TREASURY LAWS AMENDMENT (2020 MEASURES NO. 6) BILL 2020

2019-2020

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment (2020

Measures No. 6) Bill 2020

No. , 2020

(Treasury)

A Bill for an Act to amend the law relating to

taxation, competition and charities, to make

various minor and technical amendments of the

statute law in the Treasury portfolio, to repeal

certain obsolete Acts, and for related purposes

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Contents

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

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

Schedules ........................................................................................... 4

Schedule 1--Temporary full expensing of depreciating assets

and other amendments

Part 1--Main amendments

Income Tax Assessment Act 1997

Income Tax (Transitional Provisions) Act 1997

Part 2--Technical amendments

Income Tax (Transitional Provisions) Act 1997

Schedule 2--Amendments of the consumer data right

Part 1--Initial amendments

Competition and Consumer Act 2010

Part 2--Later amendments

Competition and Consumer Act 2010

Schedule 3--Incentivising charities to join the National Redress

Scheme

Australian Charities and Not-for-profits Commission Act 2012

Schedule 4--Minor and technical amendments

Part 1--Amendments commencing day after Royal Assent

Division 1--Amendments

Australian Charities and Not-for-profits Commission Act 2012

Australian Securities and Investments Commission Act 2001

Business Names Registration Act 2011

Commonwealth Grants Commission Act 1973

Competition and Consumer Act 2010

Corporations Act 2001

Life Insurance Act 1995

National Consumer Credit Protection Act 2009

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

Superannuation Guarantee (Administration) Act 1992

Superannuation Industry (Supervision) Act 1993

Superannuation (Unclaimed Money and Lost Members) Act 1999

Taxation Administration Act 1953

Division 2--Repeals of Acts

Bills of Exchange Act 1971

Census and Statistics Act 1920

Census and Statistics Act 1930

Commonwealth Grants Commission Act 1976

Commonwealth Inscribed Stock Act 1913

Excise Act 1962

Income Tax Assessment Act (No. 2) 1969

Income Tax (International Agreements) Act 1960

International Finance Corporation Act 1961

International Finance Corporation Act 1963

International Finance Corporation Act 1966

Sales Tax Assessment Act (No. 1A) 1930

Sales Tax (Exemptions and Classifications) Act 1960

States Grants (Coal Mining Industry Long Service Leave) Act 1961

States Grants (Coal Mining Industry Long Service Leave) Act 1968

States Grants (Petroleum Products) Act 1969

States Grants (Petroleum Products) Act (No. 2) 1965

Trade Practices Act 1975

Part 2--Amendments commencing first day of first quarter

after Royal Assent

Income Tax Assessment Act 1997

Tax Agent Services Act 2009

Part 3--Amendments with other commencements

Corporations (Aboriginal and Torres Strait Islander) Act 2006

Corporations Act 2001

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

A Bill for an Act to amend the law relating to

taxation, competition and charities, to make

various minor and technical amendments of the

statute law in the Treasury portfolio, to repeal

certain obsolete Acts, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (2020 Measures No. 6)

Act 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

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

The first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent.

3. Schedule 2,

Part 1

The day after this Act receives the Royal

Assent.

4. Schedule 2,

Part 2

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) 28 February 2021.

5. Schedule 3

The day after the end of the period of 3

months beginning on the day this Act

receives the Royal Assent.

6. Schedule 4,

Part 1

The day after this Act receives the Royal

Assent.

7. 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.

8. Schedule 4,

items 112 and 113

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) immediately after the commencement of

Schedule 2 to the

Treasury Laws

Amendment (Registries Modernisation

and Other Measures) Act 2020

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

9. Schedule 4,

item 114

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) immediately after the commencement of

item 381 of Schedule 1 to the

Treasury

Laws Amendment (Registries

Modernisation and Other Measures) Act

2020

10. Schedule 4,

items 115 to 120

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) the day items 1 to 1258 of Schedule 1 to

the

Treasury Laws Amendment

(Registries Modernisation and Other

Measures) Act 2020

commence.

