TREASURY LAWS AMENDMENT (MODERNISING BUSINESS COMMUNICATIONS AND OTHER MEASURES) BILL 2022

2022

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment

(Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(Treasury)

A Bill for an Act to amend the law relating to

corporations, consumer credit and other matters in

the Treasury portfolio, to make miscellaneous and

technical amendments of the law of the

Commonwealth, and for related purposes

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Contents

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

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

Schedules ........................................................................................... 3

Schedule 1--Modernising business communications

Part 1--Documents and meetings under the Corporations Act

2001

Corporations Act 2001

Part 2--Virtual hearings and examinations

Australian Prudential Regulation Authority Act 1998

Australian Securities and Investments Commission Act 2001

Competition and Consumer Act 2010

National Consumer Credit Protection Act 2009

Tax Agent Services Act 2009

Part 3--Payment methods

Corporations Act 2001

Excise Act 1901

Small Superannuation Accounts Act 1995

Part 4--Publication requirements and other amendments

Competition and Consumer Act 2010

Corporations Act 2001

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Insurance Act 1973

Life Insurance Act 1995

National Consumer Credit Protection Act 2009

Private Health Insurance (Prudential Supervision) Act 2015

Productivity Commission Act 1998

Superannuation Industry (Supervision) Act 1993

Taxation Administration Act 1953

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Schedule 2--ALRC Financial Services Interim Report

Part 1--Removal of erroneous references and redundant

definitions

Australian Securities and Investments Commission Act 2001

Corporations Act 2001

Part 2--Consistent headings for sections defining terms

Corporations Act 2001

Part 3--Other amendments

Division 1--Single use definitions

Australian Securities and Investments Commission Act 2001

Corporations Act 2001

Division 2--Definitions about resolutions

Corporations Act 2001

Division 3--Certain inclusive and relational definitions

Corporations Act 2001

Division 4--Review fee

Corporations Act 2001

Division 5--Rules of Court

Corporations Act 2001

Division 6--Other amendments

Corporations Act 2001

Part 4--Application and transitional provisions

Australian Securities and Investments Commission Act 2001

Corporations Act 2001

Part 5--Consequential amendments of other Acts

ASIC Supervisory Cost Recovery Levy Act 2017

Taxation Administration Act 1953

Schedule 3--Rationalisation of ending ASIC instruments

Part 1--Voting control limits for proposed licensed trustee

companies

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

iii

Division 1--Amendments

Corporations Act 2001

Division 2--Repeals

ASIC Class Order [CO 12/340]

Part 2--Information in a Financial Services Guide given in a

time critical situation

Division 1--Amendments

Corporations Act 2001

Division 2--Repeals

ASIC Corporations (Financial Services Guide Given in a Time

Critical Situation) Instrument 2022/498

Part 3--Product Disclosure Statement requirements for general

insurance quotes

Division 1--Amendments

Corporations Act 2001

Division 2--Repeals

ASIC Corporations (PDS Requirements for General Insurance

Quotes) Instrument 2022/66

Part 4--Describing debentures as secured notes

Division 1--Amendments

Corporations Act 2001

Division 2--Repeals

ASIC Corporations (Describing Debentures--Secured Notes)

Instrument 2022/61

Part 5--Notice requirements in the hardship provisions of the

National Credit Code

Division 1--Amendments

National Consumer Credit Protection Act 2009

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

Division 2--Repeals

ASIC Class Order [CO 14/41]

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Schedule 4--Miscellaneous and technical amendments

Part 1--Amendments commencing day after Royal Assent

Division 1--Foreign ownership register notices

Foreign Acquisitions and Takeovers Act 1975

Division 2--Infringement notices

Corporations Act 2001

Division 3--Motor vehicle service and repair information scheme

adviser

Competition and Consumer Act 2010

Division 4--Fringe Benefits technical amendment

Fringe Benefits Tax Assessment Act 1986

Division 5--Disclosure of protected information

Commonwealth Registers Act 2020

Division 6--Giving TFNs under corporations legislation

Corporations (Aboriginal and Torres Strait Islander) Act 2006

Corporations Act 2001

Division 7--Consumers

Competition and Consumer Act 2010

Division 8--Giving notices under the Superannuation Industry

(Supervision) Act 1993

Superannuation Industry (Supervision) Act 1993

Division 9--Declarations for fringe benefits tax assessment

101

Fringe Benefits Tax Assessment Act 1986

101

Division 10--Cross reference update

103

Superannuation Industry (Supervision) Act 1993

103

Division 11--Exempt core Part 3 actions

103

Foreign Acquisitions and Takeovers Act 1975

103

Division 12--Application provisions relating to financial advisers

104

Corporations Act 2001

104

Division 13--Renumbering

105

Australian Securities and Investments Commission Act 2001

105

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Financial Sector Reform (Hayne Royal Commission Response--

Protecting Consumers (2019 Measures)) Act 2020

105

Division 14--Virtual RSE annual members' meetings

106

Superannuation Industry (Supervision) Act 1993

106

Division 15--Repeal of redundant appropriation

107

Treasury Laws Amendment (North Queensland Flood Recovery) Act

2019

107

Division 16--CCIV technical amendments

108

Corporations Act 2001

108

Division 17--Recognised tax advisers

109

Income Tax Assessment Act 1997

109

Division 18--Reference Checking and Information Sharing Protocol

111

Corporations Act 2001

111

National Consumer Credit Protection Act 2009

113

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

116

Division 19--Disclosure documents for offers in a MIS

116

Corporations Act 2001

116

Division 20--Elections under section 110E of the Corporations Act

2001

117

Corporations Act 2001

117

Division 21--Continuing credit contracts exemption

118

National Consumer Credit Protection Regulations 2010

118

Part 2--Amendments commencing first day of next quarter

120

Division 1--Asterisking

120

A New Tax System (Goods and Services Tax) Act 1999

120

Division 2--Equal representation rules

122

Superannuation Industry (Supervision) Act 1993

122

Division 3--Registration requirements for GST

122

A New Tax System (Goods and Services Tax) Act 1999

122

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

A Bill for an Act to amend the law relating to

corporations, consumer credit and other matters in

the Treasury portfolio, to make miscellaneous and

technical amendments of the law of the

Commonwealth, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures) Act 2022.

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 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. Schedule 1,

Parts 1 to 3

The day after this Act receives the Royal

Assent.

3. Schedule 1,

Part 4

A single day to be fixed by Proclamation.

However, if the provisions do not commence

within the period of 6 months beginning on

the day this Act receives the Royal Assent,

they commence on the day after the end of

that period.

4. Schedules 2

and 3

The day after this Act receives the Royal

Assent.

5. Schedule 4,

Part 1

The day after this Act receives the Royal

Assent.

6. Schedule 4,

Part 2

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.

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

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 the

National Consumer Credit Protection

Regulations 2010

amended or inserted by this Act, and any other

provisions of those Regulations, may be amended or repealed by

regulations made under section 329 of the

National Consumer Credit

Protection Act 2009

(see subsection 13(5) of the

Legislation Act

2003

Schedule 1

Modernising business communications

Part 1

Documents and meetings under the Corporations Act 2001

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Schedule 1--Modernising business

communications

Part 1--Documents and meetings under the

Corporations Act 2001

1 Section 9 (definition of sent)

After "has a meaning", insert "(except in Chapters 6 and 6A)".

2 Subsection 105A(2) (note)

Omit "Note", substitute "Note 1".

3 At the end of subsection 105A(2)

Add:

Note 2:

The meaning of

sent

in Chapters 6 and 6A is not affected by this

section: see the definition of

sent

in section 9.

4 Subsections 110(1), (2) and (3)

Repeal the subsections, substitute:

Signing of documents under this Act

(1) This Division applies to a document (including a deed) required or

permitted to be signed by a person under this Act.

Note 1:

A document is any record of information: see the definition of

document

in section 9.

Note 2:

This Division provides that a person may sign a document in physical

form or electronic form: see subsection 110A(1).

Signing of documents by or on behalf of company

(2) Without limiting subsection (1), this Division applies to a

document (including a deed) to be signed by a person:

(a) exercising the powers of a company under section 126

(making of contracts and execution of documents by an

agent); or

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Part 1

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(b) under section 127 (execution of documents by a company).

5 At the end of paragraph 110B(c)

Add "and".

6 After paragraph 110B(c)

Insert:

(d) the signature complies with any requirements relating to that

lodgement under this Act or an instrument made under this

Act;

7 At the end of section 110B

Add:

Note:

This section does not prevent ASIC or the Registrar from refusing to

receive or register the document on any other basis. For example, if

the lodgement requirements mentioned in paragraph (d) (such as those

under Chapter 2P) are not met, ASIC or the Registrar may refuse to

receive or register the document.

8 Division 2 of Part 1.2AA (heading)

Omit "

to be sent to, among others, directors, members and

auditors

9 Section 110C

Repeal the section, substitute:

110C Documents to which this Division applies

Sending documents

(1) This Division applies to any document covered by subsection (3)

or (4) that is required or permitted under this Act to be sent by a

person or entity (the

sender

) to another person or entity (the

recipient

(2) A reference in subsection (1) to an entity includes a reference to a

disclosing entity.

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Part 1

Documents and meetings under the Corporations Act 2001

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Covered documents

(3) This subsection covers a document that is required or permitted be

sent by the sender to the recipient under:

(a) this Chapter; or

(b) Chapters 2A to 2M; or

(d) Chapter 6, 6A, 6B or 6C; or

(e) Chapter 8A or 8B; or

(f) Chapter 9; or

(g) Schedule 2; or

(h) any other provision of this Act, to the extent that it relates to

the provisions mentioned in paragraphs (a) to (g).

(4) This subsection covers a document that is in a class of documents

specified in regulations made for the purposes of this subsection.

(5) However, this Division does not apply to a document that is

required or permitted under this Act to be sent by or to ASIC, the

Registrar or the Takeovers Panel.

References to sending documents

(6) This Division applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

(7) To avoid doubt, for the purposes of this Division, a document is

not a document that is required or permitted under this Act to be

sent merely because section 109X, 601CX or 1200R provides that

the document may be served in a particular way.

10 Paragraph 110D(3)(a)

Repeal the paragraph, substitute:

(a) is a report mentioned in section 314 or 314A (which deal

with annual financial reporting to members); or

11 At the end of section 110D

Add:

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Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Address for sending document

(5) Paragraphs (1)(a) and (b) apply only if:

(a) where the recipient is covered by subsection (7)--the sending

of the document mentioned in paragraph (1)(a), or the

sending of the information mentioned in paragraph (1)(b), is

to an address known to the sender because the recipient is a

member or holder of securities mentioned in whichever of

paragraphs (7)(a) to (f) applies; or

(b) the recipient is not covered by subsection (7).

(6) Paragraphs (1)(c) and (d) apply only if:

(a) where the recipient is covered by subsection (7):

(i) the sending of the document mentioned in

paragraph (1)(c), or the sending of the information

mentioned in paragraph (1)(d), is to an address known

to the sender because the recipient is a member or

holder of securities mentioned in whichever of

paragraphs (7)(a) to (f) applies; and

(ii) that address is a nominated electronic address of the

recipient; or

(b) where the recipient is not covered by subsection (7)--the

sending of the document mentioned in paragraph (1)(c), or

the sending of the information mentioned in paragraph (1)(d),

is to a nominated electronic address of the recipient.

(7) For the purposes of subsections (5) and (6), this subsection covers

the recipient if:

(a) the recipient is a member of the sender; or

(b) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme; or

recipient is a member of the CCIV; or

(d) where the sender is a disclosing entity mentioned in

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that subsection; or

(e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

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No. , 2022

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid.

12 Section 110E (heading)

Omit "

Member's election

", substitute "

Election

13 At the end of subsection 110E(1)

Add:

; or (e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid; or

(g) the recipient is of a kind specified in regulations made for the

purposes of this paragraph.

14 At the end of subsection 110E(3)

Add:

Note:

The documents in relation to which an election may be made include,

for example, documents required or permitted to be sent under this

Act in relation to a takeover bid: see section 648CB.

15 Paragraph 110E(5)(a)

Repeal the paragraph, substitute:

(a) reports mentioned in section 314 or 314A (which deal with

annual financial reporting to members);

16 Paragraph 110F(1)(b)

After "election", insert "(otherwise than by way of giving it to the

recipient personally)".

17 After subsection 110F(4)

Insert:

No current address for sending documents in elected manner

(4A) Subsection (2) does not apply if:

(a) the sender reasonably believes that none of the addresses

(including any electronic addresses) for the recipient that are:

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Documents and meetings under the Corporations Act 2001

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(i) known to the sender; and

(ii) where the recipient is covered by subsection (4B)--so

known because the recipient is a member or holder of

securities mentioned in whichever of paragraphs (4B)(a)

to (f) applies;

are a current address for the recipient to be sent the document

in a manner that complies with the election; and

(b) the sender sends the document to the recipient in a manner

that does not comply with the election, as mentioned in

paragraph (1)(b), other than in the manner mentioned in

paragraph 110D(1)(e); and

(annual reporting by notified foreign passport funds)--the

requirement (if applicable) in paragraph 314A(4)(b) (about

sending report in elected language) is satisfied.

Note:

A defendant bears an evidential burden in relation to the matter in

subsection (4A), see subsection 13.3(3) of the

Criminal Code

(4B) For the purposes of subparagraph (4A)(a)(ii), this subsection

covers the recipient if:

(a) the recipient is a member of the sender; or

(b) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme; or

recipient is a member of the CCIV; or

(d) where the sender is a disclosing entity mentioned in

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that subsection; or

(e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid.

18 At the end of subsection 110J(3)

Add:

; or (e) where the sender is the operator of a notified foreign passport

fund--the recipient is an Australian member of the fund; or

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(f) where the sender is the bidder under a takeover bid--the

recipient is a holder of securities in the target for the bid; or

(g) the recipient is of a kind specified in regulations made for the

purposes of this paragraph.

19 After section 110J

Insert:

110JA Sender does not need to send document if member

uncontactable

Sender taken to send document

(1) This section applies if:

(a) the sender is required or permitted to send a document to

which this Division applies to the recipient under a provision

of this Act; and

(b) the conditions in subsection (3) are satisfied; and

(i) where the sender is a company--the recipient is a

member of the company;

(ii) where the sender is the responsible entity of a registered

scheme--the recipient is a member of the scheme;

(iii) where the sender is the corporate director of a CCIV--

the recipient is a member of the CCIV;

(iv) where the sender is a disclosing entity mentioned in

subsection 111AC(1)--the recipient is a member of the

disclosing entity;

(v) where the sender is a disclosing entity mentioned in

subsection 111AC(2)--the recipient is a member of the

managed investment scheme mentioned in that

subsection; and

(d) the sender sends the document in accordance with the

provision mentioned in paragraph (a) to one or more other

members of a kind mentioned in whichever of

subparagraphs (c)(i) to (v) applies.

(2) For the purposes of the provision mentioned in paragraph (1)(a):

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(a) the sender is taken to send the document, as required or

permitted in accordance with that provision, at the later of:

(i) the time all of the conditions in paragraphs (3)(a), (b)

and (c) are first satisfied; and

(ii) the time the sender first sends the document to one or

more other members as mentioned in paragraph (1)(d);

and

(b) the recipient is taken to receive the document when it is taken

to be sent under paragraph (a) of this subsection.

Conditions for relief

(3) For the purposes of paragraph (1)(b), the conditions are that:

(a) the sender has received notification in relation to each of the

following addresses that indicates it is not a current address

for the recipient:

(i) if the sender is a company, responsible entity of a

registered scheme or corporate director of a CCIV--the

recipient's address in the company, scheme or CCIV's

(ii) any other addresses for the recipient, including any

electronic addresses for receiving electronic

communications, known to the sender because the

recipient is a member mentioned in whichever of

subparagraphs (1)(c)(i) to (v) applies; and

(b) the sender reasonably believes that none of those addresses

are a current address for the recipient; and

ascertain a current address for the recipient.

(4) For the purposes of paragraph (3)(c), the sender has not taken

reasonable steps unless the sender has attempted to communicate

with the recipient using all contact details for the recipient that are

known to the sender because the recipient is a member mentioned

in whichever of subparagraphs (1)(c)(i) to (v) applies.

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Sender must send notice for relief to continue to apply after period

of 18 months

(5) Subsection (6) applies if the period of 18 months starting on the

day all of the conditions in paragraphs (3)(a), (b) and (c) are first

satisfied has ended.

(6) Subsection (2) does not apply to the sending of a document

mentioned in paragraph (1)(d) if, within the last 12 months of that

period, the sender did not take reasonable steps to advise the

recipient that:

(a) the sending of documents to which this Division applies to

the recipient by the sender is suspended; and

(b) although that sending has been suspended, it will be resumed

if the recipient provides a current address (which may be an

electronic address) for being sent those documents.

