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Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021

2019-2020-2021-2022

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

Corporate Collective Investment Vehicle Framework and Other Measures Bill 2022

 

No.      , 2022

 

 

 

 

 

A Bill for an Act to provide for corporate collective investment vehicles, to amend the law relating to taxation and superannuation and to make miscellaneous and technical amendments of the law in the Treasury portfolio, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 4

Schedule 1—Corporate collective investment vehicles: main amendments           5

Corporations Act 2001                                                                                                 5

Schedule 2—Corporate collective investment vehicles: other amendments of the Corporations Act 2001                                                                                                                198

Corporations Act 2001                                                                                             198

Schedule 3—Corporate collective investment vehicles: amendments of other Acts         229

Australian Securities and Investments Commission Act 2001                          229

Personal Property Securities Act 2009                                                                 233

Schedule 4—Corporate collective investment vehicles: contingent amendments              235

Corporations Act 2001                                                                                             235

Schedule 5—Corporate collective investment vehicles: tax framework 237

Part 1—Main amendments                                                                                      237

Income Tax Assessment Act 1997                                                                          237

International Tax Agreements Act 1953                                                               246

Part 2—Consequential amendments                                                                  247

A New Tax System (Australian Business Number) Act 1999                             247

Income Tax Assessment Act 1997                                                                          247

Part 3—Amendments consequential on enactment of the Commonwealth Registers Act 2020 250

Income Tax Assessment Act 1997                                                                          250

Schedule 6—Extension of temporary loss carry back                                 252

Part 1—Main amendments                                                                                      252

Income Tax Assessment Act 1997                                                                          252

Taxation Administration Act 1953                                                                         256

Part 2—Contingent amendments                                                                         257

Income Tax Assessment Act 1997                                                                          257

Schedule 7—Deductible gift recipients                                                                 258

Income Tax Assessment Act 1997                                                                          258

Schedule 8—Minor and technical amendments Spring 2021                 260

Part 1—Amendments commencing day after Royal Assent                  260

Australian Prudential Regulation Authority Supervisory Levies Determination 2021        260

Corporations Act 2001                                                                                             260

Foreign Acquisitions and Takeovers Act 1975                                                    264

Income Tax Rates Act 1986                                                                                     264

National Consumer Credit Protection Act 2009                                                 265

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009        265

Payment Times Reporting Act 2020                                                                      267

Taxation Administration Act 1953                                                                         269

Part 2—Amendments commencing first day of next quarter                270

Income Tax Assessment Act 1997                                                                          270

Taxation Administration Act 1953                                                                         270

Taxation Administration (Remedial Power - Seasonal Labour Mobility Program) Determination 2020       271

Part 3—Amendments commencing on 1 July 2022                                   272

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009        272

Part 4—Amendments with contingent commencement                           273

Income Tax Assessment Act 1936                                                                          273

Taxation Administration Act 1953                                                                         273

Schedule 9—Retirement income covenant                                                         275

Superannuation Industry (Supervision) Act 1993                                               275

Schedule 10—Employee share schemes: removing cessation of employment as a taxing point                                                                                                                           278

Income Tax Assessment Act 1997                                                                          278

 

 



A Bill for an Act to provide for corporate collective investment vehicles, to amend the law relating to taxation and superannuation and to make miscellaneous and technical amendments of the law in the Treasury portfolio, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Corporate Collective Investment Vehicle Framework 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.  Schedules 1, 2 and 3

1 July 2022.

1 July 2022

3.  Schedule 4

Immediately after the commencement of the provisions covered by table item 2.

However, Schedule 4 does not commence at all if Schedule 2 to the Corporations Amendment (Meetings and Documents) Act 2022 does not commence before 1 July 2022.

 

4.  Schedule 5, Parts 1 and 2

1 July 2022.

1 July 2022

5.  Schedule 5, Part 3

A single day to be fixed by Proclamation.

However, if the provisions do not commence before 1 January 2025, they commence on that day.

 

6.  Schedule 6, Part 1

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

 

7.  Schedule 6, Part 2

The later of:

(a) immediately after the commencement of the provisions covered by table item 6; and

(b) immediately after the commencement of Division 6 of Part 1 of Schedule 3 to the Treasury Laws Amendment (2021 Measures No. 5) Act 2021 .

However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur.

 

8.  Schedule 7

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

 

9.  Schedule 8, Part 1

The day after this Act receives the Royal Assent.

 

10.  Schedule 8, Part 2

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

 

11.  Schedule 8, Part 3

Immediately after the commencement of Part 2 of Schedule 2 to the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 .

1 July 2022

12.  Schedule 8, Part 4

Immediately after the commencement of item 143 of Schedule 4 to the Treasury Laws Amendment (2020 Measures No. 6) Act 2020 .

 

13.  Schedule 9

The day after this Act receives the Royal Assent.

 

14.  Schedule 10

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.

Note:          The provisions of a legislative instrument (the principal instrument ) amended or inserted by this Act, and any other provisions of the principal instrument, may be amended or repealed by a legislative instrument made under the enabling provision for the principal instrument (see subsection 13(5) of the Legislation Act 2003 ).