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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (2017
Measures No. 6) Bill 2017
No. , 2017
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--GST treatment of digital currency
3
A New Tax System (Goods and Services Tax) Act 1999
3
Schedule 2--Deductible gift recipient
10
Income Tax Assessment Act 1997
10
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Treasury Laws Amendment (2017 Measures No. 6)
5
Act 2017.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
No. , 2017
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 2017.
1 July 2017
3. Schedule 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
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 Schedules
7
Legislation 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repealed as set out in the applicable items in the Schedule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
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
GST treatment of digital currency Schedule 1
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
3
Schedule 1--GST treatment of digital currency
1
2
A New Tax System (Goods and Services Tax) Act 1999
3
1 Subsection 9-10(4)
4
Repeal the subsection, substitute:
5
(4) However, supply does not include:
6
(a) a supply of
*
money unless the money is provided as
7
*
consideration for a supply that is a supply of money or
8
*
digital currency; or
9
(b) a supply of digital currency unless the digital currency is
10
provided as consideration for a supply that is a supply of
11
digital currency or money.
12
2 Subsection 9-85(2)
13
Repeal the subsection, substitute:
14
(2) In working out the
*
value of a
*
taxable supply, any amount of the
15
*
consideration for the supply that is expressed in:
16
(a) a currency other than Australian currency; or
17
(b)
*
digital currency;
18
is to be treated as if it were an amount of Australian currency
19
worked out in the manner determined by the Commissioner.
20
3 Transitional
--preserving existing determinations
21
An instrument made under subsection 9-85(2) of the A New Tax System
22
(Goods and Services Tax) Act 1999 that is in force immediately before
23
the commencement of this Schedule continues in force (and may be
24
dealt with) as if it had been made under that subsection as amended by
25
this Schedule.
26
4 Subsection 11-10(3)
27
Repeal the subsection, substitute:
28
(3) However, acquisition does not include:
29
(a) an acquisition of
*
money unless the money is provided as
30
*
consideration for a supply that is a supply of money or
31
*
digital currency; or
32
Schedule 1 GST treatment of digital currency
4
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
No. , 2017
(b) an acquisition of digital currency unless the digital currency
1
is provided as consideration for a supply that is a supply of
2
digital currency or money.
3
5 Subsection 78-10(1)
4
Repeal the subsection, substitute:
5
(1) An insurer has a decreasing adjustment if, in settlement of a claim
6
under an
*
insurance policy, the insurer makes one or more of the
7
following:
8
(a) a payment of
*
money;
9
(b) a payment of
*
digital currency;
10
(c) a supply.
11
6 Subsection 78-15(4) (method statement, step 1,
12
paragraph (a))
13
After "
*
money", insert ", or
*
digital currency,".
14
7 Subsection 78-20(1)
15
Repeal the subsection, substitute:
16
(1) If, in settlement of a claim under an
*
insurance policy, an insurer
17
makes one or more of the following:
18
(a) a payment of
*
money;
19
(b) a payment of
*
digital currency;
20
(c) a supply;
21
the payment or supply is not treated as
*
consideration for an
22
acquisition made by the insurer.
23
8 Subsection 78-35(1)
24
Repeal the subsection, substitute:
25
(1) If, in settlement of a claim made by an insurer in the insurer's
26
exercising of rights of subrogation in respect of an
*
insurance
27
policy, an entity that is not insured under the policy makes one or
28
more of the following:
29
(a) a payment of
*
money;
30
(b) a payment of
*
digital currency;
31
(c) a supply;
32
GST treatment of digital currency Schedule 1
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
5
the payment or supply is not treated as
*
consideration for a supply
1
made by the insurer (whether or not the payment or supply is made
2
to the insurer) or by the entity insured.
3
9 Subsection 78-45(1)
4
Repeal the subsection, substitute:
5
(1) If, in settlement of a claim under an
*
insurance policy, an insurer
6
makes one or more of the following:
7
(a) a payment of
*
money;
8
(b) a payment of
*
digital currency;
9
(c) a supply;
10
the payment or supply is not treated as
*
consideration for a supply
11
made by the entity insured, or by any entity (other than the entity
12
insured) that was entitled to an input tax credit for the premium
13
paid for the insurance policy.
14
10 Subsection 78-75(1)
15
Repeal the subsection, substitute:
16
(1) If, in settlement of a claim made by an insurer in the insurer's
17
exercising of rights of subrogation in respect of an
*
insurance
18
policy, an entity that is not insured under the policy makes one or
19
more of the following:
20
(a) a payment of
*
money;
21
(b) a payment of
*
digital currency;
22
(c) a supply;
23
the payment or supply is not treated as
*
consideration for an
24
acquisition made by the entity.
