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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (2020
Measures No. 2) Bill 2020
No. , 2020
(Treasury)
A Bill for an Act to amend the law relating to
taxation, child support and international finance
institutions, and for related purposes
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Hybrid mismatch rules
3
Part 1--Main amendments
3
Income Tax Assessment Act 1997
3
Part 2--Foreign hybrid mismatch rules
11
Income Tax Assessment Act 1997
11
Part 3--Hybrid entities integrity rule
13
Income Tax Assessment Act 1997
13
Part 4--Foreign income tax deductions for regulatory capital
15
Income Tax Assessment Act 1997
15
Schedule 2--Single touch payroll reporting--child support
information
17
Child Support (Assessment) Act 1989
17
Child Support (Registration and Collection) Act 1988
17
Taxation Administration Act 1953
18
Schedule 3--Deductible gift recipient status for community
sheds
22
Income Tax Assessment Act 1997
22
Schedule 4--Funding capital increases for the World Bank
Group
23
International Finance Corporation Act 1955
23
International Monetary Agreements Act 1947
25
Schedule 5--Deductible gift recipients--new specific recipients
26
Income Tax Assessment Act 1997
26
Schedule 6--Tax secrecy
29
Taxation Administration Act 1953
29
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
1
A Bill for an Act to amend the law relating to
1
taxation, child support and international finance
2
institutions, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Treasury Laws Amendment (2020 Measures No. 2)
6
Act 2020
.
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 (2020 Measures No. 2) Bill 2020
No. , 2020
1
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 to
3
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
3. Schedule 4
The day after this Act receives the Royal
Assent.
4. Schedule 5
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
5. Schedule 6
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
Hybrid mismatch rules
Schedule 1
Main amendments
Part 1
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
3
Schedule 1--Hybrid mismatch rules
1
Part 1--Main amendments
2
Income Tax Assessment Act 1997
3
1 Section 832-30
4
Repeal the section, substitute:
5
832-30 How this Division applies to entities
6
Identifying payments between entities etc.
7
(1) A number of provisions in this Division refer to an entity making a
8
payment to another entity. In determining for the purposes of this
9
Division whether an entity makes or receives a payment, the
10
following are to be disregarded:
11
(a) subsection 701-1(1) (the single entity rule);
12
(b) Part IIIB of the
Income Tax Assessment Act 1936
;
13
(c) any law of a foreign country that, for the purposes of a
14
foreign tax, treats a different entity as having made the
15
payment, or disregards the payment.
16
Note 1:
The purpose of this subsection is to establish a uniform basis for
17
recognising "payments" between entities across all jurisdictions. (Note
18
that in some countries, a "payment" recognised by this subsection will
19
not have a tax consequence because the payment is disregarded for tax
20
purposes).
21
Note 2:
As a consequence of paragraph (1)(a), a subsidiary member of a
22
consolidated group or MEC group may be a hybrid payer under
23
section 832-320 or a deducting hybrid under section 832-550 (it
24
cannot be a reverse hybrid because of
25
subparagraph 832-410(2)(b)(ii)).
26
(2) In addition, in the case of a trust or partnership, the trust or
27
partnership, instead of a trustee or partner, is taken, for the
28
purposes of this Division, to do the following things:
29
(a) make or receive a payment;
30
(b) hold, acquire or dispose of an asset, interest or other
31
property;
32
(c) enter into or carry out a
*
scheme or a part of a scheme.
33
Schedule 1
Hybrid mismatch rules
Part 1
Main amendments
4
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Identifying income or profits of entities
1
(3) A number of provisions in this Division refer to the income or
2
profits of an entity. For the purposes of this Division, things
3
recognised in accordance with subsection (1) or (2) as being done
4
by an entity are to be taken into account in identifying the income
5
or profits of the entity.
6
Assessable income and deductions
7
(4) A reference in this Division to an amount being included in the
8
assessable income of an entity, or being allowable, or not
9
allowable, as a deduction to an entity, is taken to be a reference to
10
an amount that is so included, or allowable or not allowable, as the
11
case requires, in determining:
12
(a) in the case of an entity that is a trust--the entity's
*
net
13
income; or
14
(b) in the case of a partnership--the partnership's net income or
15
*
partnership loss.
16
This section does not affect the interpretation of other provisions
17
(5) Nothing in this section affects whether
*
tax or
*
foreign income tax
18
is imposed on an entity.
19
(6) Nothing in this section limits, by implication, any other provision
20
of this Act.
21
2 Subparagraph 832-110(5)(b)(i)
22
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
23
tax)", substitute "(except a tax covered by subsection 832-130(7))".