20 Paragraph 110K(3)(a)

Omit "paragraph 110E(1)(c) or (d)", substitute "subsection (3A)".

21 After subsection 110K(3)

Insert:

(3A) For the purposes of paragraph (3)(a), the members are:

(a) for a disclosing entity mentioned in subsection 111AC(1)--

the members of the disclosing entity; and

(b) for a disclosing entity mentioned in subsection 111AC(2)--

the members of the managed investment scheme mentioned

in that subsection.

(3B) The operator of a notified foreign passport fund must:

(a) send the Australian members of the fund, at least once in

each financial year, a notice setting out the matters

mentioned in subsection (4); or

(b) make such a notice readily available on a website.

22 At the end of subsection 110K(4)

Add:

; and (d) for the operator of a notified foreign passport fund--

Australian members' rights to elect to be sent reports

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Treasury Laws Amendment (Modernising Business Communications

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mentioned in section 314A in English or in an official

language of the home economy of the fund (see

subsections 314A(3) and (4)).

23 Section 248D

Repeal the section, substitute:

248D Use of technology

(1) A directors' meeting may be called or held using any technology.

(2) Without limiting subsection (1), a directors' meeting may be held:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual meeting

technology; or

(3) Despite subsections (1) and (2), if technology is used to call a

director's meeting, or to hold a directors' meeting (whether or not

the meeting is held at one or more physical venues), the technology

must be reasonable.

24 Subsection 254P(2)

Omit "The notice must be sent by post.".

25 Paragraphs 283EA(3)(b) and (c)

Repeal the paragraphs, substitute:

(b) in the manner mentioned in paragraph 110D(1)(a), (b), (c) or

(d); or

26 Subsection 283EA(4) (heading)

Omit "

fax

", substitute "

electronic means

27 Paragraph 283EA(4)(b)

Omit "fax or other".

28 Subsections 314A(2), (3), (4), (5), (6), (7) and (8)

Repeal the subsections, substitute:

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(2) A notified foreign passport fund may provide the reports by

sending them to each Australian member.

(3) If an Australian member of a notified foreign passport fund elects

under subsection 110E(2) to be sent reports mentioned in this

section in physical form or in electronic form, that election may

also include an election to be sent the reports in English or in an

official language of the home economy of the fund.

(4) If the member makes an election to be sent the reports in a

language mentioned in subsection (3) of this section:

(a) for the purposes of section 110F (failure to comply with

member's election), such a report is not sent in a manner that

complies with the election under section 110E unless it is

sent in that language; and

(b) for the purposes of paragraph 110F(4A)(c), it is a

requirement that such a report be sent in that language.

(5) A notified foreign passport fund must provide the reports in

English to the extent that:

(a) the reports are provided by sending them in accordance with

paragraph 110D(1)(e) (sending documents by making them

available on a website); or

(b) the reports are provided to an Australian member for whom

an election in accordance with subsection (3) of this section

to be sent the reports in a particular language is not in force.

29 Subsection 314A(9)

Omit "(1), (3) or (7)", substitute "(1) or (5)".

30 Subsection 315(6)

Repeal the subsection.

31 Section 316AA

Repeal the section.

32 Subsection 316A(1)

Omit "notice in writing to the company, elect to receive a hard copy or

an electronic copy of", substitute "notifying the company (whether or

not in writing), elect to receive".

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33 Subsections 316A(3) and (4)

Omit ", in accordance with the election,".

34 Subsection 414(2)

Omit "as prescribed", substitute ", in accordance with the requirements

mentioned in subsection (10B) (if applicable),".

35 Paragraph 414(9)(a)

Omit "as prescribed", substitute ", in accordance with the requirements

mentioned in subsection (10B) (if applicable),".

36 After subsection 414(10)

Insert:

(10A) Without limiting the manner in which a notice mentioned in

subsection (2) or paragraph (9)(a) may be given to a shareholder,

the notice may be given to the shareholder personally.

(10B) If a notice mentioned in subsection (2) or paragraph (9)(a) is given

to a shareholder:

(a) by sending the notice in a physical form in accordance with

paragraph 110D(1)(a); or

(b) by sending information in a physical form in accordance with

paragraph 110D(1)(b);

the notice or information must be sent by prepaid post to the

shareholder's address shown in the books of the transferor

company.

37 Section 600G

Repeal the section.

38 After paragraph 641(1)(a)

Insert:

(aa) where the target knows an electronic address for the person

because the person holds securities in the target, and believes

on reasonable grounds that it is a current electronic address

for the person for receiving electronic communications--that

electronic address; and

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(ab) where an election of the person to be sent documents by the

target in physical form, or in electronic form, is in force

under section 110E (disregarding subsection 110E(8)) in

relation to a kind of documents mentioned in subsection (1C)

of this section--the fact that such an election is in force; and

39 After subsection 641(1B)

Insert:

(1C) For the purposes of paragraph (1)(ab), the kinds of documents are:

(a) all documents to which Division 2 of Part 1.2AA applies; or

(b) one or more classes of documents that, taken together,

include the documents mentioned in subsection 648CB(3)

(documents relating to takeover bids).

40 After section 641

Insert:

641A Use or disclosure of information obtained from target

(1) A person (the

first person

) contravenes this subsection if:

(a) the target gives the bidder information under section 641 in

relation to another person; and

(b) the first person:

(i) is the bidder; or

(ii) obtains the information from the bidder (whether

directly or indirectly); and

(d) the use or disclosure is not for the purposes of sending a

document, or otherwise complying with an obligation under

this Act, in relation to:

(i) the takeover bid; or

(ii) a compulsory acquisition of securities under Part 6A.1

relating to the takeover bid.

Civil penalty:

(a) for an individual--2,000 penalty units; and

(b) for a body corporate--10,000 penalty units.

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(2) Subsection (1) does not apply if the use or disclosure is required or

permitted by a law of the Commonwealth or a prescribed law of a

State or internal Territory.

(3) A person who contravenes subsection (1) is not guilty of an

offence.

Note:

Subsection (1) is a civil penalty provision (see section 1317E).

41 Section 648B

After "address", insert "(including the electronic address, if any)".

42 Section 648C

Repeal the section, substitute:

648C Sending documents to holders of securities--general

(1) This section applies if a document is required or permitted to be

sent to a holder of securities under this Chapter.

Note 1:

Division 2 of Part 1.2AA provides for technology neutral sending of

documents.

Note 2:

Section 109X makes general provision for service of documents.

(2) If the document is sent by sending the document in a physical form

in accordance with paragraph 110D(1)(a), or by sending

information in a physical form in accordance with

paragraph 110D(1)(b), the document or information must be sent:

(a) if the document or information is to be sent to the holder

outside Australia--by pre-paid airmail post or by courier; or

(b) if the document or information is to be sent to the holder in

Australia--by pre-paid ordinary post or by courier.

(3) For the purposes of this Chapter, the document is taken to have

been sent to the holder:

(a) if the document is sent in a physical form in accordance with

paragraph 110D(1)(a):

(i) when the document is posted; or

(ii) if the document is sent by courier--when the document

is given to the courier; or

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(b) if the document is sent by sending information in accordance

with paragraph 110D(1)(b) (sending information in physical

form that allows electronic access):

(i) when the information is posted; or

(ii) if the information is sent by courier--when the

information is given to the courier; or

communication in accordance with paragraph 110D(1)(c)--

when the electronic communication is sent; or

(d) if the document is sent by sending an electronic

communication in accordance with paragraph 110D(1)(d)

(sending information in electronic form allowing electronic

access)--when the electronic communication is sent.

(4) This section applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

648CB Sending documents to holders of securities--effect of election

by holder to be sent documents by target in particular

form

(1) This section applies if the target for a takeover bid has informed

the bidder in accordance with paragraph 641(1)(ab) that an election

of a holder of securities under section 110E to be sent documents

in physical form or electronic form is in force.

(2) An election of the holder under section 110E to be sent documents

by the bidder in the relevant form is taken to be in force from the

time the target informs the bidder of the election.

(3) The election is taken to be made in relation to all documents

required or permitted to be sent by the bidder under:

(a) this Chapter; or

(b) Part 6A.1; or

the provisions mentioned in paragraphs (a) and (b).

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(4) Subsection (2) has effect subject to any notification of withdrawal

of the election received by the bidder from the holder of securities

in accordance with paragraph 110E(7)(b).

43 Subsection 661B(3)

Repeal the subsection.

44 Subsection 661B(4)

Repeal the subsection (including the note).

45 Subsection 661D(1)

After "addresses", insert "(but not the electronic addresses)".

46 Subsection 662B(3)

Repeal the subsection.

47 Subsection 662B(4)

Repeal the subsection (including the note).

48 Subsection 663B(3)

Repeal the subsection.

49 Subsection 663B(4)

Repeal the subsection (including the note).

50 Subsection 664C(4)

Repeal the subsection.

51 Subsection 664C(5)

Repeal the subsection.

52 Subsection 664E(1)

Omit "returning", substitute "giving".

53 Subsection 664E(2)

Omit "returned" (wherever occurring), substitute "given".

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54 Subsection 665B(3)

Repeal the subsection.

55 Subsection 665B(4)

Repeal the subsection (including the note).

56 At the end of Chapter 6A

Add:

Part 6A.7--Miscellaneous

669A Sending documents

(1) This section applies to any document that is required or permitted

to be sent to a person (the

recipient

) under this Chapter.

Note 1:

Division 2 of Part 1.2AA provides for technology neutral sending of

documents.

Note 2:

Section 109X makes general provision for service of documents.

(2) Without limiting the manner in which the document may be sent,

the document may be sent to the recipient by giving it to the

recipient personally.

(3) For the purposes of this Chapter, the document is taken to have

been sent to the recipient:

(a) if the document is sent in a physical form in accordance with

paragraph 110D(1)(a):

(i) 3 days after the document is posted; or

(ii) if the document is sent by courier--3 days after the

document is given to the courier; or

(b) if the document is sent by sending information in accordance

with paragraph 110D(1)(b) (sending information in physical

form that allows electronic access):

(i) 3 days after the information is posted; or

(ii) if the information is sent by courier--3 days after the

information is given to the courier; or

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communication in accordance with paragraph 110D(1)(c)--

when the electronic communication is sent; or

(d) if the document is sent by sending an electronic

communication in accordance with paragraph 110D(1)(d)

(sending information in electronic form allowing electronic

access)--when the electronic communication is sent.

(4) This section does not apply to a document that is required or

permitted to be sent by or to ASIC under this Chapter.

(5) This section applies to a requirement or permission to send a

document, whether the expression

send

give

serve

dispatch

, or

any other expression, is used.

57 In the appropriate position in Chapter 10

Insert:

Part 10.64--Application and transitional provisions

relating to Schedules 1 and 4 to the

Treasury Laws Amendment (Modernising

Business Communications and Other

Measures) Act 2022

Division 1--Modernising Business Communications

1694 Definitions

In this Division:

amending Part

means Part 1 of Schedule 1 to the

Treasury Laws

Amendment (Modernising Business Communications and Other

Measures) Act 2022

commencement day

means the day the amending Part commences.

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and Other Measures) Bill 2022

No. , 2022

1694A Application--signing documents

The amendments made by the amending Part apply in relation to

the signing of a document (including a deed) on or after the

commencement day.

1694B Application--sending documents

The amendments made by the amending Part apply in relation to a

document sent on or after the commencement day.

1694C Application--uncontactable members

Section 110JA, as inserted by the amending Part, applies in relation

to documents required or permitted to be sent on or after the

commencement day, if the notification under

paragraph 110JA(3)(a) of this Act was received on or after that

day.

1694D Application--directors' meetings

The amendment of section 248D made by the amending Part

applies in relation to the calling or holding, on or after the

commencement day, of a directors' meeting.

1694E Transitional--elections by Australian members of notified

foreign passport funds to receive annual reports in

particular form etc.

(1) This section applies in relation to an election by an Australian

member of a notified foreign passport fund, to receive reports in

hard copy or as an electronic copy, that is in force under

subsection 314A(3) of this Act immediately before the

commencement day.

(2) Despite the repeal of that subsection by the amending Part, the

election continues in force on and after that day as if it were an

election under section 110E of this Act, as amended by the

amending Part:

(a) to be sent such reports:

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and Other Measures) Bill 2022

(i) for an election to receive in hard copy--in physical

form; or

(ii) for an election to receive as an electronic copy--in

electronic form; and

(b) if the election included an election to receive the reports in

English, or in an official language of the home economy of

the fund--to be sent such reports in that language.

1694F Transitional--elections by members of companies limited by

guarantee to receive reports etc.

(1) This section applies in relation to an election by a member of a

company limited by guarantee, to receive reports in hard copy or as

an electronic copy, that is in force under subsection 316A(1)

immediately before the commencement day.

(2) Despite the amendment of that subsection by the amending Part:

(a) the election continues in force on and after the

commencement day as an election under subsection 316A(1)

of this Act to receive such reports (in accordance with

subsection 316A(2)); and

(b) an election of the member is taken to be in force under

section 110E on and after the commencement day to be sent

such reports:

(i) for an election to receive in hard copy--in physical

form; or

(ii) for an election to receive as an electronic copy--in

electronic form.

(3) Paragraph (2)(b) has effect subject to paragraph 110E(7)(b)

(withdrawal of election).

58 In the appropriate position in Schedule 3

Insert:

Subsection 110K(3B)

30 penalty units

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

59 Schedule 3 (table item dealing with subsections 314A(1),

(3) and (7), column headed "provision")

Omit "Subsections 314A(1), (3) and (7)", substitute

"Subsections 314A(1) and (5)".

60 In the appropriate position in subsection 1317E(3) (table)

Insert:

subsection 641A(1)

use or disclosure of information

obtained from target

uncategorised

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Part 2--Virtual hearings and examinations

Australian Prudential Regulation Authority Act 1998

61 Subsection 3(1)

Insert:

virtual enquiry technology

means any technology that allows a

person to appear at all or part of a hearing, examination or other

enquiry without being physically present at the hearing,

examination or other enquiry.

62 After section 58

Insert:

58A Proceedings at examination

(1) This section applies to the following:

(a) an examination under Division 2 of Part VIII of the

Banking

Act 1959

by an investigator appointed by APRA;

(b) an examination under subsection 55(1), 62C(1), 62C(2) or

81(2) of the

Insurance Act 1973

by APRA or an inspector

appointed by APRA;

Life

Insurance Act 1995

by APRA;

(d) an examination under Division 3 of Part 6 of the

Private

Health Insurance (Prudential Supervision) Act 2015

by an

inspector appointed by APRA;

(e) an examination under Division 5 of Part 25 of the

Superannuation Industry (Supervision) Act 1993

by APRA or

an inspector appointed by APRA;

(f) an examination under Division 4 of Part 10 of the

Retirement

Savings Accounts Act 1997

by an inspector appointed by

APRA.

(2) For the purposes of paragraph (1)(c), treat references in the

following subsections to examination as references to

investigation.

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and Other Measures) Bill 2022

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(3) APRA, the investigator or the inspector (as applicable) may decide

to hold the examination:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(4) Subsection (5) applies if the examination is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(5) APRA, the investigator or the inspector (as applicable) must ensure

that the use of the virtual enquiry technology is reasonable.

(6) If the examination is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

APRA, the investigator or the inspector (as applicable) may

appoint a single place and time at which the examination is taken

to have been held.

(7) This section applies to part of an examination in the same way that

it applies to all of an examination.

Australian Securities and Investments Commission Act 2001

63 Subsection 5(1)

Insert:

virtual enquiry technology

means any technology that allows a

person to appear at all or part of a hearing, examination or other

enquiry without being physically present at the hearing,

examination or other enquiry.

64 After section 22

Insert:

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No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

22A Proceedings at examination

(1) The inspector may decide to hold the examination:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(2) Subsection (3) applies if the examination is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) The inspector must ensure that the use of the virtual enquiry

technology is reasonable.

(4) If the examination is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the inspector may appoint a single place and time at which the

examination is taken to have been held.

(5) This section applies to part of an examination in the same way that

it applies to all of an examination.

65 After section 59

Insert:

59A Proceedings at hearings

(1) ASIC may decide to hold a hearing:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(2) Subsections (3) and (4) apply if the hearing is held:

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(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) ASIC must ensure that the use of the virtual enquiry technology is

reasonable.

(4) If the hearing is held in public, ASIC must ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the hearing; and

(b) information sufficient to allow the public to observe the

hearing using the virtual enquiry technology is made publicly

available in a reasonable way.

(5) If the hearing is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

ASIC may appoint a single place and time at which the hearing is

taken to have been held.

(6) This section applies to part of a hearing in the same way that it

applies to all of a hearing.

66 Subsections 159(3) and (4)

Repeal the subsections.

67 After section 159

Insert:

159A Proceedings at hearings

(1) The Chair of a Financial Services and Credit Panel may decide to

hold a hearing:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(2) Subsections (3) and (4) apply if the hearing is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) The Chair of the Financial Services and Credit Panel must ensure

that the use of the virtual enquiry technology is reasonable.

