offshore information notice (including a request you are not able to comply with), the following are not admissible in evidence in proceedings under Part IVC on a review or appeal relating to a * tax-related liability of yours, except with the consent of the Commissioner:

                     (a)  the * offshore information;

                     (b)  the contents of the * offshore documents or copies.

             (3)  In deciding whether to consent, the Commissioner must:

                     (a)  have regard to whether, because of the absence of that information or those documents or copies, the remaining information or documents that are relevant to the proceedings are, or are likely to be, misleading; and

                     (b)  not have regard to the consequences (whether direct or indirect) of an obligation arising under a * foreign law relating to the secrecy of the information, documents or copies; and

                     (c)  consent if refusal would have the effect, for the purposes of the Constitution, of making any tax or penalty incontestable.

             (4)  If, before the hearing of a proceeding under Part IVC on a review or appeal relating to a * tax-related liability of yours, the Commissioner forms the views that:

                     (a)  you have refused or failed to comply with a request under section 353-25; and

                     (b)  the Commissioner is unlikely to give the consent mentioned in subsection (3);

the Commissioner must, by notice in writing, inform you that the Commissioner has formed those views. However, a failure to do so does not affect the validity of the Commissioner’s decision under subsection (3).

Part 6 Various amendments

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

20  Section 195-1 (note to the definition of taxable supply )

Omit “80-50 84-85,, 90-5, 100-5, 100-18”, substitute “80-50, 84-85, 90-5, 100-5, 100-18,”.

Competition and Consumer Act 2010

21  Section 44AAJ

Repeal the section.

22  Application of amendment

The amendment made by item 21 applies in relation to reporting periods that commence on or after 1 July 2018.

Crimes (Taxation Offences) Act 1980

23  Subsection 3(1) (paragraph (b) of the definition of income tax )

Omit “section 163AA”, substitute “former section 163AA”.

Fringe Benefits Tax Assessment Act 1986

24  Paragraphs 135T(1)(a) to (k)

Repeal the paragraphs, substitute:

                     (a)  a Department within the meaning of subsection 3(1) of the Government Sector Employment Act 2013 (NSW);

                     (b)  a public service body within the meaning of subsection 4(1) of the Public Administration Act 2004 (Vic.);

                     (c)  a department within the meaning of section 7 of the Public Service Act 2008 (Qld);

                     (d)  a department within the meaning of section 3 of the Financial Management Act 2006 (WA) as extended by section 5 of that Act;

                     (e)  a subsidiary body as defined in paragraphs (b) and (c) of the definition of that term in subsection 60(1) of the Financial Management Act 2006 (WA);

                      (f)  an administrative unit within the meaning of subsection 3(1) of the Public Sector Act 2009 (SA);

                     (g)  a Government department within the meaning of subsection 3(1) of the State Service Act 2000 (Tas.);

                     (h)  a directorate as defined in the Dictionary of the Financial Management Act 1996 (ACT);

                      (i)  an Agency within the meaning of subsection 3(1) of the Financial Management Act (NT);

25  Application of amendments

The amendments made by item 24 apply to years of tax starting on or after the day this item commences.

Fuel Tax Act 2006

26  Subsection 43-5(1)

Omit “tax fuel credit”, substitute “fuel tax credit”.

Income Tax Assessment Act 1936

27  Subsection 26BC(9D)

Omit “applicaton”, substitute “application”.

28  Section 121EJ

Omit “activites”, substitute “activities”.

29  Subsection 159GP(1)

Insert:

deferred superannuation income stream has the same meaning as in the Income Tax Assessment Act 1997 .

30  Subsection 159GP(1) (definition of ineligible annuity )

Repeal the definition, substitute:

ineligible annuity means:

                     (a)  an annuity that is issued by a life assurance company to or for the benefit of a natural person other than in the capacity of trustee of a trust estate; or

                     (b)  an annuity that is issued by a life assurance company to a complying superannuation fund if:

                              (i)  the annuity is held by the fund for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more members of the fund; and

                             (ii)  the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and

                            (iii)  the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same; or

                     (c)  an annuity that is issued by a life assurance company to an RSA provider if:

                              (i)  the annuity is held by the RSA provider for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more holders of the RSA; and

                             (ii)  the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and

                            (iii)  the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same.

