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Treasury Laws Amendment (2020 Measures No. 3) 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. 3) Bill 2020

 

No.      , 2020

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation, international monetary agreements and the cash flow boost, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 3

Schedule 1—International monetary agreements                                               4

Part 1—Amendments commencing day after Royal Assent                      4

International Monetary Agreements Act 1947                                                       4

Part 2—Decision amending New Arrangements to Borrow                      6

International Monetary Agreements Act 1947                                                       6

Part 3—Expiry of IMF loan agreement 2016                                                    7

International Monetary Agreements Act 1947                                                       7

Schedule 2—Deductible gift recipients—new specific recipients               8

Income Tax Assessment Act 1997                                                                               8

Schedule 3—International financial assistance                                                     9

International Monetary Agreements Act 1947                                                       9

Schedule 4—Extending the instant asset write-off                                           10

Income Tax Assessment Act 1997                                                                             10

Income Tax (Transitional Provisions) Act 1997                                                   14

Schedule 5—Reduction in 2020-21 PAYG instalments                                 16

Part 1—Amendments                                                                                                   16

Taxation Administration Act 1953                                                                          16

Part 2—Sunsetting                                                                                                         17

Taxation Administration Act 1953                                                                          17

Schedule 6—Cash flow boost                                                                                         18

Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020             18

 

 



A Bill for an Act to amend the law relating to taxation, international monetary agreements and the cash flow boost, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2020 Measures No. 3) 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.  Schedule 1, Part 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 2

The latest of the following:

(a) the start of 1 January 2021;

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

(c) the start of the day Decision No. 16645-(20/5) of the Executive Board of the International Monetary Fund, dated 16 January 2020, comes into force for Australia.

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

The Minister must announce, by notifiable instrument, the day the decision comes into force for Australia.

 

4.  Schedule 1, Part 3

The later of:

(a) the start of 2 January 2021; and

(b) immediately after the commencement of the provisions covered by table item 2.

 

5.  Schedule 2

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

 

6.  Schedules 3 and 4

The day after this Act receives the Royal Assent.

 

7.  Schedule 5, Part 1

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

 

8.  Schedule 5, Part 2

1 July 2025.

1 July 2025

9.  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.