(4) If the hearing is held in public, the Chair of the Financial Services

and Credit Panel must ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the hearing; and

(b) information sufficient to allow the public to observe the

hearing using the virtual enquiry technology

is made publicly

available in a reasonable way.

(5) If the hearing is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the Chair of the Financial Services and Credit Panel may appoint a

single place and time at which the hearing is taken to have been

held.

(6) This section applies to part of a hearing in the same way that it

applies to all of a hearing.

68 After section 218

Insert:

218A Proceedings at hearings

(1) The Panel may decide to hold a hearing:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(2) Subsections (3) and (4) apply if the hearing is held:

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and Other Measures) Bill 2022

No. , 2022

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) The Panel must ensure that the use of the virtual enquiry

technology is reasonable.

(4) If the hearing is held in public, the Panel must ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the hearing; and

(b) information sufficient to allow the public to observe the

hearing using the virtual enquiry technology is made publicly

available in a reasonable way.

(5) If the hearing is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the Panel may appoint a single place and time at which the hearing

is taken to have been held.

(6) This section applies to part of a hearing in the same way that it

applies to all of a hearing.

Competition and Consumer Act 2010

69 Subsection 4(1)

Insert:

virtual enquiry technology

means any technology that allows a

person to appear at all or part of a hearing, examination or other

enquiry without being physically present at the hearing,

examination or other enquiry.

70 Subsection 44ZF(4)

Repeal the subsection.

71 After section 158

Insert:

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and Other Measures) Bill 2022

158A Proceedings without initiation notice--use of virtual enquiry

technology

(1) This section applies to the following (the

proceedings

(a) an arbitration of an access dispute under Part IIIA by the

Commission as constituted by members of the Commission

under section 44Z;

(b) an inquiry under Part VIIA by an inquiry body (within the

meaning of that Part) before an inquiry Chair (within the

meaning of that Part);

Commission.

(2) The members of the Commission, the inquiry Chair or the

Commission (as applicable) may decide to hold the proceedings:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(3) Subsections (4) and (5) apply if the proceedings are held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(4) The members of the Commission, the inquiry Chair or the

Commission (as applicable) must ensure that the use of the virtual

enquiry technology is reasonable.

(5) If the proceedings are held in public, the members of the

Commission, the inquiry Chair or the Commission (as applicable)

must ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the proceedings; and

(b) information sufficient to allow the public to observe the

proceedings using the virtual enquiry technology is made

publicly available in a reasonable way.

(6) If the proceedings are or will be held:

(a) at more than one physical venue; or

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(b) at one or more physical venues and using virtual enquiry

technology; or

the members of the Commission, the inquiry Chair or the

Commission (as applicable) may appoint a single place and time at

which the proceedings are taken to be or have been held.

(7) This section applies to part of the proceedings in the same way that

it applies to all of the proceedings.

158B Proceedings with initiation notice--use of virtual enquiry

technology

(1) This section applies to the following (the

proceedings

(a) an appearance to give evidence or produce documents under

section 44AAFA before the AER or a person assisting the

AER;

(b) a conference held under subsection 90A(6) by the

Commission as represented by a member or members of the

Commission under paragraph 90A(7)(a);

Commission as represented by a member or members of the

Commission under paragraph 93A(6)(a);

(d) a conference held under Subdivision A or B of Division 3 of

Part XI by the Commission as represented by a member or

members of the Commission under paragraph 132H(1)(a);

(e) an appearance to give evidence or produce documents under

section 133D before the Commonwealth Minister or an

inspector;

(f) an appearance to give evidence or produce documents under

paragraph 155(1)(c) before the Commission, an associate

member of the Commission who is an AER member or a

member of the staff assisting the Commission.

(2) The person who appoints the date or day (if applicable), time and

place for the proceedings may decide that the proceedings are to be

held:

(a) at one or more physical venues; or

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Treasury Laws Amendment (Modernising Business Communications

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(b) at one or more physical venues and using virtual enquiry

technology; or

(3) If the proceedings are to be held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the single place and time at which the proceedings are taken to be

held is that specified in the notice for the proceedings.

(4) Subsections (5) and (6) apply if the proceedings are held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(5) The AER, the person assisting the AER, the member or members

of the Commission, the Commission, the Commonwealth Minister,

the inspector, the associate member of the Commission who is an

AER member or the member of the staff assisting the Commission

(as applicable) (the

relevant person

) must ensure that the use of the

virtual enquiry technology is reasonable.

(6) If the proceedings are held in public, the relevant person must

ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the proceedings; and

(b) information sufficient to allow the public to observe the

proceedings using the virtual enquiry technology is made

publicly available in a reasonable way.

(7) This section applies to part of the proceedings in the same way that

it applies to all of the proceedings.

72 Application

Section 158B of the

Competition and Consumer Act 2010

, as inserted

by this Part, applies in relation to proceedings for which notice has been

given on or after the commencement of this Part.

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and Other Measures) Bill 2022

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National Consumer Credit Protection Act 2009

73 Subsection 5(1)

Insert:

virtual enquiry technology

means any technology that allows a

person to appear at all or part of a hearing, examination or other

enquiry without being physically present at the hearing,

examination or other enquiry.

74 After section 256

Insert:

256A Proceedings at examination

(1) The inspector may decide to hold the examination:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(2) Subsection (3) applies if the examination is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) The inspector must ensure that the use of the virtual enquiry

technology is reasonable.

(4) If the examination is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the inspector may appoint a single place and time at which the

examination is taken to have been held.

(5) This section applies to part of an examination in the same way that

it applies to all of an examination.

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and Other Measures) Bill 2022

75 After section 285

Insert:

285A Proceedings at hearings

(1) ASIC may decide to hold the hearing:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(2) Subsections (3) and (4) apply if the hearing is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(3) ASIC must ensure that the use of the virtual enquiry technology is

reasonable.

(4) If the hearing is held in public, ASIC must ensure that:

(a) the virtual enquiry technology provides the public with a

reasonable opportunity to observe the hearing; and

(b) information sufficient to allow the public to observe the

hearing using the virtual enquiry technology is made publicly

available in a reasonable way.

(5) If the hearing is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

ASIC may appoint a single place and time at which the hearing is

taken to have been held.

(6) This section applies to part of a hearing in the same way that it

applies to all of a hearing.

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Tax Agent Services Act 2009

76 At the end of section 60-105

Add:

Use of virtual enquiry technology etc.

(4) The Board may decide to hold a proceeding at which a person is to

appear before it:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual enquiry

technology; or

(5) Subsection (6) applies if the proceeding is held:

(a) at one or more physical venues and using virtual enquiry

technology; or

(b) using virtual enquiry technology only.

(6) The Board must ensure that the use of the virtual enquiry

technology is reasonable.

(7) If the proceeding is held:

(a) at more than one physical venue; or

(b) at one or more physical venues and using virtual enquiry

technology; or

the Board may appoint a single place and time at which the

proceeding is taken to have been held.

(8) This section applies to part of a proceeding in the same way that it

applies to all of a proceeding.

77 Subsection 90-1(1)

Insert:

virtual enquiry technology

means any technology that allows a

person to appear at all or part of a hearing, examination or other

enquiry without being physically present at the hearing,

examination or other enquiry.

Modernising business communications

Schedule 1

Payment methods

Part 3

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Part 3--Payment methods

Corporations Act 2001

78 Paragraph 254P(2)(c)

Repeal the paragraph, substitute:

79 Subsection 254P(2)

Omit "The notice must be sent by post.".

Excise Act 1901

80 Paragraph 129C(2)(a)

Repeal the paragraph, substitute:

(a) the person may pay the penalty stated in the notice in any

way stated in the notice; and

Small Superannuation Accounts Act 1995

81 Section 32

Repeal the section.

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Part 4--Publication requirements and other

amendments

Competition and Consumer Act 2010

82 Paragraph 28(2)(a)

Omit "such newspapers and other journals as", substitute "any other

manner".

83 Subsection 44GA(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

84 Subsection 44LD(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

85 Subsection 44NC(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

86 Subsection 44ZZOA(10)

Omit "national newspaper", substitute "manner that results in the notice

being accessible to the public and reasonably prominent".

Corporations Act 2001

87 Section 9 (definition of daily newspaper)

Repeal the definition.

88 Section 9 (definition of national newspaper)

Repeal the definition.

89 Paragraph 103(2)(b)

Omit all the words after "published".

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

90 Subsections 254Q(3), (4) and (4A)

Repeal the subsections, substitute:

Advertisement of sale

(3) At least 14 days, and not more than 21 days, before the day of the

sale, a notice of the sale must be published in accordance with

subsection (5A). The specific number of shares to be offered need

not be specified in the notice and it is sufficient for the notice to be

to the effect that all shares on which a call remains unpaid will be

sold.

Postponement of sale

(4) An intended sale of forfeited shares of which a notice has been

published in accordance with subsection (3) may be postponed for

not more than 21 days from the date of sale specified in the notice.

A notice of the date to which the sale is postponed must be

published in accordance with subsection (5A).

91 After subsection 254Q(5)

Insert:

Publishing notices

(5A) A notice under subsection (3) or (4) is published in accordance

with this subsection if the notice is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination in force under subsection (5B) specifies

one or more manners in which such a notice may be

published--in a manner so specified.

(5B) For the purposes of paragraph (5A)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (3) or (4) may be published.

(5C) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

in such a notice being accessible to the public and reasonably

prominent.

92 Paragraph 601CC(14)(a)

Omit "advertisement in a daily newspaper circulating generally in each

State or Territory where the body carried on business at any time during

the 6 years before the liquidation", substitute "a notice published in

accordance with subsection 601CCA(1)".

93 At the end of Division 1 of Part 5B.2

Add:

601CCA Publishing notices relating to cessation of business etc.

(1) A notice mentioned in paragraph 601CC(14)(a) is published in

accordance with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination under subsection (2) is in force:

(i) if the determination specifies one or more manners of

publication under paragraph (2)(a)--in a manner

specified in the determination; or

(ii) if the determination specifies that such a notice may be

published in the prescribed manner--in the prescribed

manner.

Note:

For publication in the prescribed manner, see section 1367A.

(2) For the purposes of paragraph (1)(b), ASIC may, by legislative

instrument, make a determination specifying:

(a) unless the matter in paragraph (b) of this subsection is

specified--one or more manners in which a notice mentioned

in paragraph 601CC(14)(a) may be published; or

(b) that such a notice may be published in the prescribed manner.

(3) A manner of publication may be specified in the determination

under paragraph (2)(a) only if ASIC considers that the manner of

publication would result in such a notice being accessible to the

public and reasonably prominent.

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

94 Paragraph 601CL(15)(a)

Omit "advertisement in a daily newspaper circulating generally in each

State or Territory where the foreign company carried on business at any

time during the 6 years before the liquidation", substitute "a notice

published in accordance with subsection 601CLA(1)".

95 After section 601CL

Insert:

601CLA Publishing notices relating to cessation of business etc.

(1) A notice mentioned in paragraph 601CL(15)(a) is published in

accordance with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the public and

reasonably prominent; or

(b) if a determination under subsection (2) is in force:

(i) if the determination specifies one or more manners of

publication under paragraph (2)(a)--in a manner

specified in the determination; or

(ii) if the determination specifies that such a notice may be

published in the prescribed manner--in the prescribed

manner.

Note:

For publication in the prescribed manner, see section 1367A.

(2) For the purposes of paragraph (1)(b), ASIC may, by legislative

instrument, make a determination specifying:

(a) unless the matter in paragraph (b) of this subsection is

specified--one or more manners in which a notice mentioned

in paragraph 601CL(15)(a) may be published; or

(b) that such a notice may be published in the prescribed manner.

(3) A manner of publication may be specified in the determination

under paragraph (2)(a) only if ASIC considers that the manner of

publication would result in such a notice being accessible to the

public and reasonably prominent.

96 Section 601WBH

Before "ASIC", insert "(1)".

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

97 Paragraph 601WBH(b)

Repeal the paragraph, substitute:

(b) make a notifiable instrument setting out notice of the issue of

the certificate; and

requirements for such notice to be published--publish the

notice in accordance with those requirements.

98 At the end of section 601WBH

Add:

(2) To avoid doubt, paragraph (1)(c) expresses a contrary intention for

the purposes of subsection 11(4) of the

Legislation Act 2003

99 Paragraph 601WDA(1)(b)

Repeal the paragraph, substitute:

(b) publish notice of the cancellation of the licence on the trustee

company's website (if any), and in another manner that is in

accordance with subsection (4).

100 Subsection 601WDA(3)

Repeal the subsection (not including the note), substitute:

(3) If a certificate of transfer for a voluntary transfer determination

comes into force, the transferring company must, as soon as

practicable, publish notice of the transfer of estate assets and

liabilities on the transferring company's website (if any), and in

another manner that is in accordance with subsection (4).

101 At the end of section 601WDA

Add:

Publishing notices

(4) A manner of publishing notice under paragraph (1)(b) or

subsection (3) is in accordance with this subsection if the manner:

(a) unless paragraph (b) applies--results in the notice being

accessible to the public and reasonably prominent; or

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(b) if a determination in force under subsection (5) specifies one

or more manners in which such a notice may be published--

is so specified.

(5) For the purposes of paragraph (4)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which notice under paragraph (1)(b) or subsection (3) may be

published.

(6) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the public and reasonably

prominent.

102 Paragraph 1070D(6)(a)

Omit "place an advertisement in a daily newspaper circulating in a

place specified by the directors", substitute "publish a notice in a

manner

specified by the directors".

103 Paragraph 1071D(6)(b)

Omit all the words after "and", substitute "by publishing a notice in any

other manner the company thinks fit".

104 After subclause 38(2) of Schedule 4

Insert:

(2A) Without limiting paragraph (2)(c), regulations made under this

clause may provide for ASIC to make, by legislative instrument, a

determination relating to manners in which notice mentioned in

that paragraph may be published.

Income Tax Assessment Act 1936

105 Subsection 45D(2) (heading)

Omit "

in national newspaper

Schedule 1

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Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

106 Subsection 45D(2)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

107 Subsection 177EA(7) (heading)

Omit "

in national newspaper

108 Subsection 177EA(7)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

Income Tax Assessment Act 1997

109 Subsection 204-50(3)

Omit "daily newspaper that circulates generally in each State, the

Australian Capital Territory and the Northern Territory", substitute

"manner that results in the notice being accessible to the public and

reasonably prominent".

Insurance Act 1973

110 Subsection 29(1)

Repeal the subsection, substitute:

(1) A general insurer who changes its name must publish a notice of

that fact:

(a) unless paragraph (b) applies--in a manner that results in the

notice being accessible to the public and reasonably

prominent; or

(b) if a determination under subsection (2A) is in force--in a

manner specified in the determination.

111 After subsection 29(2)

Insert:

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(2A) For the purposes of paragraph (1)(b), APRA may, by legislative

instrument, make a determination specifying one or more manners

in which a notice mentioned in subsection (1) may be published.

(2B) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

112 Subsection 29(3)

Omit "placed", substitute "published".

Life Insurance Act 1995

113 Paragraph 191(2)(b)

Repeal the paragraph, substitute:

(b) notice of intention to make the application has been

published in accordance with subsection (2A); and

114 After subsection 191(2)

Insert:

(2A) A notice referred to in paragraph (2)(b) is published in accordance

with this subsection if:

(a) the form of the notice is approved by APRA in accordance

with subsection (2B); and

(b) the applicant publishes the notice in a manner that:

(i) unless subparagraph (ii) of this paragraph applies--

results in the notice being accessible to the public and

reasonably prominent; or

(ii) if a determination under subsection (2C) is in force--is

specified in the determination; and

purposes of this paragraph are satisfied.

(2B) For the purposes of paragraph (2A)(a), APRA may approve, in

writing, the form of a notice referred to in paragraph (2)(b).

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(2C) For the purposes of subparagraph (2A)(b)(ii), APRA may, by

legislative instrument, make a determination specifying one or

more manners in which a notice referred to in paragraph (2)(b)

may be published.

(2D) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

115 Subsection 191(3)

Omit "(2)(b)", substitute "(2A)(c)".

116 Section 223 (heading)

Repeal the heading, substitute:

223 Other matters relating to certain replacement policy documents

117 Subsections 223(3) and (4)

Repeal the subsections.

118 Subsection 224(1)

Omit "(1)".

119 Subparagraph 224(1)(b)(i)

Repeal the subparagraph.

120 Subparagraph 224(1)(b)(ii)

Omit "after giving notice,".

121 Subsections 224(2) and (3)

Repeal the subsections.

122 Application provision

--publishing notices

The amendments of section 191 of the

Life Insurance Act 1995

made by

this Part apply in relation to the publishing of notice of intention under

that section on or after the commencement of this Part.

