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Treasury Laws Amendment (2020 Measures No. 2) Bill 2020

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (2020 Measures No. 2) Bill 2020

 

No.      , 2020

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, child support and international finance institutions, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Hybrid mismatch rules                                                                           3

Part 1—Main amendments                                                                                          3

Income Tax Assessment Act 1997                                                                               3

Part 2—Foreign hybrid mismatch rules                                                               11

Income Tax Assessment Act 1997                                                                             11

Part 3—Hybrid entities integrity rule                                                                   13

Income Tax Assessment Act 1997                                                                             13

Part 4—Foreign income tax deductions for regulatory capital               15

Income Tax Assessment Act 1997                                                                             15

Schedule 2—Single touch payroll reporting—child support information                17

Child Support (Assessment) Act 1989                                                                     17

Child Support (Registration and Collection) Act 1988                                      17

Taxation Administration Act 1953                                                                          18

Schedule 3—Deductible gift recipient status for community sheds        22

Income Tax Assessment Act 1997                                                                             22

Schedule 4—Funding capital increases for the World Bank Group     23

International Finance Corporation Act 1955                                                      23

International Monetary Agreements Act 1947                                                     25

Schedule 5—Deductible gift recipients—new specific recipients             26

Income Tax Assessment Act 1997                                                                             26

Schedule 6—Tax secrecy                                                                                                  29

Taxation Administration Act 1953                                                                          29



A Bill for an Act to amend the law relating to taxation, child support and international finance institutions, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2020 Measures No. 2) Act 2020 .

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 to 3

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

 

3.  Schedule 4

The day after this Act receives the Royal Assent.

 

4.  Schedule 5

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

 

5.  Schedule 6

The day after 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.





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