TREASURY LEGISLATION AMENDMENT (REPEAL DAY 2015) BILL 2016

2013-2014-2015

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Legislation Amendment

(Repeal Day 2015) Bill 2015

No. , 2015

(Treasury)

A Bill for an Act to amend the law relating to

corporations, superannuation and taxation, and for

other purposes

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Contents

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

Commencement ................................................................................. 1

Schedules ........................................................................................... 2

Schedule 1--Superannuation guarantee charge

Part 1--Salary or wages

Superannuation Guarantee (Administration) Act 1992

Tax and Superannuation Laws Amendment (Norfolk Island Reforms)

Act 2015

Part 2--Nominal interest component

Superannuation Guarantee (Administration) Act 1992

Part 3--Additional superannuation guarantee charge

Crimes (Taxation Offences) Act 1980

Superannuation Guarantee (Administration) Act 1992

Taxation Administration Act 1953

Part 4--Application of amendments

Schedule 2--Lost members and unclaimed superannuation

Part 1--Terminal medical conditions

Income Tax Assessment Act 1997

Small Superannuation Accounts Act 1995

Superannuation Guarantee (Administration) Act 1992

Superannuation (Unclaimed Money and Lost Members) Act 1999

Part 2--Lost members statements

Superannuation (Unclaimed Money and Lost Members) Act 1999

Part 3--Definition of lost member

Superannuation (Unclaimed Money and Lost Members) Act 1999

Schedule 3--Receivers, and other controllers, of property of

corporations

Corporations Act 2001

Schedule 4--Inoperative provisions

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Part 1--Commonwealth Borrowing Levy

Division 1--Repeals of Acts

Commonwealth Borrowing Levy Act 1987

Commonwealth Borrowing Levy Collection Act 1987

Division 2--Other amendments

AeroSpace Technologies of Australia Limited Sale Act 1994

CSL Sale Act 1993

Medibank Private Sale Act 2006

Moomba-Sydney Pipeline System Sale Act 1994

Qantas Sale Act 1992

Snowy Mountains Engineering Corporation Limited Sale Act 1993

Division 3--Transitional provisions

Part 2--Infrastructure certificates

Division 1--Repeals of Acts

Development Allowance Authority Act 1992

Infrastructure Certificate Cancellation Tax Act 1994

Division 2--Other amendments

Airports (Transitional) Act 1996

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Division 3--Application of amendments

Part 3--Equity investments in small-medium enterprises

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Part 4--Housing Loans Insurance Corporation (Transfer of

Assets and Abolition) Act 1996

Housing Loans Insurance Corporation (Transfer of Assets and

Abolition) Act 1996

Part 5--General application and transitional provisions

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

A Bill for an Act to amend the law relating to

corporations, superannuation and taxation, and for

other purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Treasury Legislation Amendment

(Repeal Day 2015) Act 2015.

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.

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

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

1 July 2016.

1 July 2016

3. Schedule 2,

Parts 1 and 2

1 July 2016.

1 July 2016

4. Schedule 2,

Part 3

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 do not commence at all.

5. Schedules 3

and 4

The day after 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.

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.

Superannuation guarantee charge Schedule 1

Salary or wages Part 1

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Schedule 1--Superannuation guarantee

charge

Part 1--Salary or wages

Superannuation Guarantee (Administration) Act 1992

1 Subsection 6(1)

Insert:

maximum contribution base has the meaning given by section 15.

2 Subsection 6(1) (definition of ordinary time earnings)

Repeal the definition, substitute:

ordinary time earnings has the meaning given by section 11A.

3 After section 11

Insert:

11A Interpretation--ordinary time earnings

(1) An employee's ordinary time earnings, for a quarter in respect of

an employer, is the lesser of:

(a) the total of the salary or wages paid by the employer to the

employee in the quarter that are:

(i) earnings in respect of ordinary hours of work; or

(ii) earnings consisting of over-award payments,

shift-loading or commission; and

(b) the maximum contribution base for the quarter.

