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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (COVID-19
Economic Response) Bill 2021
No. , 2021
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Tax-free treatment of certain small business
grants relating to the coronavirus recovery
3
Income Tax Assessment Act 1997
3
Schedule 2--COVID-19 Disaster Payment: disclosure of tax
information to Services Australia
4
Taxation Administration Act 1953
4
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the
Treasury Laws Amendment (COVID-19 Economic
5
Response) Act 2021
.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021
No. , 2021
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Tax-free treatment of certain small business grants relating to the coronavirus recovery
Schedule 1
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021
3
Schedule 1--Tax-free treatment of certain
1
small business grants relating to the
2
coronavirus recovery
3
4
Income Tax Assessment Act 1997
5
1 Paragraph 59-97(1)(c)
6
After "2020-21", insert "or 2021-22".
7
2 Application
8
Section 59-97 of the
Income Tax Assessment Act 1997
, as amended by
9
this Schedule, applies:
10
(a) to a payment an entity receives in the 2020-21 or 2021-22
11
financial year; and
12
(b) in relation to the income year in which the entity receives the
13
payment and later income years.
14
Schedule 2
COVID-19 Disaster Payment: disclosure of tax information to Services
Australia
4
Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021
No. , 2021
Schedule 2--COVID-19 Disaster Payment:
1
disclosure of tax information to
2
Services Australia
3
4
Taxation Administration Act 1953
5
1 Subsection 355-65(2) in Schedule 1 (at the end of the table)
6
Add:
7
11
the Chief Executive Officer of
Services Australia
is for the purpose of administering the
program known as the COVID-19
Disaster Payment.
2 Application
8
The amendment made by item 1 of this Schedule applies in relation to
9
records and disclosures of information made on or after the
10
commencement of that item, whether the information was obtained
11
before, on or after the commencement of that item.
12