11. Schedule 4,

item 121

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) immediately after the commencement of

Schedule 1 to the

Treasury Laws

Amendment (Design and Distribution

Obligations and Product Intervention

Powers) Act 2019

12. Schedule 4,

item 122

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) immediately after the commencement of

the

Family Law Amendment (Western

Australia De Facto Superannuation

Splitting and Bankruptcy) Act 2020

However, the provisions do not commence

at all if the event mentioned in paragraph (b)

does not occur.

13. Schedule 4,

items 123, 124,

125 and 126

The later of:

(a) the day after this Act receives the Royal

Assent; and

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

(b) immediately after the commencement of

Schedule 2 to the

Treasury Laws

Amendment (Registries Modernisation

and Other Measures) Act 2020

14. Schedule 4,

items 127 to 143

The later of:

(a) the day after this Act receives the Royal

Assent; and

(b) the day items 1 to 1258 of Schedule 1 to

the

Treasury Laws Amendment

(Registries Modernisation and Other

Measures) Act 2020

commence.

15. Schedule 4,

item 144

The later of:

(a) immediately after the provisions covered

by table item 10 commence; and

(b) the day Part 1 of Schedule 3 to the

Foreign Investment Reform (Protecting

Australia's National Security)

Act 2020

commences.

However, the provisions do not commence

at all if the event mentioned in paragraph (b)

does not occur.

16. Schedule 4,

Part 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.

Temporary full expensing of depreciating assets and other amendments

Schedule 1

Main amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Schedule 1--Temporary full expensing of

depreciating assets and other

amendments

Part 1--Main amendments

Income Tax Assessment Act 1997

1 Paragraphs 160-15(1)(a), (b) and (c)

After "how much" (wherever occurring), insert "(expressed as a

specified amount)".

Income Tax (Transitional Provisions) Act 1997

2 At the end of subsection 40-120(1)

Add:

; and (d) you have not made a choice under section 40-137 in relation

to the income year.

3 At the end of Subdivision 40-BA

Add:

40-137 Choice to not apply this Subdivision to an asset

(1) You may choose that the decline in value of a particular

depreciating asset for an income year, and subsequent income

years, is not to be worked out under this Subdivision.

(2) The choice must be in the approved form.

(3) The choice cannot be revoked.

(4) You must give the choice to the Commissioner by the day you

lodge your income tax return for the first income year to which the

choice relates.

Note:

The Commissioner may defer the time for giving the choice: see

section 388-55 in Schedule 1 to the

Taxation Administration Act 1953

Schedule 1

Temporary full expensing of depreciating assets and other amendments

Part 1

Main amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

4 After section 40-155

Insert:

40-157 Corporate tax entities with income under $5 billion

(1) This section covers you for an income year if:

(a) you are a corporate tax entity at any time in the income year;

and

(b) any of the following amounts is less than $5 billion:

(i) the sum of your ordinary income (if any) and statutory

income (if any) for the 2018-19 income year;

(ii) if the 2019-20 income year ends on or before 6 October

2020--the sum of your ordinary income (if any) and

statutory income (if any) for the 2019-20 income year;

and

the 2016-17, 2017-18 and 2018-19 income years exceeds

$100 million.

(2) For the purposes of paragraph (1)(b), disregard non-assessable

non-exempt income.

(3) The amount under this subsection for an income year is worked out

as follows:

(a) firstly, identify each depreciating asset (other than an

intangible asset) that:

(i) you hold at any time in the income year; and

(ii) you started to use, or have installed ready for use, for a

taxable purpose in the income year;

(b) next, work out the cost of each of those assets (including any

amounts included in the second element of the asset's cost at

a time that is in the income year);

(4) For the purposes of subsection (3), disregard an asset if, at the time

you first used the asset, or had it installed ready for use, for a

taxable purpose:

(a) it was not reasonable to conclude that you would use the

asset principally in Australia for the principal purpose of

carrying on a business; or

Temporary full expensing of depreciating assets and other amendments

Schedule 1

Main amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(b) it was reasonable to conclude that the asset would never be

located in Australia.

5 Paragraph 40-160(1)(d)

Repeal the paragraph, substitute:

(d) you are covered for the current year by any of the following:

(i) section 40-155 (about businesses with turnover under $5

billion);

(ii) section 40-157 (about corporate tax entities with income

under $5 billion); and

6 At the end of subsection 40-160(1)

Add:

; and (f) you have not made a choice under section 40-190 in relation

to the current year.