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

123 Saving provision

--approved form of notice

(1)

This item applies if an approval by APRA of a form of a notice

mentioned in paragraph 191(2)(b) of the

Life Insurance Act 1995

is in

force immediately before the commencement of this Part under

regulations made for the purposes of that paragraph.

(2)

The approval continues in force (and may be dealt with) on and after

that commencement as if it were an approval of a form by APRA under

subsection 191(2B) of the

Life Insurance Act 1995

, as amended by this

Part.

124 Saving provision

--regulations

Despite the amendment of paragraph 191(2)(b) of the

Life Insurance

Act 1995

by this Part, regulations made for the purposes of that

paragraph in force immediately before this Part commences continue in

force (and may be dealt with) on and after that commencement as if

they had been made for the purposes of paragraph 191(2A)(c) of that

Act as inserted by this Part.

National Consumer Credit Protection Act 2009

125 Subsection 64(2) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "in accordance with subsection (8)".

126 Subsection 64(3) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "by publishing a notice in accordance with subsection (8)".

127 At the end of section 64 of the National Credit Code

Add:

Publishing notices

(8) A notice under subsection (1) or (3) is published in accordance

with this subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the debtor and

reasonably prominent; or

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(b) if a determination in force under subsection (9) specifies one

or manners in which such a notice may be published--in a

manner so specified.

(9) For the purposes of paragraph (8)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (1) or (3) may be published.

(10) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the debtor and reasonably

prominent.

128 Subsection 66(2) of the National Credit Code

Omit "in a newspaper circulating throughout each State and Territory",

substitute "in accordance with subsection (6)".

129 At the end of section 66 of the National Credit Code

Add:

Publishing notices

(6) A notice under subsection (2) is published in accordance with this

subsection if it is published:

(a) unless paragraph (b) of this subsection applies--in a manner

that results in the notice being accessible to the debtor and

reasonably prominent; or

(b) if a determination under subsection (7) is in force--in a

manner specified in the determination.

(7) For the purposes of paragraph (6)(b), ASIC may, by legislative

instrument, make a determination specifying one or more manners

in which a notice under subsection (2) may be published.

(8) A manner of publication may be specified in the determination

only if ASIC considers that the manner of publication would result

in such a notice being accessible to the debtor and reasonably

prominent.

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

130 Subsection 119(2) of the National Credit Code

Omit "in a newspaper circulating throughout one or more States or

Territories, as the court determines", substitute "and in a manner

determined by the court".

Private Health Insurance (Prudential Supervision) Act 2015

131 Paragraph 20(4)(a)

Omit "national newspaper, or in a newspaper circulating in each

jurisdiction where the insurer has its registered office or carries on

business", substitute "manner that results in the notice being accessible

to the public and reasonably prominent".

132 Paragraph 40(2)(b)

Repeal the paragraph, substitute:

(b) notify the termination day by publishing a notice:

(i) unless subparagraph (ii) applies--in a manner that

results in the notice being accessible to the public and

reasonably prominent; or

(ii) if a determination under subsection (2A) is in force--in

a manner specified in the determination.

133 After subsection 40(2)

Insert:

(2A) For the purposes of subparagraph (2)(b)(ii), APRA may, by

legislative instrument, make a determination specifying one or

more manners in which a notice mentioned in paragraph (2)(b)

may be published.

(2B) A manner of publication may be specified in the determination

only if APRA considers that the manner of publication would

result in such a notice being accessible to the public and reasonably

prominent.

134 Paragraph 75(2)(b)

Repeal the paragraph, substitute:

(b) after the external management or terminating management

began but on or before the day on which the manager gives to

Schedule 1

Modernising business communications

Part 4

Publication requirements and other amendments

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

the ADI written notice of the appointment that began the

external management or terminating management.

Productivity Commission Act 1998

135 Sections 13 and 14

Omit "in each State and internal Territory, by advertisement published

in a newspaper circulating in the State or Territory", substitute ", by

publishing a notice in a manner that results in the notice being

accessible to the public and reasonably prominent".

Superannuation Industry (Supervision) Act 1993

136 Subsection 10(1) (definition of licensing transition

period)

Repeal the definition.

137 Section 29CB

Repeal the section.

138 Section 29CC (heading)

Omit "

other

139 Subsection 29CC(1)

Repeal the subsection, substitute:

(1) APRA must decide an application for an RSE licence within 90

days after receiving it, unless APRA extends the period for

deciding the application under subsection (2).

140 Subsection 29CC(2)

Omit "an application covered by paragraph (1)(a) or (b)", substitute

"the application".

141 Paragraph 29D(1)(h)

Omit ", refused consideration under subsection 29CB(3)".

Modernising business communications

Schedule 1

Publication requirements and other amendments

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

142 Subsections 142(7) and (9)

Repeal the subsections, substitute:

Publishing notice

(7) The Regulator must publish notice of the making of each

instrument under subsection (1) in a manner that results in the

notice being accessible to the public and reasonably prominent.

Taxation Administration Act 1953

143 Subsection 260-145(3) in Schedule 1

Omit "twice in a daily newspaper circulating in the State or Territory in

which the person resided at the time of death", substitute "in a manner

that results in the notice being accessible to the public and reasonably

prominent".

Schedule 2

ALRC Financial Services Interim Report

Part 1

Removal of erroneous references and redundant definitions

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Schedule 2--ALRC Financial Services Interim

Report

Part 1--Removal of erroneous references and

redundant definitions

Australian Securities and Investments Commission Act 2001

1 Subsection 5(3)

Omit "Parts 1.2 and 1.3 of the Corporations Act apply", substitute

"Part 1.2 of the Corporations Act applies".

Corporations Act 2001

2 Section 9

Repeal the following definitions:

(a) definition of

arbitrage transaction

;

(b) definition of

Australian bank

;

Australian register

;

(d) definition of

cash management trust interest

;

(e) definition of

chargeable matter

;

(f) definition of

court of summary jurisdiction

;

(g) definition of

deal

;

(h) definition of

emoluments

;

(i) definition of

exempt foreign company

;

(j) definition of

financial corporation

;

(k) definition of

Full Court

;

(l) definition of

non-voting share

;

(m) definition of

quarter day

;

(n) definition of

renounceable option

3 Section 761A (definition of financial product advice law)

Repeal the definition.

ALRC Financial Services Interim Report

Schedule 2

Consistent headings for sections defining terms

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Part 2--Consistent headings for sections defining

terms

Corporations Act 2001

4 Division 2 of Part 1.2 of Chapter 1 (heading)

Omit "

Associates

", substitute "

Meaning of associate

5 Section 45A (heading)

Omit "

Proprietary companies

", substitute "

Meaning of proprietary

company

small proprietary company

and large proprietary

company

6 Section 45B (heading)

Omit "

Small companies limited by guarantee

", substitute "

Meaning

of small company limited by guarantee

7 Section 46 (heading)

Omit "

What is a subsidiary

", substitute "

Meaning of subsidiary--

general

8 Section 50 (heading)

Omit "

Related bodies corporate

", substitute "

Meaning of related

body corporate

9 Section 50AAA (heading)

Omit "

Associated entities

", substitute "

Meaning of associated entity

10 Section 50AA (heading)

Omit "

Control

", substitute "

Meaning of control

11 Section 51M (heading)

Omit "

Mutual entities

", substitute "

Meaning of mutual entity

12 Section 64A (heading)

Omit "

Entities

", substitute "

Meaning of entity

Schedule 2

ALRC Financial Services Interim Report

Part 2

Consistent headings for sections defining terms

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

13 Section 88A (heading)

Omit "

Public document of a body corporate

", substitute "

Meaning of

public document

14 Section 88B (heading)

Omit "

Qualified accountants

", substitute "

Meaning of qualified

accountant

15 Section 89 (heading)

Omit "

Qualified privilege

", substitute "

Meaning of qualified

privilege

16 Section 91 (heading)

Omit "

Relation-back day

", substitute "

Meaning of relation-back

day

17 Section 92 (heading)

Omit "

Securities

", substitute "

Meaning of securities

18 Section 95A (heading)

Omit "

Solvency and insolvency

", substitute "

Meaning of solvent and

insolvent

19 Section 102C (heading)

Omit "

In Australia

", substitute "

Meaning of in Australia

20 Section 111AC (heading)

Omit "

Disclosing entity

", substitute "

Meaning of disclosing entity

21 Section 111AD (heading)

Omit "

ED securities

", substitute "

Meaning of ED securities

22 Section 111AL (heading)

Omit "

Listed or unlisted disclosing entity

", substitute "

Meaning of

listed disclosing entity and unlisted disclosing entity

ALRC Financial Services Interim Report

Schedule 2

Consistent headings for sections defining terms

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

23 Section 111AM (heading)

Omit "

Quoted ED securities

", substitute "

Meaning of quoted ED

securities

24 Section 323D (heading)

Omit "

Financial years and half-years for companies, registered

schemes and disclosing entities

", substitute "

Meaning of financial

year and half-year--company, registered scheme and disclosing

entity

25 Section 323DAA (heading)

Omit "

Financial years for notified foreign passport funds

", substitute

Meaning of financial year--notified foreign passport fund

26 Section 324AF (heading)

Omit "

Lead and review auditors

", substitute "

Meaning of lead

auditor and review auditor

27 Section 345A (heading)

Omit "

Review date

", substitute "

Meaning of review date

28 Section 453A (heading)

Omit "

When restructuring begins and ends

", substitute "

Meaning of

restructuring

29 Section 458E (heading)

Omit "

When is a company eligible for temporary restructuring

relief?

", substitute "

Meaning of eligible for temporary restructuring

relief

30 Section 588FA (heading)

Omit "

Unfair preferences

", substitute "

Meaning of unfair

preference

31 Section 588FB (heading)

Omit "

Uncommercial transactions

", substitute "

Meaning of

uncommercial transaction

Schedule 2

ALRC Financial Services Interim Report

Part 2

Consistent headings for sections defining terms

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

32 Section 588FC (heading)

Omit "

Insolvent transactions

", substitute "

Meaning of insolvent

transaction

33 Section 588FD (heading)

Omit "

Unfair loans to a company

", substitute "

Meaning of unfair

loan

34 Section 588FDA (heading)

Omit "

Unreasonable director-related transactions

", substitute

Meaning of unreasonable director-related transaction

35 Section 588FDB

(heading)

Omit "

Creditor-defeating disposition

", substitute "

Meaning of

creditor-defeating disposition

36 Section 602A (heading)

Omit "

Substantial interest concept

", substitute "

Meaning of

substantial interest

37 Section 738N (heading)

Omit "

When a CSF offer is

", substitute "

Meaning of

38 Section 738U (heading)

Omit "

When a CSF offer document is

", substitute "

Meaning of

39 Section 761G (heading)

Omit "

retail client and wholesale client

", substitute "

retail client and

wholesale client

40 Division 3 of Part 7.1 (heading)

Omit "

What is a financial product?

", substitute "

Meaning of

financial product and related terms

41 Section 763A (heading)

Omit "

General definition of financial product

", substitute "

Meaning

of financial product

ALRC Financial Services Interim Report

Schedule 2

Consistent headings for sections defining terms

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

42 Section 763B (heading)

Omit "

When a person makes a financial investment

", substitute

Meaning of makes a financial investment

43 Section 763C (heading)

Omit "

When a person

", substitute "

Meaning of

44 Section 763D (heading)

Omit "

When a person

", substitute "

Meaning of

45 Division 4 of Part 7.1 (heading)

Omit "

When does a person provide a financial service?

", substitute

Meaning of financial service and related terms

46 Section 766A (heading)

Omit "

When does a person provide a financial service?

", substitute

Meaning of financial service

47 Section 766B (heading)

Omit "

financial product advice

", substitute "

financial product advice

personal advice and general advice

48 Section 766D (heading)

Omit "

for a financial product

49 Section 766E (heading)

Omit "

provide a custodial or depository service

", substitute

custodial or depository service

50 Sections 766F and 766H (heading)

Omit "

provides a

51 Division 5 of Part 7.1 (heading)

Omit "

What is a financial market?

", substitute "

Meaning of financial

market

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52 Section 767A (heading)

Omit "

What is a financial market?

", substitute "

Meaning of financial

market

53 Division 6 of Part 7.1 (heading)

Omit "

What is a clearing and settlement facility?

", substitute

Meaning of clearing and settlement facility

54 Section 768A (heading)

Omit "

What is a clearing and settlement facility?

", substitute

Meaning of clearing and settlement facility

55 Section 850B (heading)

Omit "

unacceptable control situation

", substitute "

unacceptable

control situation

56 Section 908AB (heading)

Omit "

financial benchmark

", substitute "

financial benchmark

57 Section 908AC (heading)

Omit "

significant financial benchmark

", substitute "

significant

financial benchmark

58 Section 912D (heading)

Omit "

What are reportable situations?

", substitute "

Meaning of

reportable situation

59 Section 961C (heading)

Omit "

When is something reasonably apparent?

", substitute

Meaning of reasonably apparent

60 Section 961D (heading)

Omit "

What is a reasonable investigation?

", substitute "

Meaning of

reasonable investigation

61 Section 961F (heading)

Omit "

What is a basic banking product?

", substitute "

Meaning of

basic banking product

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62 Section 961P (heading)

Omit "

Responsible

", substitute "

Meaning of responsible

63 Section 962A (heading)

Omit "

Ongoing fee arrangements

", substitute "

Meaning of ongoing

fee arrangement

64 Section 962B (heading)

Omit "

Ongoing fees

", substitute "

Meaning of ongoing fee

65 Section 962C (heading)

Omit "

Fee recipients

", substitute "

Meaning of fee recipient

66 Section 962L (heading)

Omit "

Renewal period

", substitute "

Meaning of renewal period

67 Subdivision B of Division 4 of Part 7.7A (heading)

Omit "

What is conflicted remuneration?

", substitute "

Meaning of

conflicted remuneration

68 Section 963A (heading)

Omit "

Conflicted remuneration

", substitute "

Meaning of conflicted

remuneration--general

69 Section 964F (heading)

Omit "

What is an asset-based fee?

", substitute "

Meaning of

asset-based fee

70 Section 964H (heading)

Omit "

When is something reasonably apparent?

", substitute

Meaning of reasonably apparent

71 Section 994AA (heading)

Omit "

Extended operation of this Part in relation to ASIC Act

financial products

", substitute "

Meaning of financial product

Part 7.8A

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72 Section 1014A (heading)

Omit "

What a Supplementary Product Disclosure Statement is

substitute "

Meaning of Supplementary Product Disclosure

Statement

73 Section 1014H (heading)

Omit "

What a Replacement Product Disclosure Statement is

substitute "

Meaning of Replacement Product Disclosure Statement

74 Section 1200B (heading)

Omit "

When an offer is a recognised offer

", substitute "

Meaning of

recognised offer

75 Section 1272B (heading)

Omit "

Eligible officers

", substitute "

Meaning of eligible officer

76 Section 1311D (heading)

Omit "

because of an offence

", substitute "

--offence

77 Section 1317AAA (heading)

Omit "

Eligible whistleblowers

", substitute "

Meaning of eligible

whistleblower

78 Section 1317AAB (heading)

Omit "

Regulated entities

", substitute "

Meaning of regulated entity

79 Section 1317AAC (heading)

Omit "

Eligible recipients

", substitute "

Meaning of eligible recipient

80 Section 1317GAD (heading)

Omit "

because of a contravention of a civil penalty provision

substitute "--

civil penalty provision

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Part 3--Other amendments

Division 1

--Single use definitions

Australian Securities and Investments Commission Act 2001

81 Subsection 5(1) (paragraph (a) of the definition of

contravention)

Repeal the paragraph, substitute:

(a) in relation to an offence against a law--includes:

(i) an offence against section 6 of the

Crimes Act 1914

; and

(ii) an ancillary offence (within the meaning of the

Criminal

Code

);

relating to the offence against the law; and

82 Subsection 243F(5)

Omit "(within the meaning of Chapter 7 of the Corporations Act)"

(wherever occurring).

Corporations Act 2001

83 Section 9

Repeal the following definitions:

(a) definition of

aggregated turnover

;

(b) definition of

ancillary offence

;

chargee

;

(d) definition of

close associate

84 Section 9

Insert:

connected

with a corporation: see section 64B.

85 Section 9

Repeal the following definitions:

(a) definition of

connected entity

;

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(b) definition of

current market bid price

;

deductible gift recipient

86 Section 9 (paragraph (c) of the definition of examinable

affairs)

Repeal the paragraph, substitute:

business affairs are, or appear to be, relevant to the

corporation or to anything that is included in the

corporation's examinable affairs because of paragraph (a) or

(b):

(i) a body corporate that is, or has been, related to the

corporation;

(ii) an entity that is, or has been, connected with the

corporation.

