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Bills of the current Parliament

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Treasury Laws Amendment (2020 Measures No. 6) Bill 2020


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends: the Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to: provide an alternative mechanism to the existing test for working out if the $5 billion threshold applies to qualify for the temporary full expensing concession; enable entities to opt out of temporary full expensing and the backing business investment incentives on an asset-by-asset basis; and make a minor clarification to the operation of the temporary loss carry back provisions; the Income Tax (Transitional Provisions) Act 1997 to make a minor technical correction; the Competition and Consumer Act 2010 to: reallocate the responsibility for conducting sectoral assessments and making consumer data rules; and make miscellaneous amendments in relation to the consumer data right regime; the Australian Charities and Not-for-profits Commission Act 2012 to provide that an entity is not a basic religious charity if the entity has been identified as being responsible for past institutional child sexual abuse and it has not participated in the National Redress Scheme for Institutional Child Sexual Abuse; and 17 Acts in the Treasury portfolio to make minor and technical amendments. Also repeals 18 Acts in the Treasury portfolio.

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 02/12/20  
Second reading moved 02/12/20  
Second reading debate 08/12/20  
Second reading agreed to 08/12/20  
Third reading agreed to 08/12/20  
     
Senate
Introduced and read a first time 09/12/20  
Second reading moved 09/12/20  
Second reading agreed to 10/12/20  
Third reading agreed to 10/12/20  
     
Finally passed both Houses 10/12/20  
Assent 17/12/20 Act no: 141 - 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 (09/12/2020): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 2 of 2021
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)