7 Subsection 40-160(2)

Repeal the subsection, substitute:

Exclusions

(2) However, this section does not apply if:

(a) where section 40-155 covers you for the current year

(regardless whether section 40-157 also covers you for the

current year)--an exclusion applies to you and the asset for

the current year under section 40-165 (about exclusions for

businesses with turnover of $50 million or more); or

(b) where section 40-157 covers you for the current year (but

section 40-155 does not):

(i) an exclusion applies to you and the asset for the current

year under section 40-165; or

(ii) an exclusion applies to you and the asset for the current

year under section 40-167 (about exclusions for

corporate tax entities with income under $5 billion).

8 Section 40-165 (heading)

Repeal the heading, substitute:

Schedule 1

Temporary full expensing of depreciating assets and other amendments

Part 1

Main amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

40-165 Exclusions--entities covered by section 40-155 or 40-157

9 Paragraph 40-165(1)(a)

Before "section 40-155 would not cover you", insert "where

paragraph 40-160(2)(a) applies--".

10 After section 40-165

Insert:

40-167 Exclusions--entities covered by section 40-157

(1) For the purposes of subsections 40-160(2) and 40-170(1A), an

exclusion applies to you and an asset for an income year if any of

the exclusions in this section applies in relation to the asset.

Exclusion--intangible assets

(2) This exclusion applies in relation to the asset if the asset is an

intangible asset.

Exclusion--assets previously held by associates

(3) This exclusion applies in relation to the asset if it had been

previously held by an associate of yours.

Exclusion--assets available for use by associates or foreign

residents

(4) This exclusion applies in relation to the asset if the asset is

available for use, at any time in the income year, by any of the

following:

(a) an associate of yours;

(b) an entity that is a foreign resident.

11 Paragraph 40-170(1)(c)

Repeal the paragraph, substitute:

(i) section 40-155 (about businesses with turnover under $5

billion);

Temporary full expensing of depreciating assets and other amendments

Schedule 1

Main amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(ii) section 40-157 (about corporate tax entities with income

under $5 billion); and

12 After subsection 40-170(1)

Insert:

Exclusions

(1A) However, this section does not apply if:

(a) section 40-157 covers you for the current year (but

section 40-155 does not); and

(b) an exclusion applies to you and the asset for the current year

under section 40-167 (about exclusions for corporate tax

entities with income under $5 billion).

13 At the end of subsection 40-170(1)

Add:

; and (f) you have not made a choice under section 40-190 in relation

to the current year.

14 At the end of Subdivision 40-BB

Add:

40-185 Balancing adjustment for assets not used or located in

Australia

(1) This section applies if the decline in value for a depreciating asset

for an income year is worked out under this Subdivision, and at a

time (the

balancing adjustment time

) in a later income year:

(a) either:

(i) it becomes not reasonable to conclude that you will use

the asset principally in Australia for the principal

purpose of carrying on a business; or

(ii) it becomes reasonable to conclude that the asset will

never be located in Australia; and

(b) none of the requirements in paragraphs 40-295(1)(a), (b) or

Income Tax Assessment Act 1997

are satisfied in

relation to the asset.

Schedule 1

Temporary full expensing of depreciating assets and other amendments

Part 1

Main amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Balancing adjustment event and termination value

(2) For the purposes of Subdivision 40-D of the

Income Tax

Assessment Act 1997

assume that, at the balancing adjustment

time, you stop using the asset, or having it installed ready for use,

for any purpose and you expect never to use it, or have it installed

ready for use, again.

Cost resulting from balancing adjustment event

(3) For the purposes of section 40-180 of the

Income Tax Assessment

Act 1997

assume that the reference in item 3 of the table in

subsection 40-180(2) of that Act to "because you stop using it for

any purpose expecting never to use it again" were instead a

reference to "because of section 40-185 of the

Income Tax

(Transitional Provisions) Act 1997

Subdivision does not apply for income year after balancing

adjustment event

(4) If a balancing adjustment event happens to a depreciating asset you

hold because of this section, this Subdivision cannot apply to work

out the decline in value of the asset for a later income year.

40-190 Choice to not apply this Subdivision to an asset for an

income year

(1) You may choose that the decline in value of a particular

depreciating asset for an income year is not to be worked out under

this Subdivision.