24
3 Subsection 832-120(1)
25
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
26
tax)", substitute "(except a tax covered by subsection 832-130(7))".
27
4 Paragraph 832-120(3)(b)
28
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
29
tax)", substitute "(except a tax covered by subsection 832-130(7))".
30
Hybrid mismatch rules
Schedule 1
Main amendments
Part 1
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
5
5 Paragraph 832-125(2)(b)
1
Omit "net income", substitute "
*
net income".
2
6 Paragraph 832-125(2)(c)
3
Omit "the trustee of".
4
7 Subsection 832-130(1)
5
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
6
tax)", substitute "(except a tax covered by subsection (7))".
7
8 Subsection 832-130(3)
8
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
9
tax)", substitute "(except a tax covered by subsection (7))".
10
9 Subsection 832-130(4)
11
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
12
tax)", substitute "(except a tax covered by subsection (7))".
13
10 Paragraph 832-130(6)(b)
14
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
15
tax)", substitute "(except a tax covered by subsection (7))".
16
11 At the end of section 832-130
17
Add:
18
Certain foreign taxes disregarded in this Division
19
(7) This subsection covers each of the following:
20
(a)
*
credit absorption tax;
21
(b)
*
unitary tax;
22
(c) withholding-type tax;
23
(d) municipal tax;
24
(e) in the case of a federal foreign country--a State tax.
25
Note:
The definitions of
credit absorption tax
and
unitary tax
are in
26
section 770-15.
27
12 After subsection 832-205(1)
28
Insert:
29
Schedule 1
Hybrid mismatch rules
Part 1
Main amendments
6
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
(1A) If a trust is in a Division 832 control group as a result of the
1
operation of subsection (1), then the trustee of the trust is in the
2
same
Division 832 control group
.
3
13 Paragraph 832-235(2)(b)
4
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
5
tax)", substitute "(except a tax covered by subsection 832-130(7))".
6
14 Subsection 832-320(1) (note)
7
Before "identified", insert "generally".
8
15 Subsection 832-325(1)
9
Repeal the subsection (not including the heading or notes), substitute:
10
(1) An entity is a
liable entity
, in a country, in respect of its income or
11
profits if:
12
(a) for Australia:
13
(i)
*
tax is imposed on the entity in respect of all or part of
14
its income or profits for an income year; or
15
(ii) the entity is a
*
public trading trust (including a trust that
16
makes a choice under section 703-50 (Choice to
17
consolidate a consolidatable group)); or
18
(iii) the entity is an entity to which Division 295 (about
19
superannuation entities) applies; and
20
(b) for a foreign country--
*
foreign income tax (except a tax
21
covered by subsection 832-130(7)) is imposed under the law
22
of the foreign country:
23
(i) on the entity in respect of all or part of its income or
24
profits for a
*
foreign tax period; or
25
(ii) on the income or profits of the entity in a way that
26
corresponds to the way that foreign income tax is
27
imposed under the law of that country on the income or
28
profits of a company (regardless whether the foreign
29
income tax is actually imposed on that entity, or another
30
entity).
31
16 Subsection 832-325(1) (note 1)
32
Before "identified", insert "generally".
33
Hybrid mismatch rules
Schedule 1
Main amendments
Part 1
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
7
17 Subsection 832-325(1) (note 2)
1
Omit "a member of a consolidated group", substitute "a subsidiary
2
member of a consolidated group or MEC group".
3
18 Paragraph 832-325(2)(b)
4
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
5
tax)", substitute "(except a tax covered by subsection 832-130(7))".
6
19 Subsection 832-325(2) (note 1)
7
Before "identified", insert "generally".
8
20 After subsection 832-325(2)
9
Insert:
10
(2A) However, an entity is not a
liable entity
in a country in respect of
11
the income or profits of a test entity under subsection (2) if the test
12
entity is the liable entity in that country in respect of the income or
13
profits as a result of the operation of subparagraph (1)(a)(ii), (a)(iii)
14
or (b)(ii).
15
21 Subsection 832-410(1) (note)
16
Before "identified", insert "generally".
17
22 Subparagraph 832-410(2)(b)(ii)
18
After "
*
consolidated group", insert "or
*
MEC group".
19
23 Paragraph 832-480(4)(b)
20
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
21
tax)", substitute "(except a tax covered by subsection 832-130(7))".
22
24 Subparagraph 832-485(4)(a)(ii)
23
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
24
tax)", substitute "(except a tax covered by subsection 832-130(7))".