31  Application of amendment

Paragraphs (b) and (c) of the definition of ineligible annuity in subsection 159GP(1) of the Income Tax Assessment Act 1936 (as inserted by item 30) apply to annuities issued on or after 1 July 2017.

32  Sections 163A, 163AA and 163B

Repeal the sections.

33  Subparagraph 177C(2)(a)(i)

Omit “an agreement, choice,”, substitute “a”.

34  Subparagraphs 254(2)(a)(i) and 255(4)(a)(i)

Omit “section 163AA”, substitute “former section 163AA”.

Income Tax Assessment Act 1997

35  Subsection 30-45(2) (cell at table item 4.2.11, column headed “Fund, authority or institution”)

Repeal the cell, substitute:

Royal Society for the Prevention of Cruelty to Animals Tasmania

36  Application of amendment

The amendment made by item 35 applies in relation to gifts or contributions made on or after 11 April 2016.

37  Subsection 30-80(2) (cell at table item 9.2.15, column headed “Fund, authority or institution”)

Repeal the cell, substitute:

The East African Fund Limited

38  Application of amendment

The amendment made by item 37 applies in relation to gifts or contributions made on or after 17 July 2017.

39  Section 30-105 (table item 13.2.20, column headed “Fund, authority or institution”)

Omit “Charities”, substitute “Trust”.

40  Application of amendment

The amendment made by item 39 applies in relation to gifts or contributions made on or after 7 July 2017.

41  Section 30-315 (table item 45B)

Omit “East African Fund”, substitute “East African Fund Limited”.

42  Section 30-315 (table item 89A)

Omit “Charities”, substitute “Trust”.

43  After paragraph 307-80(3)(a)

Insert:

                    (aa)  the person to whom the benefit is payable is not a reversionary beneficiary; and

44  Application of amendment

The amendment made by item 43 to the meaning of the term retirement phase applies in a provision of an Act, regulation or instrument that uses the term in the same way as that provision applies.

45  Subsection 311-55(1) (note)

Omit “Section 320”, substitute “Section 320-200”.

46  Subsection 995-1(1)

Insert:

Arts Minister means the Minister administering the National Gallery Act 1975 .

Income Tax (Transitional Provisions) Act 1997

47  Division 67

Repeal the Division.

Taxation Administration Act 1953

48  Paragraph 3B(1AA)(d)

Omit “ * taxation officers”, substitute “taxation officers (within the meaning of the Income Tax Assessment Act 1997 )”.

49  Subsection 8AAB(4) (table item 9)

Omit “163AA”, substitute “former section 163AA”.

50  Subsection 8AAB(4) (table item 10)

Omit “163B”, substitute “former section 163B”.

51  Subsection 8AAZLGA(3) (note)

Repeal the note.

52  Subsection 8W(1C) (definitions of adjusted reset cost base asset setting amount and original reset cost base asset setting amount )

Omit “ * ” (wherever occurring).

53  Subsection 8W(1C) (paragraph (a) of the definition of tax on capital gain )

Repeal the paragraph, substitute:

                     (a)  the capital gain (within the meaning of the Income Tax Assessment Act 1997 ) that the head company makes as a result of CGT event L6 happening as mentioned in section 104-525 of that Act; and

54  Subsection 8W(1C) (paragraph (b) of the definition of tax on capital gain )

Omit “ * corporate tax rate”, substitute “corporate tax rate (within the meaning of that Act)”.

55  Subsection 8W(4)

Insert:

CGT event has the same meaning as in the Income Tax Assessment Act 1997 .

head company has the same meaning as in the Income Tax Assessment Act 1997 .

subsidiary member has the same meaning as in the Income Tax Assessment Act 1997 .

tax cost setting amount has the same meaning as in the Income Tax Assessment Act 1997 .