(2) Subparagraph (1)(a)(i) does not apply to earnings consisting of a

lump sum payment of any of the following kinds made to the

employee on the termination of his or her employment:

(a) a payment in lieu of unused sick leave;

(b) an unused annual leave payment, or unused long service

leave payment, within the meaning of the Income Tax

Assessment Act 1997.

Schedule 1 Superannuation guarantee charge

Part 1 Salary or wages

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

4 Subsection 19(1) (formula)

Repeal the formula, substitute:

Charge percentage for

the employer

Ordinary time earnings

for the quarter

of the employee for the quarter

100

in respect of the employer



5 Subsection 19(3)

Repeal the subsection.

Tax and Superannuation Laws Amendment (Norfolk Island

Reforms) Act 2015

6 Paragraph 2(2)(a) of Schedule 2

Repeal the paragraph, substitute:

(a) some or all of the ordinary time earnings of the employee for

the quarter in respect of the employer consists of Norfolk

Island ordinary time earnings; and

7 Subitem 2(2) of Schedule 2

Omit "total salary and wages paid by the employer to the employee for

the quarter", substitute "total ordinary time earnings of the employee for

the quarter in respect of the employer".

8 Subitem 2(2) of Schedule 2 (formula)

Repeal the formula, substitute:

Charge

Norfolk Island

Total Norfolk Island ordinary

percentage

charge percentage

time earnings of the

employee for the quarter

Charge percentage

in respect of the employer

�-



9 Subitem 2(3) of Schedule 2

Repeal the subitem, substitute:

(3)

In this item:

Schedule 1 Superannuation guarantee charge

Part 2 Nominal interest component

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Part 2--Nominal interest component

Superannuation Guarantee (Administration) Act 1992

10 Subsection 6(1) (definition of nominal interest component)

Omit "and", substitute "for".

11 Section 31

Repeal the section, substitute:

31 Nominal interest component

(1) The nominal interest component, in relation to an employer for a

quarter, is the total of the amounts that would accrue by way of

interest on each of the employer's individual superannuation

guarantee shortfalls for the quarter if:

(a) the interest were calculated at the rate applicable under the

regulations for the purposes of this paragraph; and

(b) the interest accrued during the period:

(i) starting on the 29th day after the end of the quarter; and

(ii) ending on the day before the day on which

superannuation guarantee charge on the employer's

superannuation guarantee shortfall for the quarter would

be payable under this Act (subject to subsection (2)).

(2) If the employer makes one or more contributions that are offset

against the individual superannuation guarantee shortfall under

section 23A, interest does not accrue, after the day the employer

makes the last of those contributions, on so much of the individual

superannuation guarantee shortfall as is offset by the contributions.

Note:

If the contributions completely offset the individual superannuation

guarantee shortfall, interest will not accrue at all after the day the

employer makes the last of the contributions.

12 Subsections 64B(2) and (3)

Repeal the subsections, substitute:

(2) The shortfall component for the payment, in respect of a particular

employee, is the sum of the following amounts:

Superannuation guarantee charge Schedule 1

Nominal interest component Part 2

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

(a) if the employer has a current nominal interest component for

the quarter--the amount worked out using the following

formula:

That part of the employer's

current nominal

The lesser of

interest component

the total available amount

for the quarter that relates

and

the employer's current

nominal interest

component

for the quarter



o the employee

The employer's current

nominal interest

component

for the quarter

(b) the amount worked out using the following formula:

The employer's

individual

The lesser of

superannuation

the total

gua

available amount

The

and

total

the employer's

available

current

amount

nominal interest

component

for the quarter





















�-



























rantee shortfall

for the employee

for the quarter

Total of the employer's

individual superannuation

guarantee shortfalls

for the quarter

13 Subsection 64B(3A)

Omit "proportion of an amount", substitute "shortfall component".

