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This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Trade Support Loans (Consequential
Amendments) Bill 2014
No. , 2014
(Industry)
A Bill for an Act to deal with consequential and
transitional matters in connection with the Trade
Support Loans Act 2014, and for related purposes
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedule(s) ........................................................................................ 2
Schedule 1--Amendments
4
Bankruptcy Act 1966
4
Income Tax Assessment Act 1936
4
Income Tax Assessment Act 1997
5
Taxation Administration Act 1953
5
Taxation (Interest on Overpayments and Early Payments) Act 1983
8
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
1
A Bill for an Act to deal with consequential and
1
transitional matters in connection with the Trade
2
Support Loans Act 2014, and for related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Trade Support Loans (Consequential
6
Amendments) Act 2014.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
Trade Support Loans (Consequential Amendments) Bill 2014
No. , 2014
Commencement information
Column 1
Column 2
Column 3
Provision(s)
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,
items 1 to 25
At the same time as sections 3 to 106 of the
Trade Support Loans Act 2014 commence.
3. Schedule 1,
item 26
At the same time as the provision(s) covered
by table item 2.
However, the provision(s) do not commence
at all if item 115 of Schedule 1 to the
Minerals Resource Rent Tax Repeal and
Other Measures Act 2014 commences at or
before that time.
4. Schedule 1,
item 27
Immediately after the commencement of the
provision(s) covered by table item 2.
However, the provision(s) do not commence
at all if item 115 of Schedule 1 to the
Minerals Resource Rent Tax Repeal and
Other Measures Act 2014 does not
commence at or before the time the
provision(s) covered by table item 2
commence.
5. Schedule 1,
items 28 to 35
At the same time as the provision(s) covered
by table item 2.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
3
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
Schedule 1 Amendments
4
Trade Support Loans (Consequential Amendments) Bill 2014
No. , 2014
Schedule 1
--Amendments
1
2
Bankruptcy Act 1966
3
1 Subsection 82(3AB)
4
Repeal the subsection, substitute:
5
(3AB) A debt incurred under any of the following is not provable in
6
bankruptcy:
7
(a) Part 4-1 of the Higher Education Support Act 2003 (HELP
8
debts);
9
(b) Part 3.1 of the Trade Support Loans Act 2014 (trade support
10
loan debts).
11
Income Tax Assessment Act 1936
12
2 Subsection 82A(2) (before paragraph (c) of the definition of
13
expenses of self-education)
14
Insert:
15
(bd) a payment made in respect of, or in respect of the reduction
16
or discharge of, any indebtedness to the Commonwealth
17
under the Trade Support Loans Act 2014; or
18
3 Before paragraph 202(ha)
19
Insert:
20
(hac) to facilitate the administration of the Trade Support Loans
21
Act 2014; and
22
4 Before paragraph 202F(1)(g)
23
Insert:
24
(fg) a decision to give a notice under subsection 68(1) of the
25
Trade Support Loans Act 2014;
26
(fh) a decision to give a notice under subsection 70(1) of the
27
Trade Support Loans Act 2014;
28
Amendments Schedule 1
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
5
Income Tax Assessment Act 1997
1
5 Section 12-
5 (after table item headed "timber")
2
Insert:
3
trade support loan
limit on deduction .............................................................. 82A
payment made to reduce a debt to the Commonwealth
under the Trade Support Loans Act 2014, no
deduction unless provided as fringe benefit .................
26-20
6 Before paragraph 26-20(1)(d)
4
Insert:
5
(cd) a payment made to reduce a debt to the Commonwealth
6
under Chapter 3 of the Trade Support Loans Act 2014; or
7
7 Subsection 995-1(1)
8
Insert:
9
accumulated TSL debt has the meaning given by section 35 of the
10
Trade Support Loans Act 2014.
11
Taxation Administration Act 1953
12
8 Section 8AAZA
13
Insert:
14
compulsory TSL repayment amount has the same meaning as in
15
the Trade Support Loans Act 2014.
16
9 Section 8AAZLD (heading)
17
Repeal the heading, substitute:
18
8AAZLD Special priority credits
19
10 Before paragraph 8AAZLD(b)
20
Insert:
21
(ad) then against any compulsory TSL repayment amount of the
22
entity; and
23
Schedule 1 Amendments
6
Trade Support Loans (Consequential Amendments) Bill 2014
No. , 2014
11 Paragraph 8WA(1AA)(b)
1
After "(haa),", insert "(hac),".
2
12 Paragraphs 8WB(1A)(a) and (b)
3
After "(haa),", insert "(hac),".
4
13 Section 6-1 in Schedule 1
5
After "(HELP)", insert ", liability to repay debts in relation to trade
6
support loan".
7
14 Before paragraph 11-1(da) in Schedule 1
8
Insert:
9
(cd) amounts of liabilities to the Commonwealth under Chapter 3
10
of the Trade Support Loans Act 2014; and
11
15 Subsection 15-25(1) in Schedule 1
12
After "(ca),", insert "(cd),".
13
16 Before paragraph 15-30(da) in Schedule 1
14
Insert:
15
(cd) the percentage referred to in the definition of applicable
16
percentage of repayment income in subsection 46(1) (about
17
repayments of accumulated TSL debt) of the Trade Support
18
Loans Act 2014 for any financial year starting on or after
19
1 July 2014;
20
17 Paragraph 15-50(1)(b) in Schedule 1
21
After "(ca),", insert "(cd),".