25
25 Paragraph 832-550(c)
26
Repeal the paragraph, substitute:
27
(c) the entity:
28
(i) is a
*
liable entity in one deducting country (but not
29
both); or
30
Schedule 1
Hybrid mismatch rules
Part 1
Main amendments
8
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
(ii) satisfies the residency test in subsection 832-555(9) in
1
both deducting countries, and is also a liable entity in
2
both deducting countries; or
3
(iii) is a
*
member of a
*
consolidated group or a
*
MEC group.
4
26 Subparagraph 832-555(9)(b)(i)
5
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
6
tax)", substitute "(except a tax covered by subsection 832-130(7))".
7
27 Subparagraph 832-555(9)(b)(ii)
8
After "the tax base", insert "of the entity".
9
28 Subparagraph 832-555(9)(b)(ii)
10
Omit "(except credit absorption tax, unitary tax or a withholding-type
11
tax)", substitute "(except a tax covered by subsection 832-130(7))".
12
29 Paragraph 832-625(4)(d)
13
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
14
tax)", substitute "(except a tax covered by subsection 832-130(7))".
15
30 After subsection 832-680(1)
16
Insert:
17
(1A) In determining for the purposes of subsection (1) whether an
18
amount of income or profits is
*
subject to Australian income tax,
19
disregard subsection 832-125(2) (which is about when an amount
20
included in the assessable income of a trust or partnership is
21
subject to Australian income tax), so far as it applies in relation to
22
assessable income from a foreign source.
23
31 Paragraph 832-680(2)(a)
24
After "this subsection", insert "and subsection (1A)".
25
32 Paragraph 832-680(2)(a)
26
Omit "an entity", substitute "a
*
corporate tax entity".
27
33 Paragraph 832-680(2)(b)
28
Omit "(except
*
credit absorption tax,
*
unitary tax or a withholding-type
29
tax)", substitute "(except a tax covered by subsection 832-130(7))".
30
Hybrid mismatch rules
Schedule 1
Main amendments
Part 1
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
9
34 Paragraph 832-680(4)(d)
1
Omit "the funding income or profits were", substitute "it is reasonable
2
to conclude that the funding income or profits were".
3
35 After subsection 832-680(4)
4
Insert:
5
(4A) In determining whether paragraph (4)(d) is satisfied, have regard to
6
any previous application of subsection (5).
7
36 Subsection 832-680(6)
8
Repeal the subsection, substitute:
9
(6) Two or more entities (the
member entities
) are members of a group
10
(a
dual inclusion income group
) in a country for the purposes of
11
this Division if in that country:
12
(a) the same entity or entities are
*
liable entities in respect of the
13
income or profits of each of the member entities; and
14
(b) no other entity is a liable entity in respect of the income or
15
profits of any of the member entities.
16
Note:
For example, entities that are members of a consolidated group or
17
MEC group.
18
37 At the end of section 832-680
19
Add:
20
Interaction with other provisions
21
(9) To avoid doubt, if a provision of this section has the effect that an
22
amount is treated for the purposes of subsection (1) as if it were
23
*
subject to Australian income tax, or
*
subject to foreign income
24
tax, then that effect extends to another provision of this Act that
25
refers to an amount that is (as the case requires):
26
(a) subject to Australian income tax for the purposes of
27
subsection (1) of this section; or
28
(b) subject to foreign income tax for the purposes of
29
subsection (1) of this section.
30
Note:
For example, an amount that would not be subject to Australian
31
income tax for the purposes of subsection (1) apart from
32
subsection (1A) satisfies paragraphs 832-330(2)(b) and (3)(b) and
33
subparagraph 832-335(1)(b)(ii).
34
Schedule 1
Hybrid mismatch rules
Part 1
Main amendments
10
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
38 After subsection 832-725(1)
1
Insert:
2
(1A) For the purposes of subsection (1), disregard paragraphs
3
832-130(7)(d) and (e) (exclusion of municipal and State taxes in
4
working out what is
*
subject to foreign income tax).
5
39 Subsection 995-1(1) (paragraph (b) of the definition of
net
6
income
)
7
After "of a trust", insert "(other than a
*
public trading trust or an
8
*
AMIT)".
9
40 Subsection 995-1(1) (at the end of the definition of
net
10
income
)
11
Add:
12
; and (c) of a public trading trust--has the same meaning as in
13
Division 6C of Part III of that Act; and
14
(d) of an AMIT--means the AMIT's total assessable income,
15
reduced by all deductions of the AMIT.
16
41 Application
17
The amendments made by this Part apply to assessments for income
18
years starting on or after 1 January 2019.