87 Section 9

Repeal the following definitions:

(a) definition of

group executives

;

(b) definition of

machine-copy

;

old Division 11 of Part 11.2 transitionals

;

(d) definition of

Part 7.7A civil penalty provision

88 Section 9 (definition of participant)

Repeal the definition, substitute:

participant

(a) in a clearing and settlement facility--has the meaning given

by subsections 768A(3) and (4); and

(b) in a financial market--has the meaning given by

subsections 767A(4) and (5).

89 Section 9 (definition of reproduction)

Repeal the definition, substitute:

reproduction

, in relation to a document, means:

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(a) a copy made of the document by any machine in which, or

process by which, an image of the contents of the document

is reproduced; or

(b) a print made from a negative of the document.

90 Section 9 (definition of State or Territory authority)

Repeal the definition.

91 Paragraph 45B(1)(b)

After "deductible gift recipient", insert "(within the meaning of the

Income Tax Assessment Act 1997

)".

92 Section 51B (paragraph (b) of the definition of secured

party)

After "chargee", insert "(including a person in whose favour a charge is

to be given or executed, whether on demand or otherwise, under an

agreement)".

93 Paragraph 300A(4)(b)

Repeal the paragraph, substitute:

(b) a person holds, in each of 2 or more entities within the

consolidated entity, a position covered by subsection (5),

whether or not the person holds the same position in each of

those entities;

94 At the end of section 300A

Add:

(5) This subsection covers the following positions:

(a) director;

(b) secretary;

(d) partner;

(e) trustee.

95 Subparagraphs 588FDA(1)(b)(ii) and (iii)

Repeal the subparagraphs, substitute:

(ii) a relative of a director of the company; or

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(iii) a relative of a spouse of a director of the company; or

(iv) a person on behalf of, or for the benefit of, a person of a

kind referred to in subparagraph (i), (ii) or (iii); and

96 Paragraph 601QA(5)(c)

Repeal the paragraph, substitute:

Corporations Law of each State or Territory in this

jurisdiction, to the extent they continue to have effect

because of section 1408 of this Act; and

(d) if regulations for the purposes of subsection 1408(3) deal

with a matter or matters dealt with in those provisions--the

regulations that so deal with the matter or matters.

97 Subsection 621(2) (note)

Omit "consideration", substitute "price".

98 Section 649B

Omit "The bidder may increase the current market bid price.", substitute

"The bidder may vary the offers under a market bid to increase the price

offered to acquire securities under the market bid.".

99 Section 761A (definition of funeral benefit)

Repeal the definition, substitute:

funeral benefit

(a) means a benefit that consists of the provision of funeral,

burial or cremation services, with or without the supply of

goods connected with such services; but

(b) does not include a scheme or arrangement for the provision

of benefits consisting of the payment of money, on the death

of a person, for the purpose of meeting the whole or a part of

the expenses of and incidental to the funeral, burial or

cremation of the person.

100 Section 761A

Repeal the following definitions:

(a) definition of

funeral expenses facility

;

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(b) definition of

participant;

recognised affiliate

101 Section 765B

Repeal the section.

102 At the end of section 767A

Add:

Meaning of participant

(4) A person who is allowed to participate directly in a financial

market under the market's operating rules is a

participant

in the

market.

(5) A person who is:

(a) recognised by the operating rules of the market as a suitably

qualified affiliate of the market; and

(b) involved in the carrying on of a financial services business

(including as an employee, director or in some other

capacity);

is also, for the purposes of the following provisions, a

participant

in the market:

(d) section 793B;

(e) section 883A;

(f) subsection 915F(2);

(g) paragraphs 923B(3)(a) and (b);

(h) any other provisions prescribed by regulations for the

purposes of this paragraph.

103 At the end of section 768A

Add:

Meaning of participant

(3) A person who is allowed to participate directly in a clearing and

settlement facility under the facility's operating rules is a

participant

in the facility.

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(4) A person who is:

(a) recognised by the operating rules of the facility as a suitably

qualified affiliate of the facility; and

(b) involved in the carrying on of a financial services business

(including as an employee, director or in some other

capacity);

is also, for the purposes of the following provisions, a

participant

in the facility:

(d) section 822B;

(e) subsection 915F(2);

(f) any other provisions prescribed by regulations for the

purposes of this paragraph.

104 Paragraph 916G(5)(c)

Repeal the paragraph, substitute:

(i) an offence against section 6 of the

Crimes Act 1914

; or

(ii) an ancillary offence (within the meaning of the

Criminal

Code

);

relating to an offence based on this section; or

105 Subsection 1241A(5)

Omit "(within the meaning of Chapter 7)" (wherever occurring).

106 Paragraph 1274(2AA)(b)

After "aggregated turnover", insert "(within the meaning of the

Income

Tax Assessment Act 1997

)".

107 Paragraph 1317AAE(3)(b)

Repeal the paragraph, substitute:

(b) is made to any of the following for the purpose of assisting it

in the performance of its functions or duties:

(i) a Commonwealth authority;

(ii) an authority of a State or Territory;

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(iii) another body (whether incorporated or not) that is

established or continued in existence by or under a law

of a State or Territory.

108 Paragraph 1317G(1)(c)

Omit "if the contravention is of a financial services civil penalty

provision that is not a Part 7.7A civil penalty provision", substitute "if

the contravention is of a financial services civil penalty provision (other

than one excluded by subsection (1A))".

109 After subsection 1317G(1)

Insert:

(1A) The civil penalty provisions in the following table are excluded by

this subsection.

Excluded civil penalty provisions of Part 7.7A

Item

Provision

Matter

Subsections 961K(1)

and (2)

Financial services licensee responsible for breach of

certain best interests duties

Section 961L

Financial services licensee to ensure compliance

with certain best interests duties

Subsection 961Q(1)

Authorised representative responsible for breach of

certain best interests duties

Subsection 962G(4)

Fee recipient must give fee disclosure statement

Section 962P

Charging ongoing fee after termination of ongoing

fee arrangement

Subsection 962R(4)

Fee recipient must not deduct ongoing fees without

consent

Subsection 962S(5)

or (8)

Fee recipient must not arrange for deduction of

ongoing fees without consent or accept such

deductions

Subsection 962U(3)

Fee recipient must confirm receipt of variation or

withdrawal of consent for deductions of ongoing

fees

Subsection 962V(3)

Fee recipient must give written notice of cessation

of consent to account provider

Subsections 963E(1)

Financial services licensee must not accept

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Excluded civil penalty provisions of Part 7.7A

Item

Provision

Matter

and (2)

conflicted remuneration

Section 963F

Financial services licensee must ensure

representatives do not accept conflicted

remuneration

Subsection 963G(1)

Authorised representative must not accept

conflicted remuneration

Section 963J

Employer must not pay employees conflicted

remuneration

Section 963K

Financial product issuer or seller must not give

conflicted remuneration to financial services

licensee or representative

Section 963P

Person covered by section 963M must pay amount

etc. in accordance with regulations

Subsection 964A(1)

Platform operator must not accept volume-based

shelf-space fees

Subsections 964D(1)

and (2)

Financial services licensee must not charge

asset-based fees on borrowed amounts

Subsection 964E(1)

Authorised representative must not charge

asset-based fees on borrowed amounts

Section 965

Anti-avoidance of Part 7.7A provisions

Division 2

--Definitions about resolutions

Corporations Act 2001

110 Section 9 (definition of extraordinary resolution)

Repeal the definition, substitute:

extraordinary resolution

, in relation to a registered scheme, a

CCIV or a sub-fund of a CCIV, means a resolution of the members

of the registered scheme that complies with subsection 253LA(2).

111 Section 9 (definition of special resolution)

Repeal the definition, substitute:

special resolution

means:

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(a) in relation to a company--a resolution of the company that

complies with section 250MA; or

(b) in relation to a registered scheme, a CCIV or a sub-fund of a

CCIV--a resolution of the members of the registered scheme

that complies with subsection 253LA(1).

112 At the end of Division 7 of Part 2G.2

Add:

250MA Requirements for a special resolution

For a resolution of a company to have effect as a special resolution:

(a) notice given under section 249J of the meeting at which the

resolution is proposed must include the information required

by paragraph 249L(1)(c) in relation to the resolution; and

(b) the resolution must be passed by at least 75% of the votes

that may be cast by members who are entitled to vote on the

resolution; and

113 At the end of Division 6 of Part 2G.4

Add:

253LA Requirements for a special resolution or an extraordinary

resolution

(1) For a resolution of the members of a registered scheme to have

effect as a special resolution:

(a) notice given under section 252G of the meeting at which the

resolution is proposed must include the information required

by paragraph 252J(c) in relation to the resolution; and

(b) the resolution must be passed by at least 75% of the votes

that may be cast by members of the scheme who are entitled

to vote on the resolution; and

(2) For a resolution of the members of a registered scheme to have

effect as an extraordinary resolution:

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(a) notice given under section 252G of the meeting at which the

resolution is proposed must include the information required

by paragraph 252J(c) in relation to the resolution; and

(b) the resolution must be passed by at least 50% of the votes

that may be cast by members of the scheme who are entitled

to vote on the resolution (including members who are not

present in person or by proxy).

114 After paragraph 601QA(5)(b)

Insert:

(ba) section 253LA as that section applies in relation to the

operation of:

(i) this Chapter; or

(ii) regulations made for the purposes of this Chapter; and

Division 3

--Certain inclusive and relational definitions

Corporations Act 2001

115 Section 9

Repeal the following definitions:

(a) definition of

have

;

(b) definition of

hold

;

information

116 Section 9 (definition of on)

Repeal the definition, substitute:

a financial market: see subsection 767A(3).

117 Section 9 (definition of statement)

Repeal the definition.

118 After subsection 767A(2)

Insert:

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(3) Something that is done through or by means of the facility that

constitutes a financial market is done

the financial market.

Note:

For example, when securities are quoted or traded on a financial

market.

Division 4

--Review fee

Corporations Act 2001

119 Section 9 (definition of review fee)

Repeal the definition, substitute:

review fee

has the same meaning as in the

Corporations (Review

Fees) Act 2003

120 Section 1242G

Omit "fee imposed under the

Corporations (Review Fees) Act 2003

substitute "review fee".

121 Subsection 1351(2)

Repeal the subsection, substitute:

(2) Review fees (which are imposed by the

Corporations (Review

Fees) Act 2003

) are payable to the Commonwealth.

122 Subsections 1351(3) and (4)

Omit "fee imposed under the

Corporations (Review Fees) Act 2003

substitute "review fee".

123 Paragraph 1364(2)(n)

Omit "imposed by the

Corporations (Review Fees) Act 2003

Division 5

--Rules of Court

Corporations Act 2001

124 Section 9 (definition of rules)

Repeal the definition.

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125 Section 9

Insert:

rules of court

means:

(a) rules of the Federal Court; or

(b) rules of a State or Territory Supreme Court; or

(Division 1);

as the case requires.

126 Subparagraph 423(1)(a)(iv)

Omit "rules", substitute "rules of court".

127 Paragraph 459E(3)(b)

Omit "rules", substitute "rules of court".

128 Subparagraph 459Q(c)(ii)

Omit "rules", substitute "rules of court".

129 Section 465C

Omit "rules", substitute "rules of court".

130 Paragraph 467(3)(b)

Omit "rules", substitute "rules of court".

131 Subsection 475(8)

Omit "rules", substitute "rules of court".

132 Subsections 488(1) and (2)

Omit "rules", substitute "rules of court".

133 Subsection 596C(1)

Omit "rules", substitute "rules of court".

134 Subsections 597(14) and (15)

Omit "rules", substitute "rules of court".

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135 Subparagraphs 1337S(1)(b)(i) and (ii)

Omit "rules", substitute "rules of court".

136 Subparagraphs 1337T(1)(b)(i) and (ii)

Omit "rules", substitute "rules of court".

137 Subparagraphs 1337U(1)(b)(i) and (ii)

Omit "rules", substitute "rules of court".

Division 6

--Other amendments

Corporations Act 2001

138 Section 9 (definition of exempt body)

Repeal the definition.

139 Section 9

Insert:

exempt body corporate

of a State or Territory has the meaning

given by section 66A.

140 Section 9 (definition of professional member of an audit

team)

Repeal the definition.

141 Section 9

Insert:

professional member

of the audit team for an audit has the

meaning given by section 324AE.

142 Section 9 (definition of public document)

Omit "body corporate", substitute "body".

143 Section 9 (definition of related body corporate)

Omit "by virtue of section 50", substitute ", as determined in

accordance with section 50".

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144 Section 66A (heading)

Omit "

Exempt bodies

", substitute "

Meaning of exempt body

corporate

145 Section 66A

Omit "exempt body", substitute "

exempt body corporate

146 Section 102B (heading)

Omit "

In Australia or elsewhere, in this jurisdiction or elsewhere

etc.

", substitute "

Meaning of in this jurisdiction or elsewhere and

outside this jurisdiction

147 Subsection 102B(1)

Omit "expression

in Australia or elsewhere

, or", substitute "expression

'in Australia or elsewhere', or".

148 Section 324AE

Repeal the section, substitute:

324AE Meaning of professional member--audit team

If an individual auditor, audit firm or audit company conducts an

audit of a company or registered scheme, a person who is any of

the following is a

professional member

of the audit team for the

audit:

(a) a registered company auditor who participates in the conduct

of the audit;

(b) a person who participates in the conduct of the audit and, in

the course of doing so, exercises professional judgement in

relation to the application of or compliance with:

(i) accounting standards; or

(ii) auditing standards; or

(iii) the provisions of this Act dealing with financial

reporting and the conduct of audits; and

outcome of the audit because of the role they play in the

design, planning, management, supervision or oversight of

the audit;

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(d) a person who recommends or decides what the lead auditor is

to be paid in connection with the performance of the audit;

(e) a person who provides, or takes part in providing, quality

control for the audit.

149 Subsection 708(20)

Omit "exempt body", substitute "exempt body corporate".

150 Subsection 708(20) (note)

Omit "

exempt body

", substitute "

exempt body corporate

of a State or

Territory".

151 Paragraph 994B(3)(e)

Omit "exempt body or", substitute "exempt body corporate of a State or

Territory or by".

152 Subsection 1012D(8) (heading)

Omit "

exempt body

", substitute "

exempt body corporate

153 Paragraph 1012D(8)(b)

Omit "exempt body", substitute "exempt body corporate of a State or

Territory".

154 Subsection 1012D(8) (Note 1)

Omit "

exempt body

", substitute "

exempt body corporate

of a State or

Territory".

155 Section 1023B (paragraph (a) of the definition of financial

product)

Omit "exempt body or", substitute "exempt body corporate

of a State or

Territory or by".

Schedule 2

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Part 4--Application and transitional provisions

Australian Securities and Investments Commission Act 2001

156 In the appropriate position

Insert:

Part 40--Application and transitional provisions

relating to the ALRC Financial Services

Interim Reports

Division 1--Schedule 2 to the Treasury Laws Amendment

(Modernising Business Communications and

Other Measures) Act 2022

344 Definitions

In this Division:

commencement time

means the time when Schedule 2 to the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures) Act 2022

commences.

344A Translation of references in instruments

(1) This section applies to an instrument (the

affected instrument

)

that:

(a) was made under this Act; and

(b) was in force immediately before the commencement time.

References to moved definitions and other provisions

(2) If:

(a) immediately before the commencement time, the affected

instrument contained a reference to a provision of the

Corporations legislation (including, for example, a

definition); and

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(b) that provision was repealed by Schedule 2 to the

Treasury

Laws Amendment (Modernising Business Communications

and Other Measures) Act 2022

; and

contains a corresponding provision;

then the affected instrument has effect, at and after the

commencement time, as if the reference to the repealed provision

were a reference to the corresponding provision.

References to repealed definitions with no corresponding definition

(3) Despite the repeal of definitions in sections 9 and 761A of the

Corporations Act made by items 2, 3, 83, 85, 87, 90, 100, 115 and

117 of Schedule 2 to the

Treasury Laws Amendment (Modernising

Business Communications and Other Measures) Act 2022

, the

definitions repealed by those items continue, at and after the

commencement time, to have effect for the purposes of the affected

instrument as if those definitions had not been repealed.

Corporations Act 2001

157 In the appropriate position in Chapter 10

Insert:

Part 10.68--Application and transitional provisions

relating to the ALRC Financial Services

Interim Reports

Division 1--Schedule 2 to the Treasury Laws Amendment

(Modernising Business Communications and

Other Measures) Act 2022

1698 Definitions

In this Division:

Schedule 2

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commencement time

means the time when Schedule 2 to the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures) Act 2022

commences.

1698A Translation of references in instruments

(1) This section applies to an instrument (the

affected instrument

)

that:

(a) was made under this Act or an instrument made under this

Act; and

(b) was in force immediately before the commencement time.

References to moved definitions and other provisions

(2) If:

(a) immediately before the commencement time, the affected

instrument contained a reference to a provision of the

Corporations legislation (including, for example, a

definition); and

(b) that provision was repealed by Schedule 2 to the

Treasury

Laws Amendment (Modernising Business Communications

and Other Measures) Act 2022

; and

contains a corresponding provision;

then the affected instrument has effect, at and after the

commencement time, as if the reference to the repealed provision

were a reference to the corresponding provision.