14 Subsection 64B(4)

Repeal the subsection, substitute:

(4) A reference in this section to the employer's:

(a) nominal interest component; or

(b) individual superannuation guarantee shortfall;

is treated as being a reference to:

Commissioner applies any previous payments to which this

Part applies in accordance with section 50; or

(d) if the employer, at or before the time the payment is made:

(i) makes a contribution; and

(ii) under section 23A, elects that the contribution be offset;

Schedule 1 Superannuation guarantee charge

Part 2 Nominal interest component

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

the amount worked out under paragraph (c) reduced (but not

below nil) by the amount of so much of the contribution as is

offset against the component or shortfall under that section.

(5) In this section:

current nominal interest component, of the employer for the

quarter, is the amount of any nominal interest component for the

quarter that has been paid by, or is payable at, the time the payment

is made.

total available amount is the lesser of:

(a) the sum of the following amounts:

(i) the employer's individual superannuation guarantee

shortfalls for the quarter;

(ii) any general interest charge, in respect of non-payment

of superannuation guarantee charge payable on those

shortfalls, that has been paid by, or is payable at, the

time the payment is made;

(iii) the employer's current nominal interest component for

the quarter; and

(b) the amount of the payment.

Superannuation guarantee charge Schedule 1

Additional superannuation guarantee charge Part 3

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Part 3--Additional superannuation guarantee charge

Crimes (Taxation Offences) Act 1980

15 Subsection 3(1) (definition of superannuation guarantee

charge)

Omit "or Part 7".

Superannuation Guarantee (Administration) Act 1992

16 Subsection 6(1) (definition of assessment)

Repeal the definition, substitute:

assessment means the ascertainment of both of the following:

(a) an employer's superannuation guarantee shortfall for a

quarter;

(b) the superannuation guarantee charge payable on the shortfall.

17 Subsection 6(1) (definition of penalty charge)

Repeal the definition.

18 Subsection 38(2) (definition of overpaid amount)

Omit "or Part 7".

19 Section 47

Repeal the section.

20 Subsection 49(5)

Repeal the subsection.

21 Section 50

Repeal the section, substitute:

50 Order of payments

The Commissioner must apply payments of:

(a) superannuation guarantee charge for a quarter; or

Schedule 1 Superannuation guarantee charge

Part 3 Additional superannuation guarantee charge

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

(b) general interest charge in respect of non-payment of

superannuation guarantee charge for a quarter;

that are made by or on behalf of an employer so that the

employer's liability to pay the nominal interest component for the

quarter is discharged before all other amounts.

22 Part 7

Repeal the Part.

23 Subsection 63A(2) (definition of charge payment)

Repeal the definition, substitute:

charge payment means a payment of:

(a) superannuation guarantee charge for a quarter; or

(b) general interest charge in respect of non-payment of

superannuation guarantee charge for a quarter.

Taxation Administration Act 1953

24 Subsection 250-10(2) in Schedule 1 (table item 65)

Repeal the item.

25 At the end of Subdivision 284-D in Schedule 1

Add:

284-230 Superannuation guarantee charge offsets to be disregarded

In working out the amount of superannuation guarantee charge

payable by an employer for a quarter for the purposes of this

Division, disregard the amount of any offset under section 23A of

the Superannuation Guarantee (Administration) Act 1992 (about

offsetting late payments against charge).

26 Paragraph 286-75(2)(b) in Schedule 1

Repeal the paragraph.

Schedule 2 Lost members and unclaimed superannuation

Part 1 Terminal medical conditions

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Schedule 2--Lost members and unclaimed

superannuation

Part 1--Terminal medical conditions

Income Tax Assessment Act 1997

1 Subsection 307-5(1) (table item 4, column 2)

After "65," insert "65A,".

2 Subsection 307-5(1) (table item 7, column 2)

Omit "or 66", substitute ", 66 or 66A".