19
Hybrid mismatch rules
Schedule 1
Foreign hybrid mismatch rules
Part 2
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
11
Part 2--Foreign hybrid mismatch rules
1
Income Tax Assessment Act 1997
2
42 Subsection 832-185(2)
3
Omit all the words after "required", substitute "unless, in the country in
4
which the
*
foreign income tax deduction arose, the mismatch is covered
5
by
*
foreign hybrid mismatch rules that correspond to this Subdivision,
6
or by a law that has substantially the same effect as foreign hybrid
7
mismatch rules that correspond to this Subdivision".
8
43 Paragraph 832-195(1)(c)
9
Repeal the paragraph, substitute:
10
(c) the mismatch is not covered by
*
foreign hybrid mismatch
11
rules that correspond to this Subdivision, or by a law that has
12
substantially the same effect as foreign hybrid mismatch
13
rules that correspond to this Subdivision.
14
44 Subsection 832-290(2)
15
Omit all the words after "required", substitute "unless, in the country in
16
which the
*
foreign income tax deduction arose, the mismatch is covered
17
by
*
foreign hybrid mismatch rules that correspond to this Subdivision,
18
or by a law that has substantially the same effect as foreign hybrid
19
mismatch rules that correspond to this Subdivision".
20
45 Paragraph 832-300(1)(c)
21
Repeal the paragraph, substitute:
22
(c) the mismatch is not covered by
*
foreign hybrid mismatch
23
rules that correspond to this Subdivision, or by a law that has
24
substantially the same effect as foreign hybrid mismatch
25
rules that correspond to this Subdivision.
26
46 At the end of paragraph 832-390(1)(b)
27
Add "that correspond to this Subdivision".
28
47 Paragraph 832-465(1)(b)
29
Omit "rules", substitute "rules that correspond to this Subdivision".
30
Schedule 1
Hybrid mismatch rules
Part 2
Foreign hybrid mismatch rules
12
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
48 Paragraph 832-535(2)(b)
1
Repeal the paragraph, substitute:
2
(b) in the primary response country, the mismatch is covered by
3
*
foreign hybrid mismatch rules that correspond to this
4
Subdivision, or by a law that has substantially the same effect
5
as foreign hybrid mismatch rules that correspond to this
6
Subdivision.
7
49 Paragraph 832-540(1)(b)
8
Repeal the paragraph, substitute:
9
(b) the mismatch is not covered by
*
foreign hybrid mismatch
10
rules that correspond to this Subdivision, or by a law that has
11
substantially the same effect as foreign hybrid mismatch
12
rules that correspond to this Subdivision, in any country in
13
which a foreign income tax deduction arose.
14
50 Subsection 995-1(1) (definition of
foreign hybrid mismatch
15
rules
)
16
Repeal the definition, substitute:
17
foreign hybrid mismatch rules
means a
*
foreign law
18
corresponding to any of Subdivisions 832-C, 832-D, 832-E, 832-F,
19
832-G or 832-H (which are about hybrid mismatches).
20
51 Application
21
The amendments made by this Part apply to assessments for income
22
years starting on or after 1 January 2020.
23
Hybrid mismatch rules
Schedule 1
Hybrid entities integrity rule
Part 3
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
13
Part 3--Hybrid entities integrity rule
1
Income Tax Assessment Act 1997
2
52 After subsection 832-240(2)
3
Insert:
4
(2A) Subsection (2) does not apply if, on the assumption that
5
subsections 832-180(2) and 832-725(6) were disregarded, no
6
amount would have been allowable as a deduction in respect of the
7
payment because of subsection 832-725(3).
8
53 After subsection 832-565(2)
9
Insert:
10
(2A) Subsection (2) does not apply if:
11
(a) the amount that was not allowable as a deduction under
12
section 832-530 relates to a payment; and
13
(b) on the assumption that subsection 832-530(2) were
14
disregarded, no amount would have been allowable as a
15
deduction in respect of the payment because of
16
subsection 832-725(3).
17
54 Section 832-720
18
Omit "an Australian deduction of an entity (the
paying entity
) for a
19
payment of interest (or a payment of a similar character)", substitute "an
20
Australian deduction for a payment of interest (or a payment of a
21
similar character) made by an entity (the
paying entity
)".
22
55 Section 832-720
23
Omit "a purpose of enabling a deduction to be obtained in respect of the
24
payment, or", substitute "a purpose of enabling a deduction to be
25
obtained in respect of the payment, and".
26
56 Paragraph 832-725(1)(e)
27
Omit "the paying entity", substitute "an entity".
28
Schedule 1
Hybrid mismatch rules
Part 3
Hybrid entities integrity rule
14
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
57 Subsection 832-725(3)
1
Repeal the subsection, substitute:
2
(3) The entity mentioned in paragraph (1)(e) is not entitled to the
3
deduction mentioned in that paragraph.
4
58 Subsection 832-725(6)
5
Omit ", a
*
deducting hybrid mismatch".
