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The Parliament of the
Commonwealth of Australia
Presented and read a first time
Treasury Laws Amendment (Modernising Business Communications) Bill 2022
No. , 2022
(Treasury)
Contents
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 1
3............ Schedules............................................................................................ 4
Schedule 1—Documents and meetings under the Corporations Act 2001 5
Part 1—Main amendments 5
Corporations Act 2001 5
Part 2—Contingent amendments 25
Division 1—Amendments if certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 commence first 25
Corporations Act 2001 25
Division 2—Repeal of certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 if they do not commence first 26
Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 26
Division 3—Alternative amendments if certain contingent amendments in the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 do not commence first 26
Corporations Act 2001 26
Schedule 2—Documents under the National Credit Code and payment methods 29
Part 1—Documents under the National Credit Code 29
National Consumer Credit Protection Act 2009 29
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 38
Part 2—Payment methods 40
Corporations Act 2001 40
Excise Act 1901 40
Small Superannuation Accounts Act 1995 40
Schedule 3—Publication requirements and other amendments 41
Part 1—Main amendments 41
Competition and Consumer Act 2010 41
Corporations Act 2001 41
Income Tax Assessment Act 1936 46
Income Tax Assessment Act 1997 47
Insurance Act 1973 47
Life Insurance Act 1995 48
National Consumer Credit Protection Act 2009 50
Private Health Insurance (Prudential Supervision) Act 2015 52
Productivity Commission Act 1998 53
Superannuation Industry (Supervision) Act 1993 53
Taxation Administration Act 1953 54
Part 2—Contingent amendments 55
Corporations Act 2001 55
A Bill for an Act to amend the law relating to corporations, consumer credit and other matters in the Treasury portfolio, and for related purposes
The Parliament of Australia enacts:
This Act is the Treasury Laws Amendment (Modernising Business Communications) Act 2022 .
(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.
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Commencement information |
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Column 1 |
Column 2 |
Column 3 |
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Provisions |
Commencement |
Date/Details |
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1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table |
The day this Act receives the Royal Assent. |
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2. Schedule 1, Part 1 |
The later of: (a) the start of the day after this Act receives the Royal Assent; and (b) immediately after the commencement of Schedule 2 to the Corporations (Meetings and Documents) Act 2022 . However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. |
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3. Schedule 1, Part 2, Division 1 |
Immediately after the commencement of the provisions covered by table item 2. However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence on or before 1 July 2022. |
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4. Schedule 1, Part 2, Division 2 |
Immediately after the commencement of section 1 of the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 . However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence after 1 July 2022. |
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5. Schedule 1, Part 2, Division 3 |
Immediately after the commencement of Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 . However, the provisions do not commence at all if: (a) Schedule 1 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 does not commence; or (b) the provisions covered by table item 2 commence after 1 July 2022. |
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6. Schedule 2, Part 1 |
The day after the end of the period of 18 months beginning on the day this Act receives the Royal Assent. |
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7. Schedule 2, Part 2 |
The day after this Act receives the Royal Assent. |
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8. Schedule 3, Part 1 |
A single day to be fixed by Proclamation. However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period. |
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9. Schedule 3, Part 2 |
A single day to be fixed by Proclamation. However, if the provisions do not commence before 1 July 2024, they commence on that day. |
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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.
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.