3 Subsection 307-5(1) (table item 7, column 2)

After "or invalidity", insert ", or who has a terminal medical condition".

Small Superannuation Accounts Act 1995

4 Section 14

After:

Disability

•

Under section 65, the balance of the amount standing to the

credit of the account may be debited from the Special Account

and paid by the Commonwealth to the individual if the

individual has retired because of permanent disability.

insert:

Terminal medical condition

•

Under section 65A, the balance of the amount standing to the

credit of the account may be debited from the Special Account

and paid by the Commonwealth to the individual if a terminal

medical condition exists in relation to the individual.

Lost members and unclaimed superannuation Schedule 2

Terminal medical conditions Part 1

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

5 Paragraph 16(b)

After "65,", insert "65A,".

6 Section 16 (after note 2)

Insert:

Note 2A: Section 65A deals with individuals in relation to whom terminal

medical conditions exist.

7 Section 62

After:

•

The balance of an individual's account may be withdrawn if

the individual has retired because of permanent disability.

insert:

•

The balance of an individual's account may be withdrawn if a

terminal medical condition exists in relation to the individual.

8 After section 65

Insert:

65A Withdrawal of account balance--terminal medical condition

Withdrawal request

(1) This section applies to an individual's account if:

(a) the individual gives the Commissioner of Taxation a request

(the withdrawal request) for the withdrawal of the account

balance; and

(b) a terminal medical condition (within the meaning of the

Income Tax Assessment Act 1997) exists in relation to the

individual.

Form of withdrawal request

(2) The withdrawal request must be:

(a) in writing; and

Schedule 2 Lost members and unclaimed superannuation

Part 1 Terminal medical conditions

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

(b) in a form approved in writing by the Commissioner of

Taxation.

Compliance with withdrawal request

(3) The Commissioner of Taxation must pay to the individual an

amount equal to the account balance immediately before the

payment is made.

Special Account to be debited

(4) The Special Account is debited for the purposes of making the

payment.

Individual's account to be debited

(5) When the payment is made, the individual's account is debited by

the amount of the payment.

Superannuation Guarantee (Administration) Act 1992

9 Subsection 65(1)

After "66", insert ", 66A".

10 After section 66

Insert:

66A Payment to employee with terminal medical condition

Except in a case covered by section 65AA, the Commissioner must

pay the amount of the shortfall component to the employee

(whether or not he or she is still an employee) if:

(a) a terminal medical condition (within the meaning of the

Income Tax Assessment Act 1997) exists in relation to the

employee; and

(b) the employee has requested the Commissioner in the

approved form to pay the amount to him or her.

Lost members and unclaimed superannuation Schedule 2

Terminal medical conditions Part 1

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Superannuation (Unclaimed Money and Lost Members) Act

1999

11 Paragraph 24G(2)(d)

Repeal the paragraph, substitute:

(d) to the person if this paragraph applies (see subsection (2A)).

12 After subsection 24G(2)

Insert:

(2A) Paragraph (2)(d) applies if:

(a) subparagraph (2)(a)(ii) does not apply; and

(b) any of the following subparagraphs apply:

(i) the person has reached the eligibility age;

(ii) the amount is less than $200;

(iii) a terminal medical condition (within the meaning of the

Income Tax Assessment Act 1997) exists in relation to

the person; and

Schedule 2 Lost members and unclaimed superannuation

Part 2 Lost members statements

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Part 2--Lost members statements

Superannuation (Unclaimed Money and Lost Members) Act

1999

13 Section 7

Omit:

The regulations may establish a scheme under which

superannuation providers must provide the Commissioner of

Taxation with details relating to lost members. An aim of the

scheme would be to reduce at an early stage the number of

accounts which become unclaimed money.