6
59 At the end of section 832-725
7
Add:
8
(7) Subsection (3) does not apply to the extent that an amount to which
9
the payment relates was not allowable as a deduction under
10
subsection 832-530(2).
11
60 Application
12
The amendments made by this Part apply to assessments for income
13
years starting on or after 2 April 2019.
14
Hybrid mismatch rules
Schedule 1
Foreign income tax deductions for regulatory capital
Part 4
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
15
Part 4--Foreign income tax deductions for
1
regulatory capital
2
Income Tax Assessment Act 1997
3
61 Section 10-
5 (after table item headed "foreign exchange")
4
Insert:
5
foreign income tax deduction for franked distributions
Additional Tier 1 capital exception
.................................... 15-80
62 At the end of Division 15
6
Add:
7
15-80 Franked distributions entitled to a foreign income tax
8
deduction--Additional Tier 1 capital exception
9
(1) If section 207-158 would, apart from subsection 207-158(2), apply
10
to a
*
franked distribution, then an amount equal to the
*
foreign
11
income tax deduction referred to in subsection (1) of that section is
12
included in the assessable income of the entity that made the
13
distribution for the income year mentioned in subsection (2) of this
14
section.
15
(2) The income year is:
16
(a) if the
*
foreign tax period in which the
*
foreign income tax
17
deduction arises falls wholly within an income year of the
18
entity--that income year; or
19
(b) if the foreign tax period in which the foreign income tax
20
deduction arises straddles 2 income years of the entity--the
21
later of those income years.
22
63 Section 207-158
23
Repeal the section, substitute:
24
207-158 Distributions entitled to a foreign income tax deduction
25
(1) This section applies to a
*
franked distribution if all or part of the
26
distribution gives rise to a
*
foreign income tax deduction.
27
Schedule 1
Hybrid mismatch rules
Part 4
Foreign income tax deductions for regulatory capital
16
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Exception for distributions made under certain regulatory capital
1
instruments
2
(2) However, this section does not apply to a distribution made in
3
respect of an
*
equity interest if the interest forms part of Additional
4
Tier 1 capital for the purposes of:
5
(a) applicable
*
prudential standards; or
6
(b) applicable prudential standards determined by
*
APRA and in
7
force under section 32 of the
Insurance Act 1973
; or
8
(c) applicable prudential standards determined by APRA and in
9
force under section 230A of the
Life Insurance Act 1995
.
10
64 Application
11
The amendments made by this Part apply in relation to distributions
12
made on or after 1 January 2019.
13
Single touch payroll reporting--child support information
Schedule 2
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
17
Schedule 2--Single touch payroll reporting--
1
child support information
2
3
Child Support (Assessment) Act 1989
4
1 Subsection 150D(1)
5
Repeal the subsection, substitute:
6
(1) The Registrar may require the Commissioner to provide the
7
Registrar with information about people, including tax file
8
numbers, being information that:
9
(a) is in the possession of the Commissioner; or
10
(b) may come into the possession of the Commissioner after the
11
requirement is made (including information that comes into
12
existence after the requirement is made).
13
The requirement may be of a standing nature.
14
Child Support (Registration and Collection) Act 1988
15
2 Subsection 16C(1)
16
Repeal the subsection, substitute:
17
(1) The Registrar may require the Commissioner to provide the
18
Registrar with information about people, including tax file
19
numbers, being information that:
20
(a) is in the possession of the Commissioner; or
21
(b) may come into the possession of the Commissioner after the
22
requirement is made (including information that comes into
23
existence after the requirement is made).
24
The requirement may be of a standing nature.
25
3 Subparagraph 42B(1)(a)(ii)
26
Omit "an", substitute "a".
27
4 After subsection 47(1A)
28
Insert:
29
Schedule 2
Single touch payroll reporting--child support information
18
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
(1B) An employer is not subject to a requirement under paragraph (1)(b)
1
or subsection (1A) to give notice to the Registrar to the extent that
2
the notice would relate to an amount, or a nil amount, that the
3
employer has notified to the Commissioner under item 1 or 2 of the
4
table in subsection 389-30(1) in Schedule 1 to the
Taxation
5
Administration Act 1953
(about voluntary reporting by employers)
.
6
5 After subsection 58(2)
7
Insert:
8
(2A) Subsection (1) does not apply if the information is notified to the
9
Commissioner under subsection 389-30(1) in Schedule 1 to the
10
Taxation Administration Act 1953
(about voluntary reporting by
11
employers)
.
12
Taxation Administration Act 1953
13
6 Section 389-1 in Schedule 1
14
Repeal the section, substitute:
15
389-1 What this Division is about
16
This Division establishes the "Single Touch Payroll" reporting
17
framework.