22
18 Before paragraph 45-5(1)(d) in Schedule 1
23
Insert:
24
(cd) amounts of liabilities to the Commonwealth under Chapter 3
25
of the Trade Support Loans Act 2014; and
26
19 Section 45-340 in Schedule 1 (method statement, before
27
step 3A)
28
Insert:
29
Amendments Schedule 1
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
7
Step 3AC. The amount (if any) that you would have been liable to
1
pay for the
*
base year in respect of an
*
accumulated TSL
2
debt if your taxable income for the base year had been
3
your
*
adjusted taxable income, or your
*
adjusted
4
withholding income, for that year is worked out.
5
20 Section 45-340 in Schedule 1 (method statement, step 4)
6
Omit "and 3A", substitute ", 3AC and 3A".
7
21 Section 45-375 in Schedule 1 (method statement, before
8
step 3A)
9
Insert:
10
Step 3AC. The amount (if any) that you would have been liable to
11
pay for the variation year in respect of an
*
accumulated
12
TSL debt if your taxable income for that year had been
13
your
*
adjusted assessed taxable income for that year is
14
worked out.
15
22 Section 45-375 in Schedule 1 (method statement, step 4)
16
Omit "and 3A", substitute ", 3AC and 3A".
17
23 Subsection 250-10(2) in Schedule 1 (before table item 37)
18
Insert:
19
36D
compulsory TSL
repayment amount
under the Trade
Support Loans Act
2014
5-5
Income Tax Assessment Act 1997
24 Subsection 355-65(2) (after table item 5)
20
Insert:
21
22
5AA
the
*
Industry Secretary
is for the purpose of administering the
Trade Support Loans Act 2014.
23
Schedule 1 Amendments
8
Trade Support Loans (Consequential Amendments) Bill 2014
No. , 2014
Taxation (Interest on Overpayments and Early Payments)
1
Act 1983
2
25 Subsection 3(1)
3
Insert:
4
compulsory TSL repayment amount has the same meaning as in
5
the Trade Support Loans Act 2014.
6
26 Subsection 3C(1) (before table item 50)
7
Insert:
8
48
Amounts that are treated under Part 3.3 of the Trade Support Loans Act 2014
as if they were income tax
Note:
If item 115 of Schedule 1 to the Minerals Resource Rent Tax Repeal and Other
9
Measures Act 2014 commences at or before the time the provision(s) covered by table
10
item 2 in subsection 2(1) of this Act commence, this provision does not commence at
11
all.
12
27 Section 3C (before table item 50)
13
Insert:
14
48
Amounts that are treated under Part 3.3 of the Trade Support Loans Act 2014
as if they were income tax
Note:
If item 115 of Schedule 1 to the Minerals Resource Rent Tax Repeal and Other
15
Measures Act 2014 does not commence at or before the time the provision(s) covered
16
by table item 2 in subsection 2(1) of this Act commence, this provision does not
17
commence at all.
18
28 Before subparagraph 8A(1)(a)(iii)
19
Insert:
20
(iid) compulsory TSL repayment amount; or
21
29 Before paragraph 8A(2)(c)
22
Insert:
23
(bd) compulsory TSL repayment amount; or
24
30 Before subparagraph 8E(1)(d)(iv)
25
Insert:
26
(iiic) a compulsory TSL repayment amount that is notified in
27
the notice of assessment;
28
Amendments Schedule 1
No. , 2014
Trade Support Loans (Consequential Amendments) Bill 2014
9
31 Before subparagraph 8E(2)(d)(iv)
1
Insert:
2
(iiic) a compulsory TSL repayment amount, worked out by
3
reference to the person's taxable income of the year of
4
income, payable by the person immediately before the
5
post-notice crediting;
6
32 Subparagraph 12A(1)(a)(iv)
7
Repeal the subparagraph, substitute:
8
(iv) refunds the whole or part of a payment made by a
9
person on account of something listed in
10
subsection (1A); and
11
33 After subsection 12A(1)
12
Insert:
13
(1A) For the purposes of subparagraph (1)(a)(iv), the following are
14
listed:
15
(a) income tax;
16
(b) compulsory repayment amount;
17
(c) compulsory TSL repayment amount;
18
(d) FS assessment debt;
19
(e) interest under section 102AAM of the Tax Act.
20
34 Subsection 12A(2)
21
Repeal the subsection, substitute:
22
(2) A reference in subparagraph (1)(a)(iv) to a person making a
23
payment on account of something listed in subsection (1A) does
24
not include a reference to the making of a deduction or payment
25
under Division 5 of the Tax Act.
26
35 Transitional provision
--claims for trade support loan
27
made within 1 month of commencement
28
(1)
This item applies if a person makes a claim for trade support loan
29
during the period of 1 month beginning on the day this item
30
commences.
31
Schedule 1 Amendments
10
Trade Support Loans (Consequential Amendments) Bill 2014
No. , 2014
(2)
In determining whether the person has been undertaking a qualifying
1
apprenticeship for the whole of a TSL instalment period, regard may be
2
had to days which occurred before the commencement of this item.
3