References to repealed definitions with no corresponding definition

(3) Despite the repeal of definitions in sections 9 and 761A made by

items 2, 3, 83, 85, 87, 90, 100, 115 and 117 of Schedule 2 to the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures) Act 2022

, the definitions

repealed by those items continue, at and after the commencement

time, to have effect for the purposes of the affected instrument as if

those definitions had not been repealed.

ALRC Financial Services Interim Report

Schedule 2

Consequential amendments of other Acts

Part 5

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Part 5--Consequential amendments of other Acts

ASIC Supervisory Cost Recovery Levy Act 2017

158 Section 7 (subparagraph (d)(i) of the definition of market

infrastructure entity)

Omit "in a licensed market for the purposes of Chapter 7 of the

Corporations Act 2001

", substitute "(within the meaning of the

Corporations Act 2001

) in a licensed market".

159 Section 7 (subparagraph (d)(ii) of the definition of market

infrastructure entity)

Repeal the subparagraph, substitute:

(ii) would be such a participant if paragraph (b) of the

definition of

participant

in section 9 of that Act covered

a person who is allowed to indirectly participate in the

facility or market concerned; or

Taxation Administration Act 1953

160 Section 396-55 in Schedule 1 (table item 5)

Omit "Chapter 7 of".

Schedule 3

Rationalisation of ending ASIC instruments

Part 1

Voting control limits for proposed licensed trustee companies

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Schedule 3--Rationalisation of ending ASIC

instruments

Part 1--Voting control limits for proposed licensed

trustee companies

Division 1

--Amendments

Corporations Act 2001

1 Part 5D.5 (heading)

After "

licensed trustee companies

", insert "

and proposed licensed

trustee companies

2 Section 601RAA

Insert:

proposed licensed trustee company

means a company:

(a) that is a trustee company, or a corporation to which

paragraph 51(xx) of the Constitution applies that proposes to

become a trustee company; and

(b) that proposes to apply for an Australian financial services

licence covering the provision of one or more traditional

trustee company services.

3 Section 601VAA

Repeal the section, substitute:

601VAA Meaning of unacceptable control situation

For the purposes of this Part, an

unacceptable control situation

exists in relation to:

(a) a licensed trustee company and in relation to a particular

person; or

(b) a proposed licensed trustee company and in relation to a

particular person;

if the person's voting power in the company is more than:

Rationalisation of ending ASIC instruments

Schedule 3

Voting control limits for proposed licensed trustee companies

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(d) if an approval of a higher percentage is in force under

Division 2 in relation to the company and in relation to the

person--that higher percentage.

4 Subsection 601VBA(1)

After "licensed trustee company", insert "or proposed licensed trustee

company".

5 Paragraphs 601VBA(1)(a) and (b)

Omit "trustee".

6 Subsection 601VBB(1)

Omit all the words after "the Minister is satisfied that", substitute:

: (a) in the case of a licensed trustee company--it would be in the

interests of that company and its clients for the application to

be granted; or

(b) in the case of a proposed licensed trustee company--it would

be in the interests of that company and its clients for the

application to be granted were that company a licensed

trustee company.

7 Paragraphs 601VBB(2)(b) and 601VBB(4)(b)

Omit "licensed trustee".

8 Subsection 601VBC(4)

Omit all the words after "the Minister is satisfied that", substitute:

: (a) in the case of a licensed trustee company--it would be in the

interests of that company and its clients for the application to

be granted; or

(b) in the case of a proposed licensed trustee company--it would

be in the interests of that company and its clients for the

application to be granted were that company a licensed

trustee company.

9 Paragraphs 601VBC(7)(b) and 601VBD(7)(b)

Omit "licensed trustee".

Schedule 3

Rationalisation of ending ASIC instruments

Part 1

Voting control limits for proposed licensed trustee companies

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

10 Paragraphs 601VBE(1)(a)

After "licensed trustee company", insert "or proposed licensed trustee

company".

11 Paragraph 601VBE(1)(b)

Omit "trustee".

12 Subsection 601VBE(3)

Omit all the words after "the Minister is satisfied that", substitute:

: (a) in the case of a licensed trustee company--it would be in the

interests of that company and its clients for the application to

be granted; or

(b) in the case of a proposed licensed trustee company--it would

be in the interests of that company and its clients for the

application to be granted were that company a licensed

trustee company.

13 Subsection 601VBE(6)

Omit all the words after "the Minister is satisfied that", substitute:

: (a) in the case of a licensed trustee company--the variation

would be in the interests of that company and its clients; or

(b) in the case of a proposed licensed trustee company--the

variation would be in the interests of that company and its

clients were that company a licensed trustee company.

14 Paragraph 601VBE(9)(b)

Omit "licensed trustee".

15 Subsection 601VBF(1)

After "licensed trustee company", insert "or proposed licensed trustee

company".

16 Paragraph 601VBF(1)(a)

Omit all the words after "the Minister is satisfied that", substitute:

: (i) in the case of a licensed trustee company--it would be

in the interests of that company and its clients for the

approval to be revoked; or

Rationalisation of ending ASIC instruments

Schedule 3

Voting control limits for proposed licensed trustee companies

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(ii) in the case of a proposed licensed trustee company--it

would be in the interests of that company and its clients

for the approval to be revoked were that company a

licensed trustee company.

17 Paragraph 601VBF(1)(b)

Omit "trustee".

18 Paragraph 601VBF(4)(b)

Omit "licensed trustee".

19 Section 601VBH (heading)

Omit "

licensed trustee company and its clients

", substitute "

the

company concerned and its clients

20 Section 601VBH

Omit all the words after "in relation to", substitute "a company, the

Minister may seek the views of the company concerned and its clients".

21 Paragraph 601VBI(3)(b)

Omit "licensed trustee".

22 Subsection 601VBI(5)

Omit "licensed trustee".

23 Section 601VCB

Omit "licensed trustee".

Division 2

--Repeals

ASIC Class Order [CO 12/340]

24 The whole of the instrument

Repeal the instrument.

Schedule 3

Rationalisation of ending ASIC instruments

Part 2

Information in a Financial Services Guide given in a time critical situation

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Part 2--Information in a Financial Services Guide

given in a time critical situation

Division 1

--Amendments

Corporations Act 2001

25 Section 941E

Repeal the section, substitute:

941E Information must be up to date

(1) The information in the Financial Services Guide must be up to date

as at the time when it is given to the client.

(2) However, if the Financial Services Guide is given to the client

under subsection 941D(4), the information in the Financial

Services Guide may be up to date as at the time the statement

referred to in that subsection is given to the client.

Note:

A Supplementary Financial Services Guide containing updated

information may be given with a Financial Services Guide that has

become out of date. The updated information is taken to be included

in the Financial Services Guide (see section 943D).

Division 2

--Repeals

ASIC Corporations (Financial Services Guide Given in a

Time Critical Situation) Instrument 2022/498

26 The whole of the instrument

Repeal the instrument.

Rationalisation of ending ASIC instruments

Schedule 3

Product Disclosure Statement requirements for general insurance quotes

Part 3

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Part 3--Product Disclosure Statement requirements

for general insurance quotes

Division 1

--Amendments

Corporations Act 2001

27 Subsection 1012A(4)

Repeal the subsection, substitute:

This section has effect subject to other provisions

(4) This section does not apply to a regulated person for a

recommendation situation if:

(a) one or more of sections 1012D, 1012DA, 1012E, 1012F,

1012G or 1014E apply to a regulated person for that

recommendation situation; and

(b) for each of those sections that so applies--the regulated

person complies with the requirements (if any) in that section

for that recommendation situation.

28 Subsection 1012B(5)

Repeal the subsection, substitute:

This section has effect subject to other provisions

(5) This section does not apply to a regulated person for an issue

situation if:

(a) one or more of sections 1012D, 1012DAA, 1012E, 1012F,

1012G, 1012GA or 1014E apply to a regulated person for

that issue situation; and

(b) for each of those sections that so applies--the regulated

person complies with the requirements (if any) in that section

for that issue situation.

29 Subsection 1012C(10)

Repeal the subsection, substitute:

Schedule 3

Rationalisation of ending ASIC instruments

Part 3

Product Disclosure Statement requirements for general insurance quotes

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

This section has effect subject to other provisions

(10) This section does not apply to a regulated person for a sale

situation if:

(a) one or more of sections 1012D, 1012DA, 1012E or 1014E

apply to a regulated person for that sale situation; and

(b) for each of those sections that so applies--the regulated

person complies with the requirements (if any) in that section

for that sale situation.

30 After section 1012G

Insert:

1012GA Product Disclosure Statement for certain general insurance

product quotes may be provided later, or is not required

(1) A regulated person, in making an offer to issue, or an offer to

arrange for the issue of, a general insurance product to a client,

may deal with the product under this section only if:

(a) the offer is made by or at the same time as giving a quote to

the client in the course of, or because of, a telephone call

with the client that is not unsolicited contact (within the

meaning of section 992A); and

(b) in the course of the phone call, but before the offer is made,

the regulated person orally communicates the following

information to the client in a clear, concise and effective

manner:

(i) if the insurance cover under the product is subject to

exclusions or limitations--that fact, and the fact that

information about those exclusions and limitations is

contained in the Product Disclosure Statement for the

product;

(ii) that the level of insurance cover under the product may

be different from the level of insurance cover under

other general insurance products; and

to be given a Product Disclosure Statement for the product,

but does not influence the client's decision to elect to be

given the Product Disclosure Statement.

Rationalisation of ending ASIC instruments

Schedule 3

Product Disclosure Statement requirements for general insurance quotes

Part 3

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

(2) In the course of the telephone call:

(a) if the client informs the regulated person that the client wants

to be given the Product Disclosure Statement--the regulated

person must give the Product Disclosure Statement to the

client as soon as practicable after the time the offer is made;

(b) if the client informs the regulated person that the client does

not want to be given the Product Disclosure Statement--the

regulated person does not have to give the client the Product

Disclosure Statement in relation to the making of the offer.

Note:

The regulated person may need to give a Product Disclosure

Statement to the client at or before the time specified in section 1012B

if, in the course of the telephone call or later, the client applies for, or

otherwise offers to acquire, the product, or the product is issued to the

client.

(3) In this section:

quote

means, in relation to a general insurance product, a statement

of the cost (and not merely an estimate of the likely cost) of the

product if the cost is calculated by a regulated person having

regard to information given to them by a client.

Division 2

--Repeals

ASIC Corporations (PDS Requirements for General

Insurance Quotes) Instrument 2022/66

31 The whole of the instrument

Repeal the instrument.

Schedule 3

Rationalisation of ending ASIC instruments

Part 4

Describing debentures as secured notes

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Part 4--Describing debentures as secured notes

Division 1

--Amendments

Corporations Act 2001

32 Subsection 283BH(1) (after table item 2)

Insert:

secured note

only if:

(a) the circumstances set out in

subsection (4) are satisfied; and

(b) in a case described in

subsection 283BHA(1), (2) or

(3)--the requirements set out in

that subsection are satisfied

33 At the end of section 283BH

Add:

When debentures can be called secured notes

(4) The borrower may describe or refer to the debentures as secured

notes if:

(a) the repayment of all money that has been, or may be,

deposited or lent under the debentures has been secured by a

first ranking security interest in favour of the trustee over the

whole or any part of the property of the borrower or of any of

the guarantors; and

(b) the property that constitutes the security for the security

interest is sufficient and is reasonably likely to be sufficient

to meet the liability for the repayment of all such money and

all other liabilities that:

(i) have been or may be incurred; and

(ii) rank in priority to, or equally with, that liability.

Rationalisation of ending ASIC instruments

Schedule 3

Describing debentures as secured notes

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

283BHA Additional requirements for describing debentures as

secured notes

Advertisements and publications

(1) If the borrower proposes to describe or refer to the debentures as

secured notes in an advertisement or publication in relation to the

offer, or intended offer, of debentures that requires a disclosure

document--the borrower must ensure that the advertisement or

publication includes:

(a) a statement that the secured notes are not bank deposits; and

(b) a statement that there is a risk that investors could lose some

or all of their money.

Disclosure documents and quarterly reports

(2) If the borrower proposes to describe or refer to the debentures as

secured notes in a disclosure document or in a quarterly report

prepared under section 283BF--the borrower must ensure that the

disclosure document or quarterly report includes statements of the

following:

(a) key features of the security interest, including:

(i) that the security interest is first ranking; and

(ii) the type of security interest; and

(iii) the identity of the person providing the security interest;

and

(iv) the property constituting the security for the security

interest;

(b) that, in the borrower's assessment, the property that

constitutes the security for the security interest is sufficient

and is reasonably likely to be sufficient to meet the liabilities

referred to in paragraph 283BH(4)(b);

the security interest may be affected by the financial position

or performance of a related body corporate or related party of

the borrower--that fact.

Schedule 3

Rationalisation of ending ASIC instruments

Part 4

Describing debentures as secured notes

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Borrower's website

(3) If the borrower describes or refers to the debentures as secured

notes on its website--the borrower must ensure that the reports,

documents and notices mentioned in an item of the following table

are published on the borrower's website in the period specified in

that item:

Publication requirements

Item

Document, report or notice

Period for publication

The most recent quarterly report

prepared in relation to the borrower

under section 283BF

As soon as practicable after a copy

of the report is required to be lodged

with ASIC

Each disclosure document

(including any replacement or

supplementary document) lodged

with ASIC in relation to the

borrower in the previous 13 months

As soon as practicable after a copy

of the document is lodged with

ASIC

Each continuous disclosure notice

required to be lodged with ASIC

under section 675 in relation to the

borrower in the previous 12 months

As soon as practicable after the

notice is required to be lodged with

ASIC

(4) In this section:

advertisement or publication

, in relation to an offer, or intended

offer, of debentures that requires a disclosure document, means:

(a) an advertisement for the offer or intended offer; or

(b) a publication of a statement that:

(i) directly or indirectly refers to the offer or intended

offer; or

(ii) is reasonably likely to induce people to apply for the

debentures.

related party

has the meaning given by section 228.

Rationalisation of ending ASIC instruments

Schedule 3

Describing debentures as secured notes

Part 4

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Division 2

--Repeals

ASIC Corporations (Describing Debentures--Secured Notes)

Instrument 2022/61

34 The whole of the instrument

Repeal the instrument.

Schedule 3

Rationalisation of ending ASIC instruments

Part 5

Notice requirements in the hardship provisions of the National Credit Code

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Part 5--Notice requirements in the hardship

provisions of the National Credit Code

Division 1

--Amendments

National Consumer Credit Protection Act 2009

35 After subsection 72(4) of the National Credit Code

Insert:

(4A) Subsection (4) does not apply if the credit provider and the debtor

agree to a change to the credit contract that defers or otherwise

reduces the obligations of the debtor under that contract for a

period not exceeding 90 days.

36 After subsection 73(1) of the National Credit Code

Insert:

(1A) Subsection (1) does not apply if the credit provider and the debtor

agree to a change to the credit contract that defers or otherwise

reduces the obligations of the debtor under that contract for a

period not exceeding 90 days.

37 After subsection 177B(4) of the National Credit Code

Insert:

(4A) Subsection (4) does not apply if the lessor and the lessee agree to a

change to the consumer lease that defers or otherwise reduces the

obligations of the lessee under that lease for a period not exceeding

90 days.

38 After subsection 177C(1) of the National Credit Code

Insert:

(1A) Subsection (1) does not apply if the lessor and the lessee agree to a

change to the consumer lease that defers or otherwise reduces the

obligations of the lessee under that lease for a period not exceeding

90 days.

Rationalisation of ending ASIC instruments

Schedule 3

Notice requirements in the hardship provisions of the National Credit Code

Part 5

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

39 After item 5 of Part 2 of Schedule 5

Insert:

5A Sections 72 and 73 of the new Credit Code

Item applies to credit contracts and consumer leases entered into

before 1 March 2013

(1)

This item applies in relation to a credit provider and a debtor under a

credit contract (within the meaning of the new Credit Code):

(a) entered into before 1 March 2013; and

(b) for which the debtor applied to the credit provider in

accordance with former subsections 72(1) and (2) of the new

Credit Code (as in force before 1 March 2013).

(2)

This item also applies in relation to a lessor and a lessee under a

consumer lease (within the meaning of the new Credit Code):

(a) entered into before 1 March 2013; and

(b) for which the lessee applied to the lessor in accordance with

former subsections 72(1) and (2), and former section 177, of

the new Credit Code (as in force before 1 March 2013);

in a corresponding way to the way this item applies to a credit provider

and debtor under a credit contract.

Note:

Former section 177 of the new Credit Code (as in force before 1 March 2013) has the

effect that former sections 72 and 73 of that Code apply to consumer leases in the same

way as they apply to credit contracts.