25
11 Paragraph 78-110(a)
26
Repeal the paragraph, substitute:
27
(a) an entity makes one or more of the following:
28
(i) a payment of
*
money;
29
(ii) a payment of
*
digital currency;
30
(iii) a supply;
31
in compliance with a judgment or order of a court relating to:
32
(iv) a claim under an
*
insurance policy; or
33
Schedule 1 GST treatment of digital currency
6
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
No. , 2017
(v) a claim by an insurer in exercising rights of subrogation
1
in respect of an insurance policy; or
2
(vi) a claim for compensation under a
*
statutory
3
compensation scheme; and
4
12 Paragraph 79-65(1)(c)
5
Repeal the paragraph, substitute:
6
(c) an entity makes one or more of the following in settlement of
7
the operator's claim:
8
(i) a payment of
*
money;
9
(ii) a payment of
*
digital currency;
10
(iii) a supply;
11
13 Paragraph 79-90(1)(a)
12
Repeal the paragraph, substitute:
13
(a) a judgment or order of a court relates to a claim for
14
compensation under a
*
compulsory third party scheme; and
15
(aa) an entity makes one or more of the following in compliance
16
with the judgment or order:
17
(i) a payment of
*
money;
18
(ii) a payment of
*
digital currency;
19
(iii) a supply; and
20
14 Paragraph 79-90(2)(a)
21
Repeal the paragraph, substitute:
22
(a) a judgment or order of a court relates to a claim by an
23
*
operator of a compulsory third party scheme exercising
24
rights to recover from an entity in respect of a settlement
25
made under the scheme; and
26
(aa) an entity makes one or more of the following in compliance
27
with the judgment or order:
28
(i) a payment of
*
money;
29
(ii) a payment of
*
digital currency;
30
(iii) a supply; and
31
15 Paragraph 79-90(2)(b)
32
Omit "another entity", substitute "an entity".
33
GST treatment of digital currency Schedule 1
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
7
16 Subsection 79-95(3) (method statement, step 1,
1
paragraph (a))
2
After "
*
money", insert ", or
*
digital currency,".
3
17 Subsection 80-30(2) (method statement, step 1,
4
paragraph (a))
5
After "
*
money", insert ", or
*
digital currency,".
6
18 Subsection 80-70(2) (method statement, step 1,
7
paragraph (a))
8
After "
*
money", insert ", or
*
digital currency,".
9
19 Subsection 126-10(1) (paragraph (b) of the definition of
10
total monetary prizes)
11
After "
*
money", insert "or
*
digital currency".
12
20 Subsection 126-32(1)
13
Omit "money", substitute "
*
money or
*
digital currency".
14
21 Subparagraph 134-5(1)(c)(i)
15
Omit "money", substitute "
*
money or
*
digital currency".
16
22 Subparagraphs 134-5(1)(c)(ii) and (iii)
17
After "money", insert "or digital currency".
18
23 Subparagraph 134-10(1)(c)(i)
19
Omit "money", substitute "
*
money or
*
digital currency".
20
24 Subparagraphs 134-10(1)(c)(ii) and (iii)
21
After "money", insert "or digital currency".
22
25 Paragraph 188-22(a)
23
After "
*
money", insert "or
*
digital currency".
24
26 Section 188-35
25
After "
*
money", insert "or
*
digital currency".
26
Schedule 1 GST treatment of digital currency
8
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
No. , 2017
27 Section 195-1
1
Insert:
2
digital currency means digital units of value that:
3
(a) are designed to be fungible; and
4
(b) can be provided as
*
consideration for a supply; and
5
(c) are generally available to members of the public without any
6
substantial restrictions on their use as consideration; and
7
(d) are not denominated in any country's currency; and
8
(e) do not have a value that depends on, or is derived from, the
9
value of anything else; and
10
(f) do not give an entitlement to receive, or to direct the supply
11
of, a particular thing or things, unless the entitlement is
12
incidental to:
13
(i) holding the digital units of value; or
14
(ii) using the digital units of value as consideration;
15
but does not include:
16
(g)
*
money; or
17
(h) a thing that, if supplied, would be a
*
financial supply for a
18
reason other than being a supply of one or more digital units
19
of value to which paragraphs (a) to (f) apply.
20
28 Section 195-1 (paragraph (a) of the definition of monetary
21
prize)
22
After "
*
money", insert "or
*
digital currency".
23
29 Section 195-1 (paragraph (b) of the definition of monetary
24
prize)
25
Repeal the paragraph, substitute:
26
(b) if the prize is given at a casino--any prize, or part of a prize,
27
in the form of:
28
(i) money or digital currency; or
29
(ii) gambling chips that may be redeemed for money or
30
digital currency.
31
30 Application of amendments etc.
32
(1)
The amendments made by this Schedule apply in relation to supplies or
33
payments made on or after 1 July 2017.
34
GST treatment of digital currency Schedule 1
No. , 2017
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
9
(2)
Subsection 12(2) (retrospective application of legislative instruments)
1
of the Legislation Act 2003 does not apply in relation to regulations
2
made for the purposes of subsection 40-5(2) or 70-5(1) of the A New
3
Tax System (Goods and Services Tax) Act 1999, if the regulations:
4
(a) relate to digital currency; and
5
(b) are made within 6 months after the day this Act receives the
6
Royal Assent.
7
Schedule 2 Deductible gift recipient
10
Treasury Laws Amendment (2017 Measures No. 6) Bill 2017
No. , 2017
Schedule 2--Deductible gift recipient
1
2
Income Tax Assessment Act 1997
3
1 In the appropriate position in subsection 30-40(2) (table)
4
Insert:
5
6
3.2.15
Centre For Entrepreneurial Research and
Innovation Limited
the gift must be made after
1 January 2017 and before
31 December 2021
7
2 Section 30-315 (after table item 29)
8
Insert:
9
10
29A
Centre For Entrepreneurial Research and
Innovation Limited
item 3.2.15
11
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