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Bills of the current Parliament

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Coronavirus Economic Response Package Omnibus Bill 2020


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Part of a package of eight bills to respond to the economic impacts of the coronavirus, the bill amends: the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: increase the cost threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $30 000 to $150 000, from 12 March to 30 June 2020; and temporarily allow businesses with aggregated turnovers of less than $500 million in an income year to deduct capital allowances for depreciating assets at an accelerated rate; the Income Tax Assessment Act 1997, Social Security Act 1991, Taxation Administration Act 1953 and Veterans' Entitlements Act 1986 to make amendments consequential on the cash flow boost payments; six Acts to provide for two rounds of economic support payments of $750 to certain income support and compensation recipients and holders of qualifying concession cards; Biosecurity Act 2015 to enable the Director of Human Biosecurity to delegate their functions or powers in relation to human biosecurity control orders; the Great Barrier Reef Marine Park Regulations 2019 to waive the environmental management charge from 1 April to 31 December 2020; the Financial Framework (Supplementary Powers) Regulations 1997 to: implement measures to assist employers to retain apprentices and traineeships; and provide financial assistance to participants in the Australian aviation sector; the Corporations Act 2001 to provide short-term regulatory relief to classes of person who are unable to meet their obligations under the Act or the regulations; the A New Tax (Family Assistance) Act 1999 and A New Tax System (Family Assistance) (Administration) Act 1999 to: allocate extra allowable absence days for child care; and waive the current obligation of services duty to enforce payment of gaps fees for a particular event or circumstance; the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulation 1994 to reduce the minimum payment amounts for account based, allocated and market linked pensions by half for the 2019-20 and 2020-21 financial years; the Social Security Act 1991 to: expand eligibility for the youth allowance (other) and jobseeker payments; provide for the payment of a $550 coronavirus supplement to youth allowance (other) and jobseeker recipients and certain other income support recipients; and exempt recipients from certain waiting periods; the Farm Household Support Act 2014 to apply the coronavirus supplement and waiting period exemptions to recipients of the Farm Household Allowance; the Social Services and Other Legislation Amendment (Simplifying Income Reporting and Other Measures) Act 2020 to delay the commencement of the Act; the Bankruptcy Act 1966 and Bankruptcy Regulations 1996 to provide temporary relief for individuals at risk of bankruptcy; the Corporations Act 2001 and Corporations Regulations 2001 to provide temporary relief for businesses at risk of insolvency; the Corporations Act 2001 to provide temporary relief for directors from their personal duty to prevent insolvency trading; the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulations 1994 to enable individuals to access up to $10 000 from their superannuation or retirement savings account in the 2019-20 financial year, and up to a further $10 000 in the 2020-21 financial year; the Income Tax (Transitional Provisions) Act 1997 to provide that any superannuation lump sum amounts released to an individual in the previous circumstances are non-assessable non-exempt income; the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 and Medicare Levy Act 1986 to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts; and the Charter of Budget Honesty Act 1998 to delay the next intergenerational report from 2020 to mid-2021. Also grants a minister the power to determine a new sunset day for legislation that is due to sunset on or before 15 October 2020.

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 23/03/20  
Second reading moved 23/03/20  
Second reading debate 23/03/20  
Second reading agreed to 23/03/20  
Consideration in detail debate 23/03/20 Amendment details: 11 Government agreed to
Third reading agreed to 23/03/20  
     
Senate
Introduced and read a first time 23/03/20  
Second reading moved 23/03/20  
Second reading debate 23/03/20  
Second reading agreed to 23/03/20  
Committee of the Whole debate 23/03/20 Amendment details: 1 Government agreed to
Third reading agreed to 23/03/20  
     
House of Representatives
Consideration of Senate message 23/03/20 Details: House agreed to Senate amendment
     
Finally passed both Houses 23/03/20  
Assent 24/03/20 Act no: 22 - Year: 2020
     

Text of bill

  • First reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Correction to explanatory memorandum

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  • Supplementary explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [ZA509]

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  • Non-Government
JONES, Stephen, MP

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Senate
  • Australian Greens [sheet 8909 revised]
SIEWERT, Sen Rachel

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  • Australian Greens [sheet 8914]
HANSON-YOUNG, Sen Sarah

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  • Australian Greens [sheet 8915]
SIEWERT, Sen Rachel

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  • Australian Greens [sheet 8906]
SIEWERT, Sen Rachel

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  • Australian Greens [Sheet 8911]
SIEWERT, Sen Rachel

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  • Australian Greens [Sheet 8910]
SIEWERT, Sen Rachel

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  • Australian Greens [sheet 8904]
SIEWERT, Sen Rachel

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  • Government [sheet ZA510 Revised]

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  • Government [sheet ZA510]

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Schedules of amendments

  • Schedule of the amendment made by the Senate

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  • Schedule of the amendments made by the House of Representatives

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Bills Digest



Notes
  • Considered by scrutiny committee (17/04/2020): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 7 of 2020
  • Considered by scrutiny committee (29/04/2020): Parliamentary Joint Committee on Human Rights; Report 9 of 2020
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)