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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. 4) Bill 2020
No. , 2020
(Treasury)
A Bill for an Act to amend the law relating to
taxation, superannuation, industry codes and the
Coronavirus economic response, and for related
purposes
No. , 2020
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Refund of large-scale generation shortfall charge
3
Income Tax Assessment Act 1997
3
Schedule 2--Transitional provisions relating to the repeal of
the Superannuation (Resolution of Complaints)
Act 1993
4
Treasury Laws Amendment (Putting Consumers First--Establishment
of the Australian Financial Complaints Authority) Act 2018
4
Schedule 3--Industry code penalties under Part IVB of the
Competition and Consumer Act 2010
6
Competition and Consumer Act 2010
6
Schedule 4--Extension of modification power
7
Coronavirus Economic Response Package Omnibus (Measures No. 2)
Act 2020
7
No. , 2020
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
1
A Bill for an Act to amend the law relating to
1
taxation, superannuation, industry codes and the
2
Coronavirus economic response, and for related
3
purposes
4
The Parliament of Australia enacts:
5
1 Short title
6
This Act is the
Treasury Laws Amendment (2020 Measures No. 4)
7
Act 2020
.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
No. , 2020
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
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. Schedule 1
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
3. Schedules 2 to
4
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedules
10
Legislation that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Refund of large-scale generation shortfall charge
Schedule 1
No. , 2020
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
3
Schedule 1--Refund of large-scale generation
1
shortfall charge
2
3
Income Tax Assessment Act 1997
4
1 Section 11-55 (after table item
headed "dividends")
5
Insert:
6
electricity generation
refund of large-scale generation shortfall charge
............... 59-100
2 At the end of Division 59
7
Add:
8
59-100 Refund of large-scale generation shortfall charge
9
(1) A payment to an entity under section 98 of the
Renewable Energy
10
(Electricity) Act 2000
is not assessable income and is not
*
exempt
11
income.
12
(2) Disregard subsection (1) for the purposes of determining whether
13
an entity can deduct expenditure that it incurs in relation to
14
large-scale generation certificates (within the meaning of the
15
Renewable Energy (Electricity) Act 2000
).
16
3 Application
17
The amendments made by this Schedule apply to payments made on or
18
after 1 January 2019.
19
Schedule 2
Transitional provisions relating to the repeal of the Superannuation
(Resolution of Complaints) Act 1993
4
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
No. , 2020
Schedule 2--Transitional provisions relating
1
to the repeal of the Superannuation
2
(Resolution of Complaints) Act 1993
3
4
Treasury Laws Amendment (Putting Consumers First--
5
Establishment of the Australian Financial
6
Complaints Authority) Act 2018
7
1 Part 3 of Schedule 3 (heading)
8
Omit "
Application
", substitute "
Application, saving and
9
transitional
".
10
2 At the end of Part 3 of Schedule 3
11
Add:
12
33 Transfer of records
13
(1)
This item applies to any records or documents that were in the
14
possession of the following immediately before the commencement of
15
Part 1 of this Schedule:
16
(a) a member of the Superannuation Complaints Tribunal;
17
(b) a member of the staff of the Australian Securities and
18
Investments Commission who had been made available to the
19
Superannuation Complaints Tribunal under section 62 of the
20
Superannuation (Resolution of Complaints) Act 1993
.
21
(2)
The records and documents are to be transferred to the Australian
22
Securities and Investments Commission after that commencement.
23
Note:
The records and documents are Commonwealth records for the purposes of the
Archives
24
Act 1983
.
25
Records and documents taken to be protected information
26
(3)
For the purposes of section 127 of the
Australian Securities and
27
Investments Commission Act 2001
, a record or document transferred to
28
the Australian Securities and Investments Commission under
29
subitem (2) of this item is taken to be protected information, unless the
30
Transitional provisions relating to the repeal of the Superannuation (Resolution of
Complaints) Act 1993
Schedule 2
No. , 2020
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
5
document or record has already been lawfully made available to the
1
public.
2
34 Remittal of matters by the Federal Court
3
(1)
This item applies in relation to an appeal to the Federal Court under
4
section 46 of the
Superannuation (Resolution of Complaints) Act 1993
,
5
as in force immediately before the commencement of Part 1 of this
6
Schedule, from a determination of the Superannuation Complaints
7
Tribunal, if the appeal was not finally determined before that
8
commencement.
9
(2)
Without limiting the powers of the Federal Court, the Federal Court
10
may make an order remitting the matter to be determined by the
11
Australian Financial Complaints Authority in accordance with the
12
directions of the Court.
13
35 Transitional rules
14
(1)
The Minister may, by legislative instrument, make rules prescribing
15
matters of a transitional nature (including prescribing any saving or
16
application provisions) relating to the amendments or repeals made by
17
this Schedule.
18
(2)
To avoid doubt, the rules may not do the following:
19
(a) create an offence or civil penalty;
20
(b) provide powers of:
21
(i) arrest or detention; or
22
(ii) entry, search or seizure;
23
(c) impose a tax;
24
(d) set an amount to be appropriated from the Consolidated
25
Revenue Fund under an appropriation in this Act;
26
(e) directly amend the text of this Act.
27
Schedule 3
Industry code penalties under Part IVB of the Competition and Consumer
Act 2010
6
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
No. , 2020
Schedule 3--Industry code penalties under
1
Part IVB of the Competition and
2
Consumer Act 2010
3
4
Competition and Consumer Act 2010
5
1 Subsection 51AE(2)
6
Omit "300 penalty units", substitute "600 penalty units".
7
2 Application
8
(1)
The amendment made by this Schedule applies in relation to regulations
9
made under the
Competition and Consumer Act 2010
on or after the
10
commencement of this item.
11
(2)
To avoid doubt, the regulations mentioned in subitem (1) include
12
regulations that amend regulations made before the commencement of
13
this item.
14
Extension of modification power
Schedule 4
No. , 2020
Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
7
Schedule 4--Extension of modification power
1
2
Coronavirus Economic Response Package Omnibus
3
(Measures No. 2) Act 2020
4
1 Subitems 1(7) and (8) of Schedule 5
5
Repeal the subitems, substitute:
6
(7)
A determination made under subitem (2) has no operation after this item
7
is repealed under subitem (8).
8
(8)
This item is repealed at the end of:
9
(a) 31 March 2021; or
10
(b) if a later day has been determined under subitem 2(1) of this
11
Schedule for the purposes of this paragraph--that later day.
12
2 At the end of Schedule 5
13
Add:
14
2 Designated Minister may extend the operation of item 1
15
(1)
The designated Minister may, by legislative instrument, determine a day
16
for the purposes of paragraph 1(8)(b) of this Schedule.
17
(2)
The designated Minister must not make a determination under
18
subitem (1) unless the designated Minister is satisfied that the
19
determination is in response to circumstances relating to the coronavirus
20
known as COVID-19.
21
(3)
For the purposes of this item, the
designated Minister
is the Minister
22
administering the
Electronic Transactions Act 1999
.
23
3 Application provision
24
The amendment made by item 1 of this Schedule applies in relation to a
25
determination made before, on or after the commencement of this item.
26