(2) The choice must be in the approved form.

(3) The choice cannot be revoked.

(4) You must give the choice to the Commissioner by the day you

lodge your income tax return for the income year to which the

choice relates.

Note:

The Commissioner may defer the time for giving the choice: see

section 388-55 in Schedule 1 to the

Taxation Administration Act 1953

Temporary full expensing of depreciating assets and other amendments

Schedule 1

Main amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

15 Application

To avoid doubt, section 40-185 of the

Income Tax (Transitional

Provisions) Act 1997

(as inserted by this Schedule) can apply even if

the balancing adjustment time mentioned in that section occurs before

the commencement of this Schedule.

Schedule 1

Temporary full expensing of depreciating assets and other amendments

Part 2

Technical amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Part 2--Technical amendments

Income Tax (Transitional Provisions) Act 1997

16 Subsection 328-181(5) (heading)

Repeal the heading, substitute:

Low pool value

Amendments of the consumer data right

Schedule 2

Initial amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Schedule 2--Amendments of the consumer

data right

Part 1--Initial amendments

Competition and Consumer Act 2010

1 Paragraph 56AC(2)(c)

Omit "beginning to hold the designated information", substitute

"holding the designated information".

2 Paragraph 56AJ(1)(b)

Repeal the paragraph, substitute:

(b) the CDR data is held by (or on behalf of) the person on or

after the earliest holding day specified in the designation

instrument; and

(ba) in the case of the CDR data beginning to be held by (or on

behalf of) the person before that earliest holding day, the

CDR data:

(i) is of continuing use and relevance; and

(ii) is not about the provision before that earliest holding

day of a product or service by (or on behalf of) the

person; and

3 Subsection 56AJ(1) (note 2)

Repeal the note, substitute:

Note 2:

For a product or service that the person began providing before the

earliest holding day and continued providing after that day:

(a) subparagraph (ba)(ii) means the person will not be the data

holder of CDR data about the person's provision of the product

or service before that day; but

(b) the person will be the data holder of CDR data about the person's

provision of the product or service on or after that day.

4 Subsection 56AM(4)

Omit "if it is not chargeable CDR data.", substitute:

if:

Schedule 2

Amendments of the consumer data right

Part 1

Initial amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

(a) the consumer data rules require it to be disclosed; and

(b) it is not chargeable CDR data.

5 At the end of section 56AR

Add:

(5) If the CDR provisions so apply to an entity covered by

subsection (1):

(a) as a data holder of CDR data, the entity is conferred such

functions as are necessary to enable the entity to operate as a

data holder in accordance with the CDR provisions; or

(b) as a designated gateway for CDR data, the entity is conferred

such functions as are necessary to enable the entity to operate

as a designated gateway in accordance with the CDR

provisions.

6 At the end of Division 1 of Part IVD

Add:

Subdivision F--Application to acts done by or in relation to

agents etc. of CDR entities

56AU Acts done by or in relation to agents etc. of CDR entities

Conduct of agents etc. of a CDR entity attributable to the CDR

entity

(1) For the purposes of this Part and the consumer data rules, each of

the following provisions applies to a CDR entity who is not a body

corporate in a corresponding way to the way that provision applies

to a CDR entity who is a body corporate:

(a) section 84 of this Act;

(b) section 97 of the Regulatory Powers Act (to the extent that it

applies in relation to a provision of this Part).

Acts done in relation to an agent of a CDR entity taken to be done

in relation to the CDR entity

(2) For the purposes of this Part and the consumer data rules, if an act

is done by a person in relation to another person (the

agent

) who:

Amendments of the consumer data right

Schedule 2

Initial amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(a) is acting on behalf of a CDR entity; and

(b) is so acting within the agent's actual or apparent authority;

the act is taken to have also been done in relation to the CDR

entity.

Definitions

(3) In this section:

CDR entity

means any of the following:

(a) a data holder of CDR data;

(b) an accredited person;

7 At the end of paragraph 56BD(1)(b)

Add:

; or (iv) a data holder of the CDR data by a designated gateway

for the CDR data; or

(v) a person acting on behalf a person referred to in

subparagraph (ii), (iii) or (iv).