14 Section 8 (definition of lost member)

Repeal the definition, substitute:

lost member means a member of a fund who is:

(a) a lost RSA holder within the meaning of the Retirement

Savings Accounts Regulations 1997; or

(b) a lost member within the meaning of the Superannuation

Industry (Supervision) Regulations 1994.

15 Part 4

Repeal the Part, substitute:

Part 4--Register of lost members

23 Register of lost members

The Commissioner must keep a register of lost members.

Lost members and unclaimed superannuation Schedule 2

Lost members statements Part 2

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

24 Commissioner may give information to State or Territory

authorities

The Commissioner may give information contained in the register

to a State or Territory authority if the State or Territory has a law

satisfying the requirements of subsections 18(4) and (5).

16 Subsection 24HA(1)

Omit "subsections 25(3) and (4)", substitute "subsection 25(4)".

17 Subsections 25(3) and 26(3)

Repeal the subsections.

18 Section 27

Omit "subsection 23(2)", substitute "Part 4".

19 Paragraph 29(1)(b)

Omit "subsection 23(2)", substitute "Part 4".

20 Subsection 44(1)

Omit "subsection 23(2)", substitute "Part 4".

21 Application of amendments

The repeal of subsection 23(1) of the Superannuation (Unclaimed

Money and Lost Members) Act 1999 made by this Schedule does not

apply in relation to information that must be given to the Commissioner,

under the scheme mentioned in that subsection as in force at any time

before the commencement of this item, for a half year ending before

1 July 2016.

22 Transitional provisions

(1)

The register that, just before the commencement of this item, was kept

under regulations made for the purposes of subsection 23(2) of the

Superannuation (Unclaimed Money and Lost Members) Act 1999 is

treated, from that commencement, as being kept under section 23 of that

Act, as amended by this Part.

(2)

Without limiting section 23 of that Act, as amended by this Part, the

the Commissioner (whether before, on or after the commencement of

Schedule 3 Receivers, and other controllers, of property of corporations

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Schedule 3--Receivers, and other controllers,

of property of corporations

Corporations Act 2001

1 Section 9

Insert:

custodial or depository service that a person provides has the

meaning given by section 766E.

licensed trustee company has the meaning given by Chapter 5D.

2 Paragraph 53(b)

Omit "within the meaning of Chapter 5D".

3 Paragraph 283AC(1)(aa)

Omit "(within the meaning of Chapter 5D)".

4 At the end of paragraph 426(b)

Add "(including as it applies under paragraph 429A(3)(g))".

5 Before subsection 428(1)

Insert:

Property of corporation

6 After subsection 428(2)

Insert:

(2A) However, if the only property of the corporation in respect of

which a receiver has been appointed, or in respect of which there is

a controller, is:

(a) scheme property of any registered schemes of which the

corporation is the responsible entity; or

(b) property the corporation holds on trust, if the corporation:

(i) is a licensed trustee company; or

Receivers, and other controllers, of property of corporations Schedule 3

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

(ii) holds an Australian financial services license that covers

the provision of custodial or depository services;

subsections (1) and (2) apply only to documents or instruments that

relate to the relevant registered schemes and trusts. The statement

may refer to those schemes and trusts.

Scheme property

(2B) A corporation must set out, in every public document, and in every

negotiable instrument, of the corporation that relates to a registered

scheme, after the name of the corporation where it first appears, a

statement that a receiver, or a receiver and manager, as the case

requires, has been appointed, if:

(a) the corporation is the responsible entity of the registered

scheme; and

(b) a receiver of scheme property (whether in or outside this

jurisdiction or in or outside Australia) of the registered

scheme has been appointed; and

The statement may refer to the registered scheme.

(2C) A corporation must set out, in every public document, and in every

negotiable instrument, of the corporation that relates to a registered

scheme, after the name of the corporation where it first appears, a

statement that a controller is acting, if:

(a) the corporation is the responsible entity of the registered

scheme; and

(b) there is a controller (other than a receiver) of scheme

property (whether in Australia or elsewhere) of the registered

scheme; and

The statement may refer to the registered scheme.