18
Employers must (unless they are exempt) notify the Commissioner
19
of certain amounts that relate to payments in respect of their
20
employees.
21
Employers may notify the Commissioner of certain other amounts
22
on a voluntary basis.
23
In many cases, this Division has the effect of bringing forward the
24
due date for notification or reporting under other provisions.
25
Notifying under this Division may satisfy an employer's
26
obligations to notify or report under the other provisions.
27
7 Section 389-15 in Schedule 1 (heading)
28
Repeal the heading, substitute:
29
Single touch payroll reporting--child support information
Schedule 2
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
19
389-15 Voluntary reporting by employers in relation to taxation
1
laws
2
8 At the end of Division 389 in Schedule 1
3
Add:
4
389-30 Voluntary reporting by employers in relation to child
5
support laws
6
(1) If there is an amount of a kind referred to in column 1 of an item of
7
the following table, the entity referred to in that item may notify
8
the Commissioner of the amount on or before the day referred to in
9
column 2 of that item.
10
11
Amounts that may be notified to the Commissioner
Item
Column 1
This amount may be notified ...
Column 2
... on or before this day
1
An amount the entity deducted under
Part IV of the
Child Support (Registration
and Collection) Act 1988
from salary or
wages paid to an employee of the entity
the day on which the
deduction is made.
2
A nil amount, if:
(a) a notice given to the entity under
subsection 45(1) of the
Child Support
(Registration and Collection) Act 1988
is
in force on a day (the
reporting day
) in
relation to a payer who is an employee of
the entity; and
(b) either:
(i) the entity pays salary or wages to
the employee on the reporting day
but does not make a deduction
under Part IV of that Act in
relation to the employee and the
payment; or
(ii) the reporting day is a day on
which the entity would ordinarily
pay salary or wages to the
employee, but the entity does not
do so because no salary or wages
are payable
the reporting day.
Schedule 2
Single touch payroll reporting--child support information
20
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Amounts that may be notified to the Commissioner
Item
Column 1
This amount may be notified ...
Column 2
... on or before this day
3
An amount the entity paid to the Child
Support Registrar if:
(a) the entity paid the amount in accordance
with a notice given to the entity under
section 72A of the
Child Support
(Registration and Collection) Act 1988
;
and
(b) the entity is the employer of the relevant
debtor referred to in that section
the day on which the amount
is paid.
Note:
Voluntary reporting of an amount referred to in item 1 or 2 of the table
1
may affect the entity's reporting requirements under the
Child Support
2
(Registration and Collection) Act 1988
: see subsection 47(1B) of that
3
Act.
4
(2) The notification must be in the
*
approved form.
5
Note:
The approved form may require information about other amounts, in
6
addition to the amount to be notified: see paragraph 388-50(1)(c).
7
(3) A disclosure of personal information (within the meaning of the
8
Privacy Act 1988
) under subsection (1) is taken for the purposes of
9
that Act to be authorised by this section.
10
(4) The following terms used in the table in subsection (1) have the
11
same meaning as in the
Child Support (Registration and
12
Collection) Act 1988
:
13
(a)
employee
(for this purpose, the term has the same meaning as
14
it has when used in Part IV of that Act);
15
(b)
employer
;
16
(c)
payer
;
17
(d)
salary or wages
.
18
9 Application
19
(1)
The amendments made by items 1 and 2 of this Schedule apply in
20
relation to a requirement made by the Registrar after the
21
commencement of this Schedule.
22
Single touch payroll reporting--child support information
Schedule 2
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
21
(2)
The amendments made by items 3 to 8 of this Schedule apply in relation
1
to an amount that an entity may notify to the Commissioner if the
2
entitlement to notify arises on or after 1 July 2020.
3
Schedule 3
Deductible gift recipient status for community sheds
22
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Schedule 3--Deductible gift recipient status
1
for community sheds
2
3
Income Tax Assessment Act 1997
4
1 In the appropriate position in subsection 30-20(1)
5
Insert:
6
1.1.9
a
*
community shed
the community shed must be a
*
registered charity
none
2 Subsection 30-315(2) (after table item 34AA)
7
Insert:
8
34AB
Community sheds
section 30-20
3 Subsection 995-1(1)
9
Insert:
10
community shed
means a public institution that satisfies all of the
11
following requirements:
12
(a) the institution's dominant purposes are advancing mental
13
health and preventing or relieving social isolation;
14
(b) the institution seeks to achieve those purposes principally by
15
providing a physical location where it supports individuals to
16
undertake activities, or work on projects, in the company of
17
others;
18
(c) either:
19
(i) there are no particular criteria for membership of the
20
institution; or
21
(ii) the criteria for membership of the institution relate only
22
to an individual's gender or Indigenous status (in that
23
membership is, for cultural reasons, open only to
24
*
Indigenous persons) or both.
