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Treasury Laws Amendment (2019 Measures No. 1) Bill 2019

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2016-2017-2018-2019

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

AmendmentS to the Treasury Laws Amendment (2019 Measures N o . 1) Bill 2019

 

 

 

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

 

Amendment to be moved on behalf of the Government

 

(Circulated by authority of the

Assistant Treasurer, the Hon Stuart Robert MP)

 

 



Amendments to the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019

Outline of chapter

1.1                   This Chapter explains the amendments to the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 (the Bill).

Detailed explanation of new law

1.2                   Schedule 1 to the Bill contained amendments to the Income Tax Assessment Act 1997 , Superannuation Industry (Supervision) Act   1993 and the Superannuation (Unclaimed Money and Lost Members) Act 1999 to increase the maximum number of allowable members in self-managed superannuation funds from four to six, as well as related consequential amendments to provisions in those Acts and the Corporations Act 2001 .

1.3                   Schedule 1 to the Bill would have applied from 1 July 2019.

1.4                   The amendments omit Schedule 1 from the Bill. As a result of this change, the Bill does not increase the maximum number of allowable members in self-managed superannuation funds from four to six.

1.5                   The amendments also make minor consequential amendments to the commencement provisions of the Bill to remove provisions only relevant to Schedule 1.

Financial and compliance cost impact

1.6                   Schedule 1 was estimated to have no revenue impact over the forward estimates period. The amendments to the Bill also have no revenue impact over the forward estimates period.

1.7                   The amendment removes the regulatory impact of Schedule 1 to the Bill, which was estimated to be minor.



Chapter 2          

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Amendments to the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019

2.1                   The amendment to the Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .

Overview

2.2                   The amendments omit Schedule 1 from the Bill. As a result of this change, the Bill does not increase the maximum number of allowable members in self-managed superannuation funds from four to six.

Human rights implications

2.3                   The amendments do not engage any of the applicable rights or freedoms as Schedule 1 did not engage any of the applicable rights or freedoms.

Conclusion

2.4                   These amendments are compatible with human rights as they do not raise any human rights issues.