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Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2020

 

No.      , 2020

 

 

 

 

 

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

   

   



Contents

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

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

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

4............ Review of operation of amendments................................................... 2

Schedule 1—Phoenixing offences and other rules about property transfers to defeat creditors               4

Part 1—Main amendments of the Corporations Act 2001                          4

Corporations Act 2001                                                                                                4

Part 2—Consequential amendments of other Acts                                       25

Aged Care (Accommodation Payment Security) Act 2006                                 25

Banking Act 1959                                                                                                       25

Corporations (Aboriginal and Torres Strait Islander) Act 2006                      25

Insurance Act 1973                                                                                                    27

Life Insurance Act 1995                                                                                            27

Part 3—Other amendments                                                                                       28

Corporations Act 2001                                                                                              28

Schedule 2—Improving the accountability of resigning directors          30

Corporations Act 2001                                                                                              30

Schedule 3—GST estimates and director penalties                                          34

A New Tax System (Goods and Services Tax) Act 1999                                       34

Taxation Administration Act 1953                                                                          34

Schedule 4—Retention of tax refunds                                                                      41

Taxation Administration Act 1953                                                                          41

 



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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020.

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 4 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The day after this Act receives the Royal Assent.

 

3.  Schedules 3 and 4

The first 1 January, 1 April, 1 July or 1 October to occur after 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.

4  Review of operation of amendments

             (1)  The Minister must cause an independent review to be conducted of the operation of the amendments made by Schedules 1, 3 and 4 to this Act.

             (2)  The review must start as soon as practicable after the end of 5 years after this Act receives the Royal Assent.

             (3)  The persons who conduct the review must give the Minister a written report of the review.

             (4)  The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.