25
4 Application
26
The amendments made by this Schedule apply in relation to gifts, and
27
contributions, made on or after 1 July 2020.
28
Funding capital increases for the World Bank Group
Schedule 4
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
23
Schedule 4--Funding capital increases for the
1
World Bank Group
2
3
International Finance Corporation Act 1955
4
1 Section 3 (definition of
the Agreement
)
5
Repeal the definition, substitute:
6
the Agreement
means the Articles of Agreement of the
7
International Finance Corporation, done at Washington on 25 May
8
1955, as amended:
9
(a) in accordance with the following resolutions accepted in
10
accordance with Article VII of those Articles:
11
(i) the Amendment to [Article III of] the Articles of
12
Agreement of the International Finance Corporation
13
[IFC] of 25 May 1955, done on 1 September 1961;
14
(ii) the Amendments to [Articles III and IV of] the Articles
15
of Agreement of the International Finance Corporation
16
[IFC] of 25 May 1955, done on 25 August 1965;
17
(iii) the Amendments to Articles II and VII of the Articles of
18
Agreement of the International Finance Corporation
19
[IFC] of 25 May 1955, done on 28 December 1992;
20
(iv) the Amendment to [Article IV of] the Articles of
21
Agreement of the International Finance Corporation
22
[IFC] of 25 May 1955, done on 9 March 2012; and
23
(b) by any other amendment of those Articles that is notified
24
under section 5A.
25
Note 1:
The Agreement is in Australian Treaty Series 1956 No. 14 ([1956]
26
ATS 14) and could in 2020 be viewed in the Australian Treaties
27
Library on the AustLII website (http://www.austlii.edu.au).
28
Note 2:
The Amendment to [Article III of] the Articles of Agreement of the
29
International Finance Corporation [IFC] of 25 May 1955 is in
30
Australian Treaty Series 1961 No. 26 ([1961] ATS 26) and could in
31
2020 be viewed in the Australian Treaties Library on the AustLII
32
website (http://www.austlii.edu.au).
33
Note 3:
The Amendments to [Articles III and IV of] the Articles of Agreement
34
of the International Finance Corporation [IFC] of 25 May 1955 is in
35
Australian Treaty Series 1965 No. 25 ([1965] ATS 25) and could in
36
2020 be viewed in the Australian Treaties Library on the AustLII
37
website (http://www.austlii.edu.au).
38
Schedule 4
Funding capital increases for the World Bank Group
24
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Note 4:
The Amendments to Articles II and VII of the Articles of Agreement
1
of the International Finance Corporation [IFC] of 25 May 1955 is in
2
Australian Treaty Series 1993 No. 47 ([1993] ATS 47) and could in
3
2020 be viewed in the Australian Treaties Library on the AustLII
4
website (http://www.austlii.edu.au).
5
Note 5:
The Amendment to [Article IV of] the Articles of Agreement of the
6
International Finance Corporation [IFC] of 25 May 1955 is in
7
Australian Treaty Series 2012 No. 42 ([2012] ATS 42) and could in
8
2020 be viewed in the Australian Treaties Library on the AustLII
9
website (http://www.austlii.edu.au).
10
2 Section 5
11
Repeal the section, substitute:
12
5 Subscription to capital stock
13
The Consolidated Revenue Fund is appropriated for the purposes
14
of payments by Australia in respect of obligations that Australia
15
has to subscribe to shares in the International Finance Corporation
16
in accordance with the Agreement.
17
5A Notice of amendment of the Agreement
18
(1) The Treasurer may, by legislative instrument, give notice of an
19
amendment of the Agreement that has been accepted in accordance
20
with Article VII of the Agreement.
21
(2) A legislative instrument under subsection (1) commences at the
22
later of the following days or times:
23
(a) the earliest day or time applicable under subsection 12(1) of
24
the
Legislation Act 2003
;
25
(b) the start of the day immediately after the last day on which a
26
resolution referred to in subsection 42(1) of the
Legislation
27
Act 2003
disallowing the instrument could be passed.
28
5B Further agreements to buy extra shares in the International
29
Finance Corporation
30
(1) The Minister may, on behalf of Australia, enter into one or more
31
agreements with the International Finance Corporation that:
32
(a) provide for Australia to buy additional shares of the capital
33
stock of the International Finance Corporation; and
34
Funding capital increases for the World Bank Group
Schedule 4
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
25
(b) contain terms and conditions determined by the Minister.
