Treasury Laws Amendment (First Home Saver Accounts) Regulation 2015 [F2015L00840]-Advice only [2015] AUSStaCSDLM 134 (12 August 2015)

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Instrument	Treasury Laws Amendment (First Home Saver Accounts) Regulation 2015 [F2015L00840]
Purpose	Amends various regulations to remove references to First Home Saver Accounts Scheme
Last day to disallow	14 September 2015
Authorising legislation	Australian Prudential Regulation Authority Act 1998; Banking Act 1959; Corporations Act 2001; Electronic Transactions Act 1999; Retirement Savings Act 1997; Superannuation Industry (Supervision) Act 1993
Department	Treasury
Scrutiny principle	Standing Order 23(3)(a)

Drafting

Schedule 2 of the instrument provides that Schedule 1 of the instrument commences at the same time as Part 1 of Schedule 1 of the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015. However, the ES to the instrument states:

To ensure that these changes do not remove these references before the primary legislation ceases to be operative, the amendments made by the proposed regulation commence from the later of 1 July 2015 or the day Schedule 1 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015 commences [emphasis added].

While it appears clear that Schedule 2 of the instrument is to commence on the day that Schedule 1 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 commences, the committee notes that ESs should be drafted with sufficient care to avoid potential confusion for the anticipated users of instruments.

The committee draws this matter to the minister's attention.