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Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

2016-2017-2018-2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

 

No.      , 2019

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to corporations and taxation, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 4

Schedule 1—Phoenixing offences and other rules about property transfers to defeat creditors               5

Part 1—Main amendments of the Corporations Act 2001                          5

Corporations Act 2001                                                                                                5

Part 2—Consequential amendments of other Acts                                       26

Aged Care (Accommodation Payment Security) Act 2006                                 26

Banking Act 1959                                                                                                       26

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      26

Insurance Act 1973                                                                                                    28

Life Insurance Act 1995                                                                                            28

Part 3—Amendments with contingent commencement                             29

Division 1—Amendments that do not commence if the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 has commenced                     29

Corporations Act 2001                                                                                              29

Division 2—Amendments commencing after the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 commences                                                30

Corporations Act 2001                                                                                              30

Division 3—Amendments that do not commence if Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 has commenced            31

Corporations Act 2001                                                                                              31

Division 4—Amendments commencing after Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commences                 33

Corporations Act 2001                                                                                              33

Schedule 2—Improving the accountability of resigning directors          35

Part 1—Main amendments                                                                                        35

Corporations Act 2001                                                                                              35

Part 2—Amendments with contingent commencement                             39

Division 1—Amendments that do not commence if Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 has commenced            39

Corporations Act 2001                                                                                              39

Division 2—Amendments commencing after Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commences                 39

Corporations Act 2001                                                                                              39

Schedule 3—GST estimates and director penalties                                          40

A New Tax System (Goods and Services Tax) Act 1999                                       40

Taxation Administration Act 1953                                                                          40

Schedule 4—Retention of tax refunds                                                                      47

Taxation Administration Act 1953                                                                          47

 

 



A Bill for an Act to amend the law relating to corporations and taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2019 .

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.  Schedule 1, Parts 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 3, Division 1

The day after this Act receives the Royal Assent.

However, the provisions do not commence at all if the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 commences on or before that day.

 

4.  Schedule 1, Part 3, Division 2

The later of:

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

(b) immediately after the commencement of the Corporations Amendment (Strengthening Protections for Employee Entitlements) Act 2019 .

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

 

5.  Schedule 1, Part 3, Division 3

The day after this Act receives the Royal Assent.

However, the provisions do not commence at all if Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commences on or before that day.

 

6.  Schedule 1, Part 3, Division 4

The later of:

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

(b) immediately after the commencement of Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 .

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

 

7.  Schedule 2, Part 1

The day after this Act receives the Royal Assent.

 

8.  Schedule 2, Part 2, Division 1

The day after this Act receives the Royal Assent.

However, the provisions do not commence at all if Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commences on or before that day.

 

9.  Schedule 2, Part 2, Division 2

The later of:

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

(b) immediately after the commencement of Schedule 1 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 .

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

 

10.  Schedule 3

The later of:

(a) the first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent; and

(b) immediately after the commencement of Schedule 5 to the Treasury Laws Amendment (2018 Measures No. 4) Act 2019 .

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

 

11.  Schedule 4

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.