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Treasury Laws Amendment (Cost of Living Support and Other Measures) Bill 2022


Contents

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

2............ Commencement.................................................................................. 2

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

Schedule 1—Medicare Levy and Medicare Levy Surcharge Income Thresholds             4

A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999      4

Medicare Levy Act 1986                                                                                              4

Schedule 2—Deductibility of COVID-19 tests                                                      6

Income Tax Assessment Act 1997                                                                              6

Schedule 3—Deductible gift recipients—new specific recipients             8

Income Tax Assessment Act 1997                                                                              8

Schedule 4—Employee Share Schemes                                                                   10

Corporations Act 2001                                                                                               10

Schedule 5—Varying the GDP uplift factor for tax instalments            59

Part 1—Amendments                                                                                                   59

Taxation Administration Act 1953                                                                           59

Part 2—Sunsetting                                                                                                         60

Taxation Administration Act 1953                                                                           60

Schedule 6—Low and Middle Income tax offset                                               61

Income Tax Assessment Act 1997                                                                            61

Schedule 7—Safety net thresholds                                                                             62

National Health Act 1953                                                                                          62

Schedule 8—2022 cost of living payment                                                               63

Income Tax Assessment Act 1997                                                                            63

Social Security Act 1991                                                                                            64

Social Security (Administration) Act 1999                                                             68

Veterans’ Entitlements Act 1986                                                                              70

Schedule 9—Fuel duty consequential amendments                                        77

Product Stewardship (Oil) Regulations 2000                                                        77



A Bill for an Act to amend the law relating to taxation, employee share schemes and product stewardship, to amend the National Health Act 1953 , to provide for a one-off cost of living payment, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022 .

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 day after this Act receives the Royal Assent.

 

3.  Schedules 2 and 3

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

 

4.  Schedule 4

The day after the end of the period of 6 months beginning on the day this Act receives the Royal Assent.

 

5.  Schedule 5, Part 1

The day after this Act receives the Royal Assent.

 

6.  Schedule 5, Part 2

1 July 2027.

1 July 2027

7.  Schedule 6

The day after this Act receives the Royal Assent.

 

8.  Schedule 7

1 July 2022.

1 July 2022

9.  Schedule 8

The day after this Act receives the Royal Assent.

 

10.  Schedule 9

Immediately after the commencement of the Excise Tariff Amendment (Cost of Living Support) Act 2022 .

However, the provisions do not commence at all if that Act does not commence.

 

 

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.

Note:          The provisions of the Product Stewardship (Oil) Regulations 2000 amended or inserted by this Act, and any other provisions of those regulations, may be amended or repealed by regulations made under section 37 of the Product Stewardship (Oil) Act 2000 (see subsection 13(5) of the Legislation Act 2003 ).