Offence

7 Subsection 428(3)

Omit "subsection (1) or (2)", substitute "this section".

8 After subsection 429(2)

Insert:

Schedule 3 Receivers, and other controllers, of property of corporations

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

(2A) However, if:

(a) the corporation:

(i) is a licensed trustee company; or

(ii) holds an Australian financial services license that covers

the provision of custodial or depository services; and

(b) the only property of the corporation in respect of which a

person is controller is property the corporation holds on trust;

subsection (2) applies only to affairs of the corporation that relate

to the relevant registered schemes and trusts, and the notice under

paragraph (2)(a) may refer to those schemes and trusts.

Note:

See section 429A if the property is scheme property of a registered

scheme.

9 Subsection 429(6)

After "Subsections (2), (3) and (4)", insert "and 429A(3)".

10 Subsection 429(6A)

After "subsection (2)" (wherever occurring), insert "or 429A(3)".

11 Paragraph 429(6A)(a)

After "paragraphs (2)(b) and (c)", insert "and 429A(3)(e), (f), (g) and

(h)".

12 Subsection 429(7)

Omit "section 430", substitute "sections 429A and 430".

13 After section 429

Insert:

429A Special rules for scheme property

Report by controller of scheme property

(1) If:

(a) a person becomes a controller of property of a corporation;

and

(b) the only property of the corporation in respect of which a

person is controller is scheme property of a registered

scheme; and

Receivers, and other controllers, of property of corporations Schedule 3

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

scheme;

subsection 429(2) applies only to affairs of the corporation that

relate to the relevant registered schemes and trusts, and the notice

under paragraph 429(2)(a) may refer to those schemes and trusts.

(2) Subsection 429(2) does not apply if:

(a) a person becomes a controller of property of a corporation;

and

(b) the only property of the corporation in respect of which a

person is controller is scheme property of a registered

scheme; and

(d) the corporation holds an Australian financial services license

that covers the provision of custodial or depository services.

Reporting to and by responsible entity

(3) If:

(a) a person becomes a controller of property of a corporation;

and

(b) the property is scheme property of a registered scheme; and

scheme; and

(d) the corporation holds an Australian financial services license

that covers the provision of custodial or depository services;

the following paragraphs apply:

(e) the person must serve on the responsible entity as soon as

practicable notice that the person is a controller of the

scheme property;

(f) within 14 days after the responsible entity receives the notice,

the persons who, on the control day, were directors or the

secretary of the responsible entity must make out and submit

to the person who is a controller a report in the prescribed

form about the affairs of the scheme as at the control day;

(g) paragraph 429(2)(c) and subsections 429(3) to (5) apply, in

relation to a report submitted under paragraph (f) of this

subsection, in the same way as those provisions apply in

Schedule 3 Receivers, and other controllers, of property of corporations

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

relation to reports submitted under paragraph 429(2)(b), with

the following modifications:

(i) if subsection (2) of this section applies--

subparagraph 429(2)(c)(ii) (which requires the person to

send a copy of the notice to the corporation) does not

apply;

(ii) a reference in those provisions to the reporting officers

is treated as being a reference to the directors and

secretary mentioned in paragraph (f) of this subsection;

(h) if the person receives a report to which paragraph 429(2)(c)

applies (including because of paragraph (g) of this

subsection)--the person must, within one month after receipt

of the report, send a copy of the notice lodged in accordance

with subparagraph 429(2)(c)(i) to the responsible entity.

14 Paragraph 601RAC(3)(b)

Omit "(within the meaning of section 766E)".

15 Section 761A

Repeal the following definitions:

(a) definition of custodial or depository service;

(b) definition of licensed trustee company.

16 Subsection 766E(1)

Omit "For the purposes of this Chapter, a", substitute "A".

17 Paragraph 766E(2)(a)

Omit "for the purposes of this Chapter,".

