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Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

2019-2020-2021

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (2021 Measures No. 4) Bill 2021

 

No.      , 2021

 

(Treasury)

 

 

 

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

   

   



Contents

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

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

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

Schedule 1—Fringe benefits tax exemption to support retraining and reskilling                3

Fringe Benefits Tax Assessment Act 1986                                                                3

Schedule 2—Junior minerals exploration incentive extension                     5

Income Tax Assessment Act 1997                                                                               5

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018   7

Schedule 3—Exempting granny flat arrangements from CGT                 9

Income Tax Assessment Act 1997                                                                               9

Income Tax (Transitional Provisions) Act 1997                                                   12

Schedule 4—Amendments to product intervention regime                         14

Corporations Act 2001                                                                                              14

National Consumer Credit Protection Act 2009                                                  14

Schedule 5—New Zealand sports teams members and support staff   15

International Tax Agreements Act 1953                                                                15

Schedule 6—Low and Middle Income tax offset                                               17

Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020               17

 

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2021 Measures No. 4) Act 2021 .

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

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

 

3.  Schedule 2

The later of:

(a) 1 July 2021; and

(b) the day after this Act receives the Royal Assent.

 

4.  Schedule 3

The first 1 July to occur after the day this Act receives the Royal Assent.

 

5.  Schedules 4 and 5

The day after this Act receives the Royal Assent.

 

6.  Schedule 6

Immediately after the commencement of section 1 of the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 .

14 October 2020

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.