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Treasury Laws Amendment (2020 Measures No. 3) Bill 2020


Type
Government
Originating house
House of Representatives
Status
Assent
Portfolio
Treasury

Summary

Amends the: International Monetary Agreements Act 1947 to: enable Australia to enter into loan agreements with the International Monetary Fund (IMF); enable Australia to meet its funding obligations under any such agreements, as well as under the existing New Arrangements to Borrow with the IMF; and enable Australia to continue to enter into agreements with other countries to provide them with financial assistance in support of a program of the IMF; Income Tax Assessment Act 1997 to update the list of deductible gift recipients to include three new entities; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: extend the $150 000 instant asset write-off for a further six months until 31 December 2020; and adjust the criteria for access to the instant asset write-off for businesses that have adopted a substituted accounting period; Taxation Administration Act 1953 to reduce the gross domestic product adjustment factor for the 2020-21 financial year to nil; and Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 to clarify that the payments for which an entity can receive a cash flow boost payment include amounts that are subject to withholding under the special withholding obligations applying to certain personal service income payments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 12/06/20  
Second reading moved 12/06/20  
Second reading debate 18/06/20  
Second reading agreed to 18/06/20  
Third reading agreed to 18/06/20  
     
Senate
Introduced and read a first time 18/06/20  
Second reading moved 18/06/20  
Second reading agreed to 18/06/20  
Third reading agreed to 18/06/20  
     
Finally passed both Houses 18/06/20  
Assent 19/06/20 Act no: 61 - Year: 2020
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Considered by scrutiny committee (17/06/2020): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 8 of 2020
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)