Notice requirements for changes to a credit contract or a

consumer lease on grounds of hardship do not apply in certain

circumstances

(4)

Former subsection 72(3) of the new Credit Code (as in force before

1 March 2013) does not apply if the credit provider and the debtor agree

to a change to the credit contract that defers or otherwise reduces the

obligations of the debtor under that contract for a period not exceeding

90 days.

Schedule 3

Rationalisation of ending ASIC instruments

Part 5

Notice requirements in the hardship provisions of the National Credit Code

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(5)

Former subsection 73(1) of the new Credit Code (as in force before

1 March 2013) does not apply if the credit provider and the debtor agree

to a change to the credit contract that defers or otherwise reduces the

obligations of the debtor under that contract for a period not exceeding

90 days.

Division 2

--Repeals

ASIC Class Order [CO 14/41]

40 The whole of the instrument

Repeal the instrument.

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Schedule 4--Miscellaneous and technical

amendments

Part 1--Amendments commencing day after Royal

Assent

Division 1

--Foreign ownership register notices

Foreign Acquisitions and Takeovers Act 1975

1 Subsection 130ZI(1)

Omit "give a notice", substitute "give a register notice".

2 Subsection 130ZI(4)

Omit "for a notice", substitute "for a register notice".

3 Subsection 130ZO(3)

Omit "in relation to the notice", substitute "in relation to the register

notice".

4 Subsection 130ZP(4)

Omit "in relation to the notice", substitute "in relation to the register

notice".

5 Subsection 130ZR(2)

Omit "when the notice is given", substitute "when the register notice is

given".

6 Paragraph 130ZS(2)(a)

Omit "because of a notice", substitute "because of a register notice".

7 Paragraph 130ZS(2)(b)

Omit "for a notice", substitute "for a register notice".

8 Paragraph 130ZT(2)(a)

Omit "because of a notice", substitute "because of a register notice".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

9 Paragraph 130ZT(2)(b)

Omit "for a notice", substitute "for a register notice".

10 Paragraph 130ZU(1)(c)

Omit "foreign".

Division 2

--Infringement notices

Corporations Act 2001

11 Paragraph 1317DAT(5)(a)

Omit "make an arrangement for the applicant to pay the amount payable

under the infringement notice by instalments", substitute "withdraw the

infringement notice".

12 At the end of Part 10.64

Add:

Division 2--Miscellaneous and Technical Amendments

1694G Application of amendments made by Division 2 of Part 1 of

Schedule 4 to the Treasury Laws Amendment (Modernising

Business Communications and Other Measures) Act 2022

The amendments made by Division 2 of Part 1 of Schedule 4 to the

Treasury Laws Amendment (Modernising Business

Communications and Other Measures)

Act 2022

apply in relation

to representations made to ASIC:

(a) under subsection 1317DAT(1) of this Act; and

(b) on or after the commencement of that Part;

whether the related infringement notice was given before, on or

after that commencement.

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Division 3

--Motor vehicle service and repair information

scheme adviser

Competition and Consumer Act 2010

13 Subsection 57FA(3)

Omit "be paid any remuneration or allowances", substitute "any

payment (including any remuneration or allowances) relating to this

appointment".

14 At the end of subsection 57FA(3)

Add:

Note:

The person appointed could be a body corporate or an individual.

15 Application of amendments

The amendments made by this Division apply in relation to each

appointment under subsection 57FA(2) of the

Competition and

Consumer Act 2010

that takes effect on or after 1 July 2022.

Division 4

--Fringe Benefits technical amendment

Fringe Benefits Tax Assessment Act 1986

16 Paragraphs 37(b) and (c)

Before "section 8-1", insert "under".

Division 5

--Disclosure of protected information

Commonwealth Registers Act 2020

17 Paragraph 17(1)(c)

After "information", insert "is protected information that".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Division 6

--Giving TFNs under corporations legislation

Corporations (Aboriginal and Torres Strait Islander) Act

2006

18 Paragraph 308-5(5)(a)

Omit "a written statement of".

19 Subparagraph 308-5(5)(b)(ii)

Omit "a written statement of".

Corporations Act 2001

20 Paragraph 1272(5)(a)

Omit "a written statement of".

21 Subparagraph 1272(5)(b)(ii)

Omit "a written statement of".

Division 7

--Consumers

Competition and Consumer Act 2010

22 Section 4B

Before "For the purposes of", insert "(1)".

23 At the end of section 4B

Add:

(2) If it is alleged in:

(a) any proceeding under this Act; or

(b) any other proceeding in respect of a matter arising under this

Act;

that a person was a consumer in relation to particular goods or

services, it is presumed, unless the contrary is established, that the

person was a consumer in relation to those goods or services.

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

Division 8

--Giving notices under the Superannuation

Industry (Supervision) Act 1993

Superannuation Industry (Supervision) Act 1993

24 Subsection 126A(7)

Repeal the subsection, substitute:

(7) As soon as practicable after the Regulator gives a notice under:

(a) subsection (6) of this section; or

(b) subsection 344(6) (result of internal review);

the Regulator must, by notifiable instrument, publish particulars of

the notice.

25 Subsection 126H(8)

Omit "cause particulars of the disqualification to which the notice

relates".

26 Paragraph 126H(8)(a)

Omit "to be given", substitute "give particulars of the disqualification".

27 Paragraph 126H(8)(b)

Repeal the paragraph, substitute:

(b) by notifiable instrument, publish particulars of the

disqualification.

28 Subsection 130D(7)

Omit "cause particulars of the disqualification to which the notice

relates to be published in the

Gazette

", substitute ", by notifiable

instrument, publish particulars of the disqualification".

29 Subsection 130F(5) (heading)

Repeal the heading, substitute:

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

100

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Publication

30 Subsection 130F(5)

Omit "cause a copy of the order to be published in the

Gazette

as soon

as practicable after it", substitute ", by notifiable instrument, publish a

copy of the order as soon as practicable after the order".

31 Subsection 130F(6)

Omit "cause a notice of the variation or revocation to be published in

the

Gazette

", substitute ", by notifiable instrument, give notice of the

variation or revocation".

32 Subsection 130F(7)

Omit "cause a notice of the Tribunal's decision to be published in the

Gazette

", substitute ", by notifiable instrument, give notice of the

Tribunal's decision".

33 Subsection 130F(13)

Repeal the heading, substitute:

Publication

34 Subsection 130F(13)

Omit "cause particulars of the revocation to be published in the

Gazette

", substitute ", by notifiable instrument, publish particulars of

the revocation".

35 Subsection 131(4)

Repeal the heading, substitute:

Publication

36 Subsection 131(4)

Omit "cause particulars of the disqualification order to be published in

the

Gazette

", substitute ", by notifiable instrument, publish particulars

of the disqualification order".

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

101

37 Subsection 131(4A)

Omit "cause particulars of the variation or revocation to be published in

the

Gazette

", substitute ", by notifiable instrument, publish particulars

of the variation or revocation".

38 Subsection 131(4B)

Omit "cause particulars of the Tribunal's decision to be published in the

Gazette

", substitute ", by notifiable instrument, publish particulars of

the Tribunal's decision".

39 Subsection 131(10) (heading)

Repeal the heading, substitute:

Publication

40 Subsection 131(10)

Omit "cause particulars of the revocation to be published in the

Gazette

", substitute ", by notifiable instrument, publish particulars of

the revocation".

41 Subsection 347A(10)

Omit "notice published in the Gazette", substitute "notifiable

instrument".

Division 9

--Declarations for fringe benefits tax

assessment

Fringe Benefits Tax Assessment Act 1986

42 Paragraph 61A(2)(a)

Omit "set out:", substitute "set out the number of whole kilometres

travelled by the car in providing transport by virtue of which the

recipients expenditure is in respect of overseas employment holiday

transport; or".

43 Subparagraphs 61A(2)(a)(iii) and (iv)

Repeal the subparagraphs.

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

102

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

44 At the end of paragraph 61B(a)

Add "and".

45 Paragraph 61B(c)

Repeal the paragraph, substitute:

date, a declaration, in a form approved by the Commissioner,

purporting to set out the number of whole kilometres

travelled by the car in providing transport by virtue of which

the benefit is in respect of relocation transport;

46 Paragraph 61E(c)

Repeal the paragraph, substitute:

date, a declaration, in a form approved by the Commissioner,

purporting to set out the number of whole kilometres

travelled by the car in providing transport by virtue of which

the benefit is in respect of an employment interview or

selection test;

47 Paragraph 61F(c)

Repeal the paragraph, substitute:

date, a declaration, in a form approved by the Commissioner,

purporting to set out the number of whole kilometres

travelled by the car in providing transport by virtue of which

the benefit is associated with:

(i) a work-related medical examination of the employee; or

(ii) work-related medical screening of the employee; or

(iii) work-related preventative health care of the employee;

(iv) work-related counselling of the employee or of an

associate of the employee; or

(v) migrant language training of the employee or of an

associate of the employee;

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

103

Division 10

--Cross reference update

Superannuation Industry (Supervision) Act 1993

48 Subsection 6(1) (table item 24)

Repeal the item.

Division 11

--Exempt core Part 3 actions

Foreign Acquisitions and Takeovers Act 1975

49 Section 4

Insert:

exempt core Part 3 action

means an action which would be a core

Part 3 action if an exemption certificate did not relate to the action.

50 Subparagraph 98B(4)(b)(ii)

After "one or more", insert "exempt".

51 Section 98D

Before "core Part 3" (wherever occurring), insert "exempt".

52 Subparagraph 98E(1)(a)(iii)

After "one or more", insert "exempt".

53 Subparagraph 98E(1)(b)

After "core Part 3 actions", insert "or exempt core Part 3 actions".

54 Paragraph 98E(1)(c)

After "core Part 3 action", insert "or exempt core Part 3 action".

55 Subsection 98E(2)

After "core Part 3 action" (wherever occurring), insert "or exempt core

Part 3 action".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

104

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

56 Paragraph 98E(4)(a)

After "core Part 3 action", insert "or exempt core Part 3 action".

57 Subparagraph 101AA(1)(b)(i)

After "core Part 3 actions", insert "or exempt core Part 3 actions".

58 Subsection 101AA(2)

After "core Part 3 actions", insert "or exempt core Part 3 actions".

Division 12

--Application provisions relating to financial

advisers

Corporations Act 2001

59 At the end of subsection 1684D(3)

Add:

Note:

The relevant provisions may apply to an existing provider before

1 January 2026 if the existing provider fails to pass the exam by the

exam cut-off day (see subsection (5)).

60 Paragraph 1684D(6)(a)

Repeal the paragraph, substitute:

(a) they did not include a reference to the education and training

standard in subsection 921B(2), as amended by Schedule 1 to

the amending Act; and

61 After subsection 1684D(6)

Insert:

(6A) If an existing provider in relation to whom the relevant provisions

begin to apply under subsection (6) has not, at the start of

1 January 2026, satisfied paragraph (3)(a) or (b) (which are about

qualifications), then, from 1 January 2026:

(a) for an existing provider who is a relevant provider on

1 January 2026--the relevant provisions apply in relation to

the existing provider without the modifications set out in

paragraphs (6)(a) and (b); and

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(b) for an existing provider who is

not

a relevant provider on

1 January 2026--the relevant provisions apply in relation to

the existing provider:

(i) without the modifications set out in paragraphs (6)(a)

and (b); and

(ii) with the modifications set out in paragraphs (4)(a) and

(b).

Note:

This subsection sets out the consequences for the provider of failing to

gain qualifications by 1 January 2026. These consequences differ

depending on whether the provider is or is not a relevant provider on

that day. If the provider is a relevant provider, they will need to meet

the education and training standards. If the provider is not a relevant

provider, they will need to gain qualifications but will not need to

meet the work and training-related standards.

Division 13

--Renumbering

Australian Securities and Investments Commission Act 2001

62 Part 29 (the Part 29 inserted by item 7 of Schedule 1 to the

Financial Sector Reform (Hayne Royal Commission

Response

--Protecting Consumers (2019 Measures))

Act 2020)

Renumber as Part 29A.

63 Section 325 (the section 325 inserted by item 7 of

Schedule 1 to the Financial Sector Reform (Hayne

Royal Commission Response

--Protecting Consumers

(2019 Measures)) Act 2020)

Renumber as section 326A.

Financial Sector Reform (Hayne Royal Commission

Response--Protecting Consumers (2019

Measures)) Act 2020

64 Item 10 of Schedule 1 (note)

Omit "Part 29 of the

Australian Securities and Investments Commission

Act 2001

", substitute "item 7 of this Schedule".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

106

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Division 14

--Virtual RSE annual members' meetings

Superannuation Industry (Supervision) Act 1993

65 Subsection 10(1)

Insert:

virtual meeting technology

has the same meaning as in the

Corporations Act 2001

66 Paragraph 29P(3)(a)

Repeal the paragraph, substitute:

(a) set out in the notice:

(i) if there is only one location at which to physically

attend the annual members' meeting--the date, time and

place for the meeting; and

(ii) if there are 2 or more locations at which to physically

attend the annual members' meeting--the date and time

for the meeting at each location, and the main location

for the meeting; and

(iii) if virtual meeting technology is to be used in holding the

annual members' meeting--sufficient information to

allow persons to participate in the meeting by means of

the technology; and

(aa) include in the notice the agenda of matters to be discussed at

the annual members' meeting; and

67 After subsection 29P(4)

Insert:

Place and time of meetings and presence at meetings

(4A) The RSE licensee may hold the annual members' meeting:

(a) at one or more physical venues; or

(b) at one or more physical venues and using virtual meeting

technology; or

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and Other Measures) Bill 2022

107

(4B) The place at which the annual members' meeting is held is taken to

be:

(a) if the meeting is held at only one physical venue (whether or

not it is also held using virtual meeting technology)--that

physical venue; or

(b) if the meeting is held at more than one physical venue

(whether or not it is also held using virtual meeting

technology)--the main physical venue of the meeting as set

out in the notice of the meeting; or

only--the registered address of, or an address for service of

notices on, the registrable superannuation entity as contained

in a register kept by APRA under regulations made for the

purposes of subsection 353(2).

(4C) The time at which the annual members' meeting is held is taken to

be the time at the place at which the meeting is taken to be held in

accordance with subsection (4B).

(4D) A person who attends the annual members' meeting (whether at a

physical venue or by using virtual meeting technology) is taken for

all purposes to be present in person at the meeting while so

attending.

68 Application of amendments

The amendments of the

Superannuation Industry (Supervision) Act

1993

made by this Division apply in relation to an annual members'

meeting of a registrable superannuation entity that is held for a year of

income of the entity that ends on or after the day this Division

commences.

Division 15

--Repeal of redundant appropriation

Treasury Laws Amendment (North Queensland Flood

Recovery) Act 2019

69 Schedule 3

Repeal the Schedule.

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

108

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Division 16

--CCIV technical amendments

Corporations Act 2001

70 Section 9 (definition of listing market)

Omit "or (1B)", substitute ", (1B) or (1C)".

71 After subsection 111AE(1B)

Insert:

(1C) If:

(a) subsection (1) does not apply to securities issued by a CCIV;

and

(b) a sub-fund of the CCIV is, with the agreement, consent or

acquiescence of the CCIV, included in the official list of a

prescribed financial market; and

the sub-fund in relation to a class of securities issued by the

CCIV that are referable to the sub-fund;

securities in that class that are referable to the sub-fund are

securities

, and that market is a

listing market

in relation to the

CCIV.

Note:

Subsection (1) may apply to a CCIV instead of this subsection if the

CCIV, and not a sub-fund, is included in the official list of a

prescribed financial market.

72 After subsection 793C(4A)

Insert:

(4B) For the purposes of this section, if:

(a) subsection (3) does not apply to a CCIV; and

(b) a sub-fund of the CCIV is, with the agreement, consent or

acquiescence of the CCIV, included in the official list of a

licensed market;

the CCIV, or an associate of the CCIV, is taken to be under an

obligation to comply with the operating rules of that market to the

extent to which those rules purport to apply to the CCIV or

associate.

Miscellaneous and technical amendments

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No. , 2022

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and Other Measures) Bill 2022

109

Note:

Subsection (3) may apply to a CCIV instead of this subsection if the

CCIV, and not a sub-fund, is included in the official list of a licensed

market.

73 In the appropriate position in Chapter 10

Insert:

1694H Application of amendments made by Division 16 of Part 1 of

Schedule 4 to the Treasury Laws Amendment (Modernising

Business Communications and Other Measures) Act 2022

(1) Subsection 111AE(1C) (as inserted by Division 16 of Part 1 of

Schedule 4 to the

Treasury Laws Amendment (Modernising

Business Communications and Other Measures) Act 2022

) applies

in relation to a sub-fund of a CCIV on or after the commencement

of that Part (whether the sub-fund was included in the official list

of a prescribed financial market before, on or after that

commencement).

