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Treasury Laws Amendment (2019 Measures No. 1) 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 (2019 Measures No. 1) Bill 2019

 

No.      , 2019

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to superannuation, taxation, corporations, financial services, consumers, competition and statistics, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 5

Schedule 1—Self managed superannuation fund membership limit      6

Part 1—Main amendments                                                                                          6

Superannuation Industry (Supervision) Act 1993                                                 6

Part 2—Other amendments                                                                                         7

Income Tax Assessment Act 1997                                                                               7

Superannuation Industry (Supervision) Act 1993                                                 7

Superannuation (Unclaimed Money and Lost Members) Act 1999                    9

Part 3—Contingent amendments                                                                           10

Corporations Act 2001                                                                                              10

Income Tax Assessment Act 1997                                                                             10

Superannuation Industry (Supervision) Act 1993                                               10

Superannuation (Unclaimed Money and Lost Members) Act 1999                  11

Schedule 2—Extending support for craft brewers                                          12

Excise Act 1901                                                                                                           12

Schedule 3—Exemption for Global Infrastructure Hub Ltd                    13

Income Tax Assessment Act 1997                                                                             13

Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 13

Schedule 4—Miscellaneous amendments                                                                14

Part 1—Amendments commencing day after Royal Assent                    14

Australian Prudential Regulation Authority Act 1998                                       14

Banking Act 1959                                                                                                       14

Competition and Consumer Act 2010                                                                    14

Corporations Act 2001                                                                                              16

Financial Sector (Transfer and Restructure) Act 1999                                       21

National Consumer Credit Protection Act 2009                                                  21

Part 2—Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after Royal Assent                                                                                                                23

A New Tax System (Family Assistance) (Administration) Act 1999                  23

Income Tax Assessment Act 1936                                                                             23

Income Tax Assessment Act 1997                                                                             23

Superannuation Industry (Supervision) Act 1993                                               26

Taxation Administration Act 1953                                                                          27

Part 3—Amendments commencing 28 days after Royal Assent           29

Australian Bureau of Statistics Act 1975                                                              29

Part 4—Amendments commencing 1 January 2019                                     30

Corporations Act 2001                                                                                              30

 

 



A Bill for an Act to amend the law relating to superannuation, taxation, corporations, financial services, consumers, competition and statistics, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2019 Measures No. 1) 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 later of:

(a) 1 July 2019; and

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

 

3.  Schedule 1, item 28

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 6 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 .

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

 

4.  Schedule 1, items 29 and 30

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 4 to the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 .

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

 

5.  Schedule 1, item 31

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 7 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 .

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

 

6.  Schedule 1, items 32 and 33

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 1 to the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019 .

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

 

7.  Schedule 1, items 34 to 38

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 .

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

 

8.  Schedule 1, items 39 and 40

The later of:

(a) immediately after the commencement of the provisions covered by table item 2; and

(b) immediately after the commencement of Schedule 3 to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 .

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

 

9.  Schedule 2

At the same time as the Excise Tariff Amendment (Supporting Craft Brewers) Act 2019 commences.

However, the provisions do not commence at all if that Act does not commence.

 

10.  Schedule 3

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

11.  Schedule 4, Part 1

The day after this Act receives the Royal Assent.

 

12.  Schedule 4, Part 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

13.  Schedule 4, Part 3

The 28th day after this Act receives the Royal Assent.

 

14.  Schedule 4, Part 4

1 January 2019.

1 January 2019

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.