8 After paragraph 56BJ(i)

Insert:

(ia) rules requiring agents of any of the following entities (a

CDR

entity

(i) a data holder of CDR data;

(ii) an accredited person;

(iii) a designated gateway for CDR data;

to do or not to do specified things when acting on behalf of

the CDR entity and within the agent's actual or apparent

authority;

9 Section 56EA

Omit:

The privacy safeguards apply mainly to accredited data recipients,

but also to data holders and designated gateways, in relation to

their handling of the CDR data.

Schedule 2

Amendments of the consumer data right

Part 1

Initial amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

substitute:

The privacy safeguards apply mainly to accredited persons, but

also to data holders and designated gateways, in relation to their

handling or future handling of the CDR data.

10 After paragraph 56EC(4)(a)

Insert:

(aa) if section 56ED, 56EE, 56EF or 56EG applies to an

accredited person in relation to CDR data--the

corresponding Australian Privacy Principle does not apply to

the accredited person in relation to the CDR data; and

11 Subsection 56EC(5)

Omit "paragraphs (4)(b) to (d)", substitute "paragraphs (4)(aa) to (d)".

12 Before paragraph 56EC(5)(a)

Insert:

(aa) an accredited person who does not become an accredited data

recipient of the CDR data; or

13 Paragraph 56ED(1)(b)

Before "an accredited data recipient", insert "an accredited person who

is or who may become".

14 Subsection 56ED(5)

After "If the CDR entity is", insert "an accredited person who is or who

may become".

15 Paragraph 56ED(5)(a)

Before "held by", insert "that is or may become".

16 Paragraph 56ED(5)(a)

After "is held", insert "or is to be held".

17 Subsection 56EE(1)

Repeal the subsection, substitute:

Amendments of the consumer data right

Schedule 2

Initial amendments

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(1) A person who is:

(a) an accredited data recipient of CDR data; or

(b) an accredited person who may become an accredited data

recipient of CDR data;

must give each CDR consumer for that CDR data the option of

using a pseudonym, or not identifying themselves, when dealing

with the person in relation to that CDR data.

Note:

The CDR participant from whom the person acquired (or may acquire)

the CDR data may be subject to a similar obligation under Australian

Privacy Principle 2.

18 Section 56EH

Omit "If a person collects CDR data in accordance with section 56EF,

the person must:", substitute "If an accredited data recipient of CDR

data collected the CDR data in accordance with section 56EF, the

accredited data recipient must:".

19 Paragraph 56EN(4)(b)

After "requests", insert ", in accordance with the consumer data rules,".

20 Subsection 56EN(4)

After "request by disclosing the corrected CDR data", insert ", in

accordance with the consumer data rules,".

21 After subsection 56EN(4)

Insert:

(4A) Subsection (4) does not apply in the circumstances specified in the

consumer data rules.

22 After subsection 56ER(1)

Insert:

(1A) The Information Commissioner may assess whether an accredited

person who may become an accredited data recipient of CDR data

is complying with:

(a) section 56ED (about privacy safeguard 1); or

(b) the consumer data rules to the extent that those rules relate to

that section.

Schedule 2

Amendments of the consumer data right

Part 1

Initial amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

23 Subsections 56ER(2) and (3)

Omit "the assessment", substitute "an assessment under subsection (1)

or (1A)".

24 Paragraph 56ET(3)(a)

Omit "or designated gateway", substitute ", designated gateway or

accredited person".

25 Subsection 56ET(3)

Omit "act of practice", substitute "act or practice".

26 After paragraph 56ET(4)(b)

Insert:

or (c) an accredited person who may become an accredited data

recipient of CDR data;

27 Subparagraph 56ET(5)(b)(ii)

Omit "respondent; and", substitute "respondent; or".

28 At the end of paragraph 56ET(5)(b)

Add:

(iii) in the case of a complaint about an act or practice of an

accredited person who may become an accredited data

recipient of CDR data--the accredited person is the

respondent; and

29 At the end of paragraph 56ET(5)(d)

Add:

(iii) a paragraph that states that an act or practice of an

accredited person who may become an accredited data

recipient of CDR data has breached a privacy safeguard;

and

Amendments of the consumer data right

Schedule 2

Later amendments

Part 2

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Part 2--Later amendments

Competition and Consumer Act 2010

30 Subsection 56AD(2)

Repeal the subsection, substitute:

(2) Before making an instrument under subsection 56AC(2), the

Minister must:

(a) be satisfied that the Secretary of the Department has

complied with section 56AE in relation to the making of the

instrument; and

(b) wait at least 60 days after the day the Secretary publishes the

report relating to the making of the instrument (see

section 56AE).

