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Treasury Laws Amendment (2021 Measures No. 6) 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. 6) Bill 2021

 

No.      , 2021

 

(Treasury)

 

 

 

A Bill for an Act to amend legislation relating to taxation, industry codes and family law, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Refund of large-scale generation shortfall charge                4

Income Tax Assessment Act 1997                                                                               4

Schedule 2—Industry code penalties under Part IVB of the Competition and Consumer Act 2010      5

Competition and Consumer Act 2010                                                                      5

Schedule 3—Requirement for actuarial certificates for certain superannuation funds 7

Income Tax Assessment Act 1997                                                                               7

Schedule 4—Strengthening industry codes under Part IVB of the Competition and Consumer Act 2010                                                                                                                               8

Part 1—Main amendments                                                                                          8

Competition and Consumer Act 2010                                                                      8

Part 2—Application and validation provisions                                               12

Schedule 5—Superannuation information for family law proceedings 13

Part 1—Main amendments                                                                                        13

Family Law Act 1975                                                                                                 13

Taxation Administration Act 1953                                                                          15

Part 2—Other amendments                                                                                       17

Family Law Act 1975                                                                                                 17

Taxation Administration Act 1953                                                                          19

 

 



A Bill for an Act to amend legislation relating to taxation, industry codes and family law, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2021 Measures No. 6) 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 day after this Act receives the Royal Assent.

 

4.  Schedule 3

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

 

5.  Schedule 4

Immediately after the commencement of the provisions covered by table item 3.

 

6.  Schedule 5, Part 1

1 April 2022.

1 April 2022

7.  Schedule 5, Part 2

The later of:

(a) immediately after the commencement of the provisions covered by table item 6; and

(b) immediately after the commencement of the Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020 .

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

 

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.