18 Schedule 3 (cell at table item 120, column headed

"Penalty")

Repeal the cell, substitute:

15 penalty units

Inoperative provisions Schedule 4

Commonwealth Borrowing Levy Part 1

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Schedule 4--Inoperative provisions

Part 1--Commonwealth Borrowing Levy

Division 1

--Repeals of Acts

Commonwealth Borrowing Levy Act 1987

1 The whole of the Act

Repeal the Act.

Commonwealth Borrowing Levy Collection Act 1987

2 The whole of the Act

Repeal the Act.

Division 2

--Other amendments

AeroSpace Technologies of Australia Limited Sale Act 1994

3 Part 7

Repeal the Part.

CSL Sale Act 1993

4 Section 52

Repeal the section.

Medibank Private Sale Act 2006

5 Schedule 3

Repeal the Schedule.

Schedule 4 Inoperative provisions

Part 1 Commonwealth Borrowing Levy

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Moomba-Sydney Pipeline System Sale Act 1994

6 Section 54

Repeal the section.

Qantas Sale Act 1992

7 Section 28

Repeal the section.

Snowy Mountains Engineering Corporation Limited Sale Act

1993

8 Section 42

Repeal the section.

Division 3

--Transitional provisions

9 Exemptions from Commonwealth Borrowing Levy

To avoid doubt, the amendments made by this Part do not make an

entity liable to pay an amount of levy imposed by the Commonwealth

Borrowing Levy Act 1987, repealed by this Part, that the entity would

not have been liable to pay apart from those amendments.

Inoperative provisions Schedule 4

Infrastructure certificates Part 2

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Part 2--Infrastructure certificates

Division 1

--Repeals of Acts

Development Allowance Authority Act 1992

10 The whole of the Act

Repeal the Act.

Infrastructure Certificate Cancellation Tax Act 1994

11 The whole of the Act

Repeal the Act.

Division 2

--Other amendments

Airports (Transitional) Act 1996

12 Section 56

Repeal the section.

Income Tax Assessment Act 1936

13 Subsection 6(1) (paragraph (g) of the definition of

assessment)

Repeal the paragraph.

14 Subsection 82KZME(1) (note)

Omit "(6),".

15 Subsection 82KZME(6)

Repeal the subsection.

16 Paragraphs 126(1)(d) and 128B(3)(bb)

Repeal the paragraphs.

Schedule 4 Inoperative provisions

Part 2 Infrastructure certificates

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

17 Division 16L of Part III

Repeal the Division.

Income Tax Assessment Act 1997

18 Section 10-

5 (table item headed "interest")

Omit:

infrastructure borrowings, on ............................................ 159GZZZZG

19 Section 11-

15 (table item headed "financial transactions")

Omit:

infrastructure borrowings, income in relation to ............... 159GZZZZE

20 Section 12-

5 (table item headed "infrastructure")

Repeal the item, substitute:

infrastructure

see tax losses

21 Section 13-

1 (table item headed "infrastructure")

Repeal the item.

22 Paragraph 104-71(3)(a)

Repeal the paragraph, substitute:

(a) an amount that is not included in the assessable income of an

entity because of section 124ZM or 124ZN (which exempt

income arising from

shares in a

PDF) of the Income Tax

Assessment Act 1936; or

23 Section 112-97 (table item 12A)

Repeal the item.

24 Paragraphs 118-425(13)(d) and 118-427(14)(d)

After "Development Allowance Authority Act 1992", insert ", as in force

just before the commencement of Schedule 4 to the Treasury

Legislation Amendment (Repeal Day 2015) Act 2015".

25 Subsection 230-460(14)

Repeal the subsection.

Inoperative provisions Schedule 4

Infrastructure certificates Part 2

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

26 Subsection 721-10(2) (note)

Repeal the note, substitute:

Note:

The other amounts referred to in item 3 of the table are interest

payable under section 102AAM of the Income Tax Assessment Act

1936 (distributions from certain non-resident trust estates).

