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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 No. 2) Bill 2021
No. , 2021
(Treasury)
A Bill for an Act to provide an economic response,
and deal with other matters, relating to the
coronavirus, and for related purposes
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments relating to Coronavirus economic
response payments
3
Coronavirus Economic Response Package (Payments and Benefits)
Act 2020
3
Schedule 2--Disclosure of tax information to Australian
government agencies to facilitate COVID-19
business support programs
4
Taxation Administration Act 1953
4
Schedule 3--Tax-free treatment of payments from COVID-19
business support programs
5
Income Tax Assessment Act 1997
5
Schedule 4--Modification power
7
Coronavirus Economic Response Package Omnibus (Measures No. 2)
Act 2020
7
Schedule 5--Tax-free treatment of COVID-19 disaster
payments
9
Income Tax Assessment Act 1997
9
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
1
A Bill for an Act to provide an economic response,
1
and deal with other matters, relating to the
2
coronavirus, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Treasury Laws Amendment (COVID-19 Economic
6
Response No. 2) Act 2021
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
No. , 2021
1
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
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Amendments relating to Coronavirus economic response payments
Schedule 1
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
3
Schedule 1--Amendments relating to
1
Coronavirus economic response
2
payments
3
4
Coronavirus Economic Response Package (Payments and
5
Benefits) Act 2020
6
1 After subsection 7(1A)
7
Insert:
8
(1B) The rules may also make provision for and in relation to:
9
(a) one or more kinds of payments by the Commonwealth to an
10
entity in respect of a time that occurs during the period
11
beginning on 1 July 2021 and ending on 31 December 2022,
12
being payments that are for the purpose of providing
13
financial support to entities that are adversely affected by
14
restrictions imposed under a public health order of a State or
15
Territory to prevent or control the transmission of the
16
coronavirus known as COVID-19; and
17
(b) the establishment of a scheme providing for matters relating
18
to one or more of those payments, and matters relating to
19
such a scheme.
20
Paragraphs (a) and (b) do not limit each other.
21
2 Subsection 7(2)
22
Omit "and (1A)", substitute ", (1A) and (1B)".
23
Schedule 2
Disclosure of tax information to Australian government agencies to
facilitate COVID-19 business support programs
4
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
No. , 2021
Schedule 2--Disclosure of tax information to
1
Australian government agencies to
2
facilitate COVID-19 business support
3
programs
4
5
Taxation Administration Act 1953
6
1 Subsection 355-65(8) in Schedule 1 (at the end of the table)
7
Add:
8
9
12
an
*
Australian government
agency
is for the purpose of administering a
program declared under subsection (10)
to be a relevant COVID-19 business
support program.
2 At the end of section 355-65 in Schedule 1
10
Add:
11
(10) For the purposes of item 12 of Table 7 in subsection (8), the
12
Minister may, by legislative instrument, declare a program
13
administered by an
*
Australian government agency to be a relevant
14
COVID-19 business support program if the Minister is satisfied
15
that the program is, in effect:
16
(a) responding to economic impacts of the coronavirus known as
17
COVID-19; and
18
(b) directed at supporting
*
businesses the operations of which
19
have been significantly disrupted as a result of a public health
20
directive.
21
3 Application of amendments
22
The amendment made by item 1 of this Schedule applies in relation to
23
records and disclosures of information made after the commencement
24
of that item, whether the information was obtained before, on or after
25
that commencement.
26
Tax-free treatment of payments from COVID-19 business support programs
Schedule
3
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
5
Schedule 3--Tax-free treatment of payments
1
from COVID-19 business support
2
programs
3
4
Income Tax Assessment Act 1997
5
1 Section 11-
55 (table item headed "Coronavirus economic
6
response")
7
After:
8
State and Territory grants to small business relating to
the recovery from the coronavirus
.................................
59-97
insert:
9
Commonwealth small business support payments
relating to the coronavirus
.............................................