31 Section 56AE

Repeal the section, substitute:

56AE Secretary must arrange for analysis, consultation and report

about an instrument proposing to designate a sector

(1) The Secretary of the Department complies with this section in

relation to the making of an instrument under subsection 56AC(2)

if the Secretary arranges for all of the following:

(a) an analysis of the matters in paragraphs 56AD(1)(a) to (e) in

relation to the instrument;

(b) public consultation about those matters in relation to the

instrument:

(i) for at least 28 days; and

(ii) in one or more ways that includes making information

available on the Department's website and inviting the

public to comment;

in relation to the instrument:

(i) the Commission;

(ii) the Information Commissioner;

Schedule 2

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Part 2

Later amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

(iii) the person or body (if any) that the Secretary believes to

be the primary regulator of the sector that the instrument

would designate;

(iv) any person or body prescribed by the regulations;

(d) the preparation of a report for the Minister about that analysis

and consultation.

(2) The Secretary must publish the report on the Department's website.

56AEA Commission must analyse an instrument proposing to

designate a sector

When the Commission is consulted under

subparagraph 56AE(1)(c)(i), the Commission must analyse the

matters in paragraphs 56AD(1)(a) to (e) in relation to the

instrument.

32 Section 56AG

Repeal the section.

33 Section 56AH

Omit "56AE, 56AF or 56AG", substitute "56AE, 56AEA or 56AF".

34 Section 56BA (heading)

Omit "

Commission

", substitute "

Minister

35 Subsection 56BA(1)

Omit "Commission", substitute "Minister".

36 Subdivision C of Division 2 of Part IVD

Repeal the Subdivision, substitute:

Subdivision C--Process for making consumer data rules etc.

56BP Minister's tasks before making the rules

Before making consumer data rules under subsection 56BA(1), the

Minister must:

Amendments of the consumer data right

Schedule 2

Later amendments

Part 2

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(a) consider the kinds of matters referred to in paragraphs

56AD(1)(a) and (b) in relation to the making of the rules; and

(b) be satisfied that the Secretary of the Department has

complied with section 56BQ in relation to the making of the

rules; and

under paragraph 56BQ(b) about the making of the rules.

56BQ Secretary must arrange for consultation and report before the

rules are made

The Secretary of the Department complies with this section in

relation to the making of consumer data rules if the Secretary

arranges for all of the following:

(a) an analysis of the kinds of matters referred to in paragraphs

56AD(1)(a) and (b) in relation to the making of the rules;

(b) public consultation about the making of the rules:

(i) for at least 28 days; and

(ii) in one or more ways that includes making information

available on the Department's website and inviting the

public to comment;

the rules:

(i) the Commission;

(ii) the Information Commissioner;

(iii) the person or body (if any) that the Secretary believes to

be the primary regulator of the sector;

(iv) any person or body prescribed by the regulations;

(d) the preparation of a report for the Minister about that analysis

and consultation.

56BR Commission and Information Commissioner must analyse the

proposed rules

When consulted under paragraph 56BQ(c), the Commission and

the Information Commissioner must each analyse the kinds of

matters referred to in paragraphs 56AD(1)(a) and (b) in relation to

the making of the rules.

Schedule 2

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Part 2

Later amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

56BS Emergency rules: public consultation not required etc.

(1) The Minister may make consumer data rules under

subsection 56BA(1):

(a) without complying with paragraph 56BP(b) or (c); but

(b) after consulting the Commission and Information

Commissioner;

if the Minister believes (whether or not that belief is reasonable)

that it is necessary to do so in order to avoid a risk of serious harm

to:

Australian economy; or

(d) the interests of consumers.

Note:

The Minister still needs to comply with paragraph 56BP(a).

(2) However, a failure to comply with paragraph (1)(b) of this section

does not invalidate consumer data rules made as described in

subsection (1).