Taxation Administration Act 1953

27 Subsection 3B(1B)

Repeal the subsection.

28 Section 8AB

Repeal the section.

29 Paragraph 8J(2)(ga)

Repeal the paragraph.

30 Subsections 8W(1B), 13K(11), 15(4) and 15A(11)

Repeal the subsections.

31 Subsection 250-10(1) in Schedule 1 (table item 105)

Repeal the item.

32 Subsection 355-65(5) in Schedule 1 (table item 3)

Repeal the item.

Division 3

--Application of amendments

33 Application of amendments

(1)

The amendments made by this Part (other than the repeal of Part 5 of

Chapter 3 and Part 2 of Chapter 4 of the Development Allowance

Authority Act 1992) do not apply in relation to a certificate that is in

force just before the commencement of this item.

(2)

For the purposes applying, on or after that commencement, the Acts

amended by this Part, as those Acts apply because of subitem (1), a

reference in those Acts to the Development Allowance Authority is

treated as being a reference to the Commissioner of Taxation.

Schedule 4 Inoperative provisions

Part 3 Equity investments in small-medium enterprises

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

Part 3--Equity investments in small-medium

enterprises

Income Tax Assessment Act 1936

34 Division 11B of Part III

Repeal the Division.

35 Subsection 272-90(10) in Schedule 2F

Repeal the subsection.

Income Tax Assessment Act 1997

36 Section 10-

5 (table item headed "shares")

Omit:

small-medium enterprise, profit on disposal of shares

in ..................................................................................

128TG to 128TL

37 Section 12-

5 (table item headed "shares")

Omit:

small-medium enterprise, loss on disposal of shares in .... 128TG to 128TL

38 Section 109-60 (table item 7)

Repeal the item.

39 Section 112-97 (table item 9)

Repeal the item.

40 Subsection 713-140(5) (table items 1 and 2)

Repeal the items.

41 Application of amendments

(1)

The amendments made by this Part apply in relation to assessments for:

(a) the 2015-16 year of income; and

(b) later years of income.

Inoperative provisions Schedule 4

General application and transitional provisions Part 5

No. , 2015

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

Part 5--General application and transitional

provisions

43 Object

The object of this Part is to ensure that, despite the repeals and

amendments made by this Schedule, the full legal and administrative

consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

before such a repeal or amendment applies, can continue to arise and be

carried out, directly or indirectly through an indefinite number of steps,

even if some or all of those steps are taken after the repeal or

amendment applies.

44 Making and amending assessments, and doing other

things, in relation to past matters

Even though an Act is repealed or amended by this Schedule, the repeal

or amendment is disregarded for the purpose of doing any of the

following under any Act or legislative instrument:

(a) making or amending an assessment (including under a

provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or

duty or doing any other thing (including under a provision

that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs

existing, or any period ending, before the repeal or amendment applies.

45 Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this

Schedule deals with the effect of an assessment, the repeal or

amendment is disregarded in relation to assessments made, before or

after the repeal or amendment applies, in relation to any act done or

omitted to be done, any state of affairs existing, or any period ending,

before the repeal or amendment applies.

Schedule 4 Inoperative provisions

Part 5 General application and transitional provisions

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

No. , 2015

46 Repeals disregarded for the purposes of dependent

provisions

If the operation of a provision (the subject provision) of any Act or

legislative instrument depends to any extent on an Act, or a provision of

an Act, that is repealed by this Schedule, the repeal is disregarded so far

as it affects the operation of the subject provision.

47 Part does not limit operation of section 7 of the Acts

Interpretation Act 1901

This Part does not limit the operation of section 7 of the Acts

Interpretation Act 1901.

Commonwealth of Australia Bills

TREASURY LEGISLATION AMENDMENT (REPEAL DAY 2015) BILL 2016