59-98
2 After section 59-97
10
Insert:
11
59-98 Commonwealth small business support payments relating to
12
the coronavirus known as COVID-19
13
(1) A payment an entity receives is not assessable income and is not
14
*
exempt income if:
15
(a) the entity receives the payment under a program administered
16
by the Commonwealth or an authority of the Commonwealth;
17
and
18
(b) the program is declared under subsection (2) to be an eligible
19
program (whether this declaration is made before, on or after
20
the day the entity receives the payment); and
21
(c) the entity receives the payment in the 2021-22
*
financial
22
year; and
23
(d) the entity is a
*
small business entity, or an entity covered by
24
subsection 59-97(2), for the income year in which the entity
25
receives the payment.
26
Schedule 3
Tax-free treatment of payments from COVID-19 business support
programs
6
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
No. , 2021
(2) For the purposes of paragraph (1)(b), the Minister may, by
1
legislative instrument, declare a program to be an eligible program
2
if the Minister is satisfied that the program is, in effect:
3
(a) responding to economic impacts of the coronavirus known as
4
COVID-19; and
5
(b) directed at supporting
*
businesses the operations of which
6
have been significantly disrupted as a result of a public health
7
directive.
8
3 Application of amendments
9
The amendments made by this Schedule apply to assessments for
10
income years ending on or after 1 July 2021.
11
Modification power
Schedule 4
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
7
Schedule 4--Modification power
1
2
Coronavirus Economic Response Package Omnibus
3
(Measures No. 2) Act 2020
4
1 Schedule 5
5
Repeal the Schedule, substitute:
6
Schedule 5--Modification of information and
7
other requirements
8
9
1 Modification of information and other requirements
10
(1)
This item applies in relation to a provision (an
affected provision
) of an
11
Act or a legislative instrument that requires or permits any of the
12
following matters (a
relevant matter
):
13
(a) the giving of information in writing;
14
(b) the signature of a person;
15
(c) the production of a document by a person;
16
(d) the recording of information;
17
(e) the retention of documents or information;
18
(f) the witnessing of signatures;
19
(g) the certification of matters by witnesses;
20
(h) the verification of the identity of witnesses;
21
(i) the attestation of documents.
22
(2)
A responsible Minister for an affected provision may, by legislative
23
instrument, determine that, to the extent that the affected provision
24
relates to a relevant matter:
25
(a) the affected provision is varied as specified in the
26
determination in relation to a period specified in the
27
determination; or
28
(b) the affected provision does not apply in relation to a period
29
specified in the determination; or
30
(c) the affected provision does not apply, and that another
31
provision specified in the determination applies instead, in
32
relation to a period specified in the determination.
33
Schedule 4
Modification power
8
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
No. , 2021
(3)
The period specified in a determination made under subitem (2) may be
1
a period that starts before this item commences.
2
(4)
A responsible Minister for an affected provision must not make a
3
determination under subitem (2) in relation to the affected provision
4
unless the responsible Minister is satisfied that the determination is in
5
response to circumstances relating to the coronavirus known as
6
COVID-19.
7
(5)
For the purposes of this item, a
responsible Minister
for an affected
8
provision is:
9
(a) if the affected provision is a provision of an Act--any
10
Minister who administers that Act; or
11
(b) if the affected provision is a provision of a legislative
12
instrument--any Minister who administers the enabling
13
legislation (within the meaning of the
Legislation Act 2003
)
14
under which that legislative instrument is made.
15
(6)
A determination made under subitem (2) has effect accordingly.
16
(7)
A determination made under subitem (2) has no operation after
17
31 December 2022.
18
(8)
This item is repealed at the end of 31 December 2022.
19
Tax-free treatment of COVID-19 disaster payments
Schedule 5
No. , 2021
Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill
2021
9
Schedule 5--Tax-free treatment of COVID-19
1
disaster payments
2
3
Income Tax Assessment Act 1997
4
1 Section 11-55 (before table item headed
"demutualisation
5
of friendly society health or life insurers")
6
Insert:
7
COVID-19 disaster payment
59-96
2 After section 59-95
8
Insert:
9
59-96 COVID-19 disaster payment
10
A payment an individual receives is not assessable income and is
11
not
*
exempt income if it is a COVID-19 disaster payment (within
12
the meaning of the
COVID-19 Disaster Payment (Funding
13
Arrangements) Act 2021
).
14
3 Application of amendments
15
The amendments made by this Schedule apply to assessments for the
16
2020-21 income year and later income years.
17