Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Treasury Laws Amendment (2016 Measures No. 1) Bill 2016

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (2016 Measures No. 1) Bill 2016

 

No.      , 2016

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to insurance, corporations, taxation and financial services, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Amendment of the Terrorism Insurance Act 2003               3

Terrorism Insurance Act 2003                                                                                    3

Schedule 2—Improving employee share schemes                                               4

Corporations Act 2001                                                                                                4

Schedule 3—DGR specific listings                                                                                7

Part 1—Main amendments                                                                                          7

Income Tax Assessment Act 1997                                                                               7

Part 2—Changing the name of the Ethics Centre                                            9

Income Tax Assessment Act 1997                                                                               9

Schedule 4—Ex-gratia disaster recovery payments to special category visa (subclass 444) holders        10

Income Tax Assessment Act 1936                                                                             10

Income Tax Assessment Act 1997                                                                             10

Schedule 5—Client money                                                                                               12

Part 1—Client money and property                                                                      12

Corporations Act 2001                                                                                              12

Part 2—Client money reporting rules                                                                   15

Corporations Act 2001                                                                                              15

 

 



A Bill for an Act to amend the law relating to insurance, corporations, taxation and financial services, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2016 Measures No. 1) Act 2016 .

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

1 July 2017.

1 July 2017

3.  Schedule 2

The day after this Act receives the Royal Assent.

 

4.  Schedule 3, Part 1

The day after this Act receives the Royal Assent.

 

5.  Schedule 3, Part 2

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 12 months beginning on the day this Act receives the Royal Assent, the provisions are repealed on the day after the end of that period.

 

6.  Schedule 4

The day after this Act receives the Royal Assent.

 

7.  Schedule 5

The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent.

 

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.