56  Paragraph 18-135(3)(b) in Schedule 1 (example)

Omit “the Australian Securities and Investments Commission”, substitute “ASIC”.

57  Subsection 250-10(1) in Schedule 1 (table item 50)

Omit “163A(3)”, substitute “former subsection 163A(3)”.

58  Subsection 340-10(2) in Schedule 1 (table item 1)

Omit “section 163B”, substitute “former section 163B”.

59  Subsection 340-10(2) in Schedule 1 (table item 3)

Omit “section 163AA”, substitute “former section 163AA”.

60  Subsection 340-10(2) in Schedule 1 (table item 5)

Omit “section 163A”, substitute “former section 163A”.

61  Subsection 355-65(4) in Schedule 1 (cell at table item 1, column headed “The record is made for or the disclosure is to ...”)

Repeal the cell, substitute:

* ASIC

62  Section 396-65 in Schedule 1

Repeal the section, substitute:

396-65   Exemptions—wholesale clients

             (1)  An entity is not required to include, in a report under section 396-55, information about a transaction described in table item 5, 6 or 7 in that section to the extent that the information relates to a party to the transaction:

                     (a)  who is not an individual; and

                     (b)  who, under the transaction, is being provided with:

                              (i)  a financial product (within the meaning of Chapter 7 of the Corporations Act 2001 ); or

                             (ii)  a financial service (within the meaning of that Chapter);

                            as a wholesale client (within the meaning of that Chapter).

Note:          This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

             (2)  An entity is not required to include, in a report under section 396-55, information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item:

                     (a)  who is not an individual; and

                     (b)  who, under the transaction, is being provided with:

                              (i)  a financial product (within the meaning of Chapter 7 of the Corporations Act 2001 ); or

                             (ii)  a financial service (within the meaning of that Chapter);

                            as a wholesale client (within the meaning of that Chapter).

Note:          This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

63  Application of amendment

            The amendment made by item 62 applies in relation to transactions entered into on or after 1 July 2017.

Taxation (Interest on Overpayments and Early Payments) Act 1983

64  Subparagraph 8A(1)(a)(va)

Omit “section 163A”, substitute “former section 163A”.

65  Subparagraph 8A(1)(a)(vb)

Omit “section 163B”, substitute “former section 163B”.

66  Part IIIA (heading)

Repeal the heading, substitute:

Part IIIA Interest on overpayments resulting from certain remissions and refunds

67  Subparagraph 12A(1)(a)(i)

Omit “section 163AA”, substitute “former section 163AA”.

68  Paragraph 12A(1)(b)

Omit “remission, refund or crediting”, substitute “remission or refund”.

69  Subsection 12A(1)

Omit “remitted, refunded or credited”, substitute “remitted or refunded”.

70  Section 12B

Omit “remission, refund or crediting”, substitute “remission or refund”.

Part 7 Transitional arrangements relating to the disclosure of information

Superannuation (Resolution of Complaints) Act 1993

71  Subsection 63(2)

Omit “subsection (3)”, substitute “subsections (2C) and (3)”.

72  After subsection 63(2B)

Insert:

          (2C)  Subsection (2) does not prohibit the Tribunal, or a member of ASIC’s staff made available under section 62, from disclosing information or producing a document to the AFCA if the disclosure is for the purposes of the AFCA performing its functions or exercising its powers under Part 7.10A of the Corporations Act 2001 .

73  Subsection 63(3B)

Omit “particular complaint-handling body”, substitute “complaint-handling body (other than the AFCA)”.

74  Subsection 63(5)

Insert:

AFCA has the same meaning as in Chapter 7 of the Corporations Act 2001 .

75  Application of amendments

The amendments made by this Part apply in relation to disclosures of information made on or after the commencement of this Part, regardless of when the information was acquired.