1
(2) The Consolidated Revenue Fund is appropriated for the purposes
2
of payments by Australia under an agreement referred to in
3
subsection (1).
4
3 The Schedules (heading)
5
Repeal the heading.
6
4 First Schedule
7
Repeal the Schedule.
8
5 Second Schedule
9
Repeal the Schedule.
10
6 Third Schedule
11
Repeal the Schedule.
12
7 Schedule 4
13
Repeal the Schedule.
14
International Monetary Agreements Act 1947
15
8 Section 9
16
Repeal the section, substitute:
17
9 Further agreements to buy extra shares in the Bank
18
(1) The Minister may, on behalf of Australia, enter into one or more
19
agreements with the Bank that:
20
(a) provide for Australia to buy additional shares of the capital
21
stock of the Bank; and
22
(b) contain terms and conditions determined by the Minister.
23
(2) The Consolidated Revenue Fund is appropriated for the purposes
24
of payments by Australia under an agreement referred to in
25
subsection (1).
26
Schedule 5
Deductible gift recipients--new specific recipients
26
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
Schedule 5--Deductible gift recipients--new
1
specific recipients
2
3
Income Tax Assessment Act 1997
4
1 In the appropriate position in subsection 30-25(2)
5
Insert:
6
2.2.47
Governor Phillip International Scholarship
Trust
the gift must be made after
30 June 2018 and before
1 July 2025
2.2.48
High Resolves
the gift must be made after
30 June 2018 and before
1 July 2025
2.2.49
Australian Academy of Law
the gift must be made after
30 June 2019 and before
1 July 2025
2.2.50
Superannuation Consumers' Centre Ltd
the gift must be made after
30 June 2019 and before
1 July 2025
2 In the appropriate position in subsection 30-45(2)
7
Insert:
8
4.2.47
Motherless Daughters Australia Limited
the gift must be made
after 30 June 2019 and
before 1 July 2025
3 In the appropriate position in subsection 30-50(2)
9
Insert:
10
5.2.35
The Headstone Project (Tas) Inc.
the gift must be made
after 30 June 2019 and
before 1 July 2025
4 In the appropriate position in section 30-95
11
Insert:
12
11.2.13 Foundation Broken Hill Limited
the gift must be made
after 30 June 2019 and
before 1 July 2025
Deductible gift recipients--new specific recipients
Schedule 5
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
27
5 In the appropriate position in subsection 30-100(2)
1
Insert:
2
12.2.6
C E W Bean Foundation
the gift must be made
after 30 June 2018 and
before 1 July 2025
6 Section 30-315 (after table item 9B)
3
Insert:
4
9C
Australian Academy of Law
item 2.2.49
7 Section 30-315 (cell at table item 30AA, column headed
5
"Provision")
6
Repeal the cell, substitute:
7
items 5.2.26 and 12.2.6
8
8 Section 30-315 (after table item 49C)
9
Insert:
10
49D
Foundation Broken Hill Limited
item 11.2.13
9 Section 30-315 (after table item 52)
11
Insert:
12
52AA
Governor Phillip International Scholarship Trust
item 2.2.47
10 Section 30-315 (after table item 53B)
13
Insert:
14
53C
Headstone Project (Tas) Inc.
item 5.2.35
11 Section 30-315 (after table item 56)
15
Insert:
16
56A
High Resolves
item 2.2.48
12 Section 30-315 (after table item 72B)
17
Insert:
18
72BA
Motherless Daughters Australia Limited
item 4.2.47
13 Section 30-315 (after table item 112AF)
19
Insert:
20
Schedule 5
Deductible gift recipients--new specific recipients
28
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
No. , 2020
112AG
Superannuation Consumers' Centre Ltd
item 2.2.50
Tax secrecy
Schedule 6
No. , 2020
Treasury Laws Amendment (2020 Measures No. 2) Bill 2020
29
Schedule 6--Tax secrecy
1
2
Taxation Administration Act 1953
3
1 Subsection 355-65(8) in Schedule 1 (before table item 5A)
4
Insert:
5
5AB
(a) the Fair Work Commission
(within the meaning of the
Fair Work Act 2009
); or
(b) the Fair Work Ombudsman
(within the meaning of that
Act)
(a) is of information that relates to the
jobkeeper scheme (within the
meaning of the
Coronavirus
Economic Response Package
(Payments and Benefits)
Rules 2020
); and
(b) is for the purpose of administering
the
Fair Work Act 2009
.
2 Application
6
The amendment made by item 1 of this Schedule applies in relation to
7
records and disclosures of information made at or after the
8
commencement of that item, whether the information was obtained
9
before, at or after the commencement of that item.
10
11