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Title

Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Database

Bills & Legislation

Long Title

a Bill for an Act to amend the law relating to corporations, consumer credit and taxation, and for related purposes

Date

10-02-2020 09:52 PM

Source

House of Reps

Parl No.

46

Bill Number

99/19

Bill Type

Government

Portfolio

Treasury

Reps Bill Code

T

Status

Act

System Id

legislation/bills/r6341_aspassed/0000


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Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (2018 Measures No. 2) Bill 2020

 

No.      , 2020

 

 

 

 

 

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

   

   

Contents

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

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

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

4............ Independent review of operation of Schedule 1.................................. 2

Schedule 1—FinTech Sandbox Regulatory Licensing Exemptions         4

Part 1—Amendment of the Corporations Act 2001                                      4

Corporations Act 2001                                                                                                4

Part 2—Amendment of the National Consumer Credit Protection Act 2009       5

National Consumer Credit Protection Act 2009                                                    5

Schedule 2—Innovation measures                                                                                6

Part 1—Venture capital investments                                                                      6

Income Tax Assessment Act 1997                                                                               6

Part 2—Early stage investor tax offsets                                                               7

Income Tax Assessment Act 1997                                                                               7

Part 3—Managed investment trusts                                                                      10

Income Tax Assessment Act 1997                                                                             10

Part 4—Public trading trusts                                                                                    11

Income Tax Assessment Act 1936                                                                             11

 

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

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2018 Measures No. 2) 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.  Schedule 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 2

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   Independent review of operation of Schedule 1

             (1)  The Minister must cause an independent review to be conducted of the operation of the amendments made by Schedule 1 to this Act.

             (2)  The review must:

                     (a)  start as soon as practicable after the end of 12 months after the commencement of the first regulations made for the purposes of section 926B of the Corporations Act 2001 that exempt a person or class of persons from subsection 911A(1) of that Act to enable testing of particular financial services; and

                     (b)  be completed within 6 months.

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

             (4)  The Minister must cause copies 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.