(2) Subsection 793C(4B) (as inserted by Division 16 of Part 1 of

Schedule 4 to the

Treasury Laws Amendment (Modernising

Business Communications and Other Measures) Act 2022

) applies

in relation to a sub-fund of a CCIV on or after the commencement

of that Part (whether the sub-fund was included in the official list

of a licensed market before, on or after that commencement).

Division 17

--Recognised tax advisers

Income Tax Assessment Act 1997

74 Section 995-1 (definition of recognised tax adviser)

Repeal the definition, substitute:

recognised tax adviser

means:

(a) a

registered tax agent; or

(b) a registered BAS agent (within the meaning of the

Tax Agent

Services Act 2009

); or

Part 7.6 of the

Corporations Act 2001

); or

(d) a legal practitioner.

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

110

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

75 Section 995-1 (definition of registered tax agent, BAS

agent or tax (financial) adviser)

Repeal the definition.

76 Application and transitional provisions

(1)

The amendments made by this Division apply in relation to advice

provided on or after 1 January 2022.

(2)

For the purposes of paragraph 25-5(2)(e) and subsection 110-35(2) of

the

Income Tax Assessment Act 1997

, treat advice that is covered by

subitem (3) as advice that is provided by a recognised tax adviser

(within the meaning of the

Income Tax Assessment Act 1997

amended by this Division).

(3)

For the purposes of subitem (2), advice is covered by this subitem if:

(a) an entity provides the advice between 1 January and

31 December 2022; and

(b) the entity was, immediately before 1 January 2022, a

registered tax (financial) adviser (within the meaning of the

Tax Agent Services Act 2009

as in force at that time); and

of the

Income Tax Assessment Act 1997

as amended by this

Division) throughout during the period:

(i) starting 1 January 2022; and

(ii) ending the day the advice is provided; and

(d) at the time the advice is provided:

(i) the entity is not a relevant provider (within the meaning

of section 910A of the

Corporations Act 2001

); and

(ii) if the entity has applied, under section 20-20 of the

Tax

Agent Services Act 2009

, for registration as a tax

agent--the Board (within the meaning of the

Tax Agent

Services Act 2009

) has not rejected the application and

notified the entity of its decision.

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

111

Division 18

--Reference Checking and Information

Sharing Protocol

Corporations Act 2001

77 Section 910A

Insert:

credit licensee

means a licensee within the meaning of the

National Consumer Credit Protection Act 2009

mortgage broker

has the same meaning as in the

National

Consumer Credit Protection Act 2009

mortgage intermediary

has the same meaning as in the

National

Consumer Credit Protection Act 2009

78 Paragraph 912A(1)(cc)

Omit "in relation to:", substitute "; and".

79 Subparagraphs 912A(1)(cc)(i) and (ii)

Repeal the subparagraphs.

80 Subsection 912A(3A)

Repeal the subsection, substitute:

Reference Checking and Information Sharing Protocol

(3A) ASIC may, by legislative instrument, determine a protocol for

sharing and requesting information about an individual in respect

of whom there are reasonable grounds to suspect that:

(a) if the individual becomes a representative of a financial

services licensee (

recruiting financial services licensee

), the

individual will provide personal advice to retail clients about

relevant financial products; or

(b) if the individual becomes a representative of a credit licensee

(

recruiting credit licensee

), the individual will:

(i) provide credit assistance in relation to credit contracts

secured by mortgages over residential property; and

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Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

(ii) be a mortgage broker or a director, employee or agent of

a mortgage broker; or

prospective mortgage

intermediary

) is acting, or will act, as an intermediary in

relation to a credit licensee where the individual is, or is a

former, current or prospective representative of, that credit

licensee, and in that capacity the individual:

(i) provides, provided or will provide credit assistance in

relation to credit contracts secured by mortgages over

residential property; and

(ii) is, was or will be a mortgage broker or a director,

employee or agent of a mortgage broker.

(3AA) The Reference Checking and Information Sharing Protocol may

provide for any or all of the following to share information about

the individual with the recruiting financial services licensee, the

recruiting credit licensee or the prospective mortgage intermediary:

(a) if the individual is a financial services licensee--the

individual;

(b) if the individual is a former or current representative of a

financial services licensee--that licensee.

(3AB) The Reference Checking and Information Sharing Protocol may

provide, in a case covered by paragraph (3A)(a), for the recruiting

financial services licensee to request information about the

individual from any or all of the following:

(a) if the individual is a financial services licensee or credit

licensee--the individual;

(b) if the individual is a former or current representative of a

financial services licensee--that financial services licensee;

credit licensee--that credit licensee;

(d) if a mortgage intermediary has previously acted or is acting

as an intermediary in relation to a credit licensee where the

individual is, or is a former or current representative of, that

credit licensee--that mortgage intermediary.

(3AC) The Reference Checking and Information Sharing Protocol may

also provide for keeping and retaining records of information

Miscellaneous and technical amendments

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No. , 2022

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and Other Measures) Bill 2022

113

shared, and the circumstances under which that information is

shared.

81 Subsections 912A(3C) and (3D)

Repeal the subsections.

82 Subsection 912A(3E)

Omit "subsection (3D)", substitute "paragraphs (3A)(b) and (c) and

(3AB)(c) and (d)".

83 Subsection 912A(3F)

Omit all the words after "Reference Checking and Information Sharing

Protocol".

84 In the appropriate position in Chapter 10

Insert:

1694J Transitional--Reference Checking and Information Sharing

Protocol

A protocol determined under subsection 912A(3A) of the

Corporations

Act 2001

in force immediately before the commencement of

Division 18 of Part 1 of Schedule 4 to the

Treasury Laws Amendment

(Modernising Business Communications and Other Measures) Act 2022

continues in force as if it had been determined under that subsection as

substituted by that Schedule.

National Consumer Credit Protection Act 2009

85 Subsection 5(1)

Insert:

financial services licensee

has the same meaning as in Chapter 7

of the

Corporations Act 2001

86 Paragraph 47(1)(ea)

Omit "in relation to:", substitute "; and".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

114

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

87 Subparagraphs 47(1)(ea)(i) and (ii)

Repeal the subparagraphs.

88 Paragraph 47(1)(ha)

Omit "(within the meaning of Chapter 7 of that Act)".

89 Subsection 47(3A)

Repeal the subsection, substitute:

Reference Checking and Information Sharing Protocol

(3A) ASIC may, by legislative instrument, determine a protocol for

sharing and requesting information about an individual in respect

of whom there are reasonable grounds to suspect that:

(a) if the individual becomes a representative of a licensee

(

recruiting credit licensee

), the individual will:

(i) provide credit assistance in relation to credit contracts

secured by mortgages over residential property; and

(ii) be a mortgage broker or a director, employee or agent of

a mortgage broker; or

(b) a mortgage intermediary (

prospective mortgage

intermediary

) is acting, or will act, as an intermediary in

relation to a licensee where the individual is, or is a former,

current or prospective representative of, that licensee, and in

that capacity the individual:

(i) provides, provided or will provide credit assistance in

relation to credit contracts secured by mortgages over

residential property; and

(ii) is, was or will be a mortgage broker or a director,

employee or agent of a mortgage broker; or

services licensee (

recruiting financial services licensee

), the

individual will provide personal advice to retail clients about

relevant financial products.

(3AA) The Reference Checking and Information Sharing Protocol may

provide for any or all of the following to share information about

the individual with the recruiting credit licensee, the prospective

mortgage intermediary or the recruiting financial services licensee:

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and Other Measures) Bill 2022

115

(a) if the individual is a licensee--the individual;

(b) if the individual is a former or current representative of a

licensee--that licensee;

as an intermediary in relation to a licensee where the

individual is, or is a former or current representative of, that

licensee--that mortgage intermediary;

(3AB) The Reference Checking and Information Sharing Protocol may

provide, in a case covered by paragraph (3A)(a) or (b), for the

recruiting credit licensee or the prospective mortgage intermediary

to request information about the individual from any or all of the

following:

(a) if the individual is a licensee or a financial services

licensee--the individual;

(b) if the individual is a former or current representative of a

licensee--that licensee;

financial services licensee--that financial services licensee;

(d) if a mortgage intermediary has previously acted or is acting

as an intermediary in relation to a licensee where the

individual is, or is a former or current representative of, that

licensee--that mortgage intermediary.

(3AC) The Reference Checking and Information Sharing Protocol may

provide for keeping and retaining records of information shared,

and the circumstances under which that information is shared.

90 Subsections 47(3C) and (3D)

Repeal the subsections.

91 Subsection 47(3E)

Omit "subsection (3D)", substitute "paragraphs (3A)(c) and (3AB)(c)".

92 Subsection 47(3F)

Omit all the words after "Reference Checking and Information Sharing

Protocol".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

116

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

93 In the appropriate position

Insert:

Schedule 21--Transitional provisions relating

to Division 18 of Part 1 of Schedule 4

to the Treasury Laws Amendment

(Modernising Business

Communications and Other Measures)

Act 2022

1 Transitional

--Reference Checking and Information Sharing

Protocol

A protocol determined under subsection 47(3A) of the

National

Consumer Credit Protection Act 2009

in force immediately before the

commencement of Division 18 of Part 1 of Schedule 4 to the

Treasury

Laws Amendment (Modernising Business Communications and Other

Measures) Act 2022

continues in force as if it had been determined

under that subsection as amended by that Schedule.

Division 19

--Disclosure documents for offers in a MIS

Corporations Act 2001

94 Subsection 708(13)

Repeal the subsection, substitute:

Certain offers to present holder of securities

(13) An offer of securities for issue does not need disclosure to

investors under this Part if it is an offer of fully-paid shares in a

body to one or more existing holders of shares in the body under a

dividend reinvestment plan or bonus share plan.

Miscellaneous and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2022

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and Other Measures) Bill 2022

117

95 Subsection 710(1) (table item 1)

Omit ", debentures or interests in a managed investment scheme",

substitute "or debentures".

96 Subsection 710(1) (table item 1)

Omit "the shares, debentures or interests", substitute "the shares or

debentures".

97 Paragraph 710(2)(b)

Repeal the paragraph.

98 Subparagraph 711(3)(b)(ii)

Omit "; and", substitute ".".

99 Paragraph 711(3)(c)

Repeal the paragraph.

100 Section 720 (table item 1)

Omit "if securities interests in a managed investment scheme made

available by a body--every director of that body

if securities interests in a managed investment scheme made available

by an individual--that individual".

101 Section 720 (table item 1A)

Omit "if simple corporate bonds in a managed investment scheme made

available by a body--every director of that body

if simple corporate bonds in a managed investment scheme made

available by an individual--that individual".

Division 20

--Elections under section 110E of the

Corporations Act 2001

102 Paragraphs 110H(1)(a) and 110J(1)(b)

Omit "Part", substitute "Division".

Schedule 4

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

118

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Division 21

--Continuing credit contracts exemption

National Consumer Credit Protection Regulations 2010

103 Regulation 51

Repeal the regulation, substitute:

51 Exempt credit--maximum account charges

For the purposes of subsection 6(5) of the Code, for a continuing

credit contract under which the only charge that is or may be made

for providing credit:

(a) is periodic or fixed; and

(b) does not vary according to the amount of credit provided;

the prescribed maximum charge for the contract (the

eligible

contract

) is as follows.

Prescribed maximum charge

Item

If:

Then the prescribed maximum charge is:

the debtor is not already a party to an

eligible contract with the credit provider, or

with an associate of the credit provider,

when the eligible contract is entered into

(a) for the 12-month period commencing

when the debtor enters into the eligible

contract--$200; and

(b) for any later 12-month period during

which the eligible contract is in effect--

$125

when the eligible contract (the

new eligible

contract

) is entered into:

(a) the debtor:

(i) is already; or

(ii) was within the previous 12

months;

a party to an eligible contract with the

credit provider or with an associate of

the credit provider; and

(b) neither the credit provider nor the

associate of the credit provider is an ADI

(a) for the 12-month period commencing

when the debtor enters into the new

eligible contract--nil; and

(b) for any later 12-month period during

which the new eligible credit contract is

in effect--nil

Note:

Under subsection 6(5) of the Code, the Code does not apply to the

provision of credit under an eligible contract unless the only charge

Miscellaneous and technical amendments

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and Other Measures) Bill 2022

119

that is or may be made for providing credit under the contract exceeds

the maximum charge prescribed by this regulation.

104 In the appropriate position in Part 7-11

Insert:

Division 4--Transitional provisions for the Treasury Laws

Amendment (Modernising Business

Communications and Other Measures) Act 2022

115 Transitional arrangements

Regulation 51 (as substituted by Schedule 4 to the

Treasury Laws

Amendment (Modernising Business Communications and Other

Measures)

Act 2022

) applies in relation to contracts entered into on

or after 13 June 2014.

Schedule 4

Miscellaneous and technical amendments

Part 2

Amendments commencing first day of next quarter

120

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Part 2--Amendments commencing first day of next

quarter

Division 1

--Asterisking

A New Tax System (Goods and Services Tax) Act 1999

105 Subsection 25-5(3)

Omit "register", substitute "

106 Subsection 25-55(3)

Omit "registration", substitute "

registration".

107 Subsection 25-57(3)

Omit "registration", substitute "

registration".

108 Subsection 63-35(2)

Omit "registration", substitute "

registration".

109 Amendments of listed provisions relating to

asterisking

--definition of decreasing adjustment in

section 195-1

The items of the table in the definition of

decreasing adjustment

section 195-1 listed in the following table are amended as set out in the

table.

Amendments relating to asterisking

Item

Table item

Omit

Substitute

Item 4AA

real property under the

margin scheme

real property under the

margin scheme

Item 4A

compulsory third party

schemes

compulsory third party

schemes

Item 4B

Decreasing adjustments

under

compulsory third

party schemes

Decreasing adjustments

under compulsory third

party schemes

Miscellaneous and technical amendments

Schedule 4

Amendments commencing first day of next quarter

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

121

Amendments relating to asterisking

Item

Table item

Omit

Substitute

Item 4C

Decreasing adjustments

under

compulsory third

party schemes

Decreasing adjustments

under compulsory third

party schemes

Item 6A

Decreasing adjustments

for

additional

consideration

Decreasing adjustments for

additional consideration

110 Amendments of listed provisions relating to

asterisking

--definition of increasing adjustment in

section 195-1

The items of the table in the definition of

increasing adjustment

section 195-1 listed in the following table are amended as set out in the

table.

Amendments relating to asterisking

Item

Table item

Omit

Substitute

Item 4AAA

real property under the

margin scheme

real property under the

margin scheme

Item 4AA

compulsory third party

schemes

compulsory third party

schemes

Item 4AB

Increasing adjustments under

compulsory third party

schemes

Increasing adjustments

under compulsory third

party schemes

Item 4AC

Increasing adjustments under

compulsory third party

schemes

Increasing adjustments

under compulsory third

party schemes

Item 4AD

Increasing adjustments under

insurance policy settlement

sharing arrangements

Increasing adjustments

under insurance policy

settlement sharing

arrangements

Item 4AE

Increasing adjustments under

nominal defendant settlement

sharing arrangements

Increasing adjustments

under nominal defendant

settlement sharing

arrangements

Schedule 4

Miscellaneous and technical amendments

Part 2

Amendments commencing first day of next quarter

122

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

No. , 2022

Division 2

--Equal representation rules

Superannuation Industry (Supervision) Act 1993

111 Sub-subparagraph 117(5)(b)(i)(B)

Omit "consisted of equal numbers of employer representatives and

member representatives", substitute "complied with the basic equal

representation rules under Part 9".

112 Sub-subparagraph 117(5)(b)(ii)(B)

Omit "consisted of equal numbers of employer representatives and

member representatives", substitute "complied with the basic equal

representation rules under Part 9".

113 Subsection 117(9)

Repeal the subsection.

Division 3

--Registration requirements for GST

A New Tax System (Goods and Services Tax) Act 1999

114 Paragraph 84-55(2)(a)

Repeal the paragraph, substitute:

(a)

registered and a party to a written agreement, where:

(i) the agreement is between the operator and at least one

of the other operators of the platforms; and

(ii) the operator is to be treated as the supplier under the

agreement; or

115 Paragraphs 84-55(2)(b) and (c)

Omit "if no such agreement has been made", substitute "if paragraph (a)

does not apply".

Miscellaneous and technical amendments

Schedule 4

Amendments commencing first day of next quarter

Part 2

No. , 2022

Treasury Laws Amendment (Modernising Business Communications

and Other Measures) Bill 2022

123

116 Application of amendments

The amendment of paragraph 84-55(2)(a) of the

A New Tax System

(Goods and Services Tax) Act 1999

made by this Division applies in

relation to a supply that is made on or after the commencement of this

item.

Commonwealth of Australia Bills

TREASURY LAWS AMENDMENT (MODERNISING BUSINESS COMMUNICATIONS AND OTHER MEASURES) BILL 2022