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Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

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............................................................................................ 2

Schedule 1—Phoenixing offences and other rules about property transfers to defeat creditors               3

Part 1—Main amendments of the Corporations Act 2001                          3

Corporations Act 2001                                                                                                3

Part 2—Consequential amendments of other Acts                                       24

Aged Care (Accommodation Payment Security) Act 2006                                 24

Banking Act 1959                                                                                                       24

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      24

Insurance Act 1973                                                                                                    26

Life Insurance Act 1995                                                                                            26

Part 3—Other amendments                                                                                       27

Corporations Act 2001                                                                                              27

Schedule 2—Improving the accountability of resigning directors          29

Corporations Act 2001                                                                                              29

Schedule 3—GST estimates and director penalties                                          33

A New Tax System (Goods and Services Tax) Act 1999                                       33

Taxation Administration Act 1953                                                                          33

Schedule 4—Retention of tax refunds                                                                      40

Taxation Administration Act 1953                                                                          40

 



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.  Schedules 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedules 3 and 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.