Note:

Such rules may have a limited life (see section 56BT).

56BT Emergency rules: consequences if made

If:

(a) the Minister makes consumer data rules as described in

subsection 56BS(1) (the

emergency rules

); and

(b) the emergency rules are made without consulting either the

Commission or the Information Commissioner, or both;

the emergency rules cease to be in force 6 months after the day

they are made.

Note:

If the emergency rules vary other consumer data rules, this section

causes only the emergency rules to cease to be in force.

56BTA Other matters

A failure to comply with section 56BP, 56BQ or 56BR does not

invalidate consumer data rules made under subsection 56BA(1).

37 Section 56DA (heading)

Omit "

Commission

", substitute "

Minister

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Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

38 Subsections 56DA(1) and (2)

Omit "Commission", substitute "Minister".

39 Subsection 56DA(3)

Omit "Commission" (wherever occurring), substitute "Minister".

40 Subsection 56DA(4)

Omit "Commission must consult the Information Commissioner about

the scheme", substitute "Minister must arrange for the Information

Commissioner to be consulted about the scheme".

41 Paragraph 56GA(1)(b)

Repeal the paragraph, substitute:

(b) to consult with or advise any of the following about any

matter relevant to the operation of this Part (or the operation

of instruments made under this Part):

(i) the Minister;

(ii) the Secretary of the Department;

(iii) the Commission;

(iv) the Data Standards Chair.

42 After section 56GA

Insert:

56GAA Delegation by Secretary

(1) The Secretary of the Department may, in writing, delegate all or

any of the Secretary's functions or powers under this Part to an

SES employee, or an acting SES employee, in the Department.

Note:

Sections 34AA to 34A of the

Acts Interpretation Act 1901

contain

provisions relating to delegations.

(2) In performing a delegated function or exercising a delegated

power, the delegate must comply with any written directions of the

Secretary.

Schedule 2

Amendments of the consumer data right

Part 2

Later amendments

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

56GAB Concurrent operation of State and Territory laws

The CDR provisions are not intended to exclude or limit the

operation of a law of a State or Territory that is capable of

operating concurrently with the CDR provisions.

43 After subsection 157AA(2)

Insert:

Disclosure to the Secretary

(2A) The Commission or a Commission official may disclose to:

(a) the Secretary of the Department; or

(b) any employee of the Department or consultant assisting the

Secretary in performing the Secretary's functions, or

exercising the Secretary's powers, relating to Part IVD;

any information that the Commission obtains under this Act, or the

consumer data rules, that is relevant or likely to be relevant to the

functions or powers referred to in paragraph (b).

Note:

The

Privacy Act 1988

also contains provisions relevant to the use and

disclosure of information.

(2B) The Secretary or a person mentioned in paragraph (2A)(b) must

only use the information:

(a) for a purpose connected with the performance of the

functions, or the exercise of the powers, referred to in

paragraph (2A)(b); and

(b) in accordance with any conditions imposed under

subsection (4).

44 Subsection 157AA(4)

Omit "(1) or (3)", substitute "(1), (2A) or (3)".

45 Application, saving and transitional provisions

Consultation underway for designating a sector

(1)

Despite the amendments of Part IVD of the

Competition and Consumer

Act 2010

made by this Part, Part IVD of that Act continues to apply, in

relation to consultation by the Minister:

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Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(a) starting before the commencement of this Part; and

(b) under subsection 56AD(2) of that Act (as in force

immediately before that commencement);

as if those amendments had not been made.

Existing rules taken to be have been made by the Minister

(2)

Despite the amendments of Part IVD of the

Competition and Consumer

Act 2010

made by this Part, rules made by the Commission that are in

force under subsection 56BA(1) of that Act immediately before the

commencement of this Part:

(a) continue in force; and

(b) may be dealt with;

on and after that commencement as if they had been made by the

Minister under that subsection as amended by this Part.

Consultation underway for making consumer data rules

(3)

If:

(a) at a time (the

consultation start time

) before the

commencement of this Part, the Commission begins

consulting the public under paragraph 56BQ(1)(a) of the

Competition and Consumer Act 2010

(as in force at that time)

about the making of consumer data rules; and

(b) immediately before the commencement of this Part, the rules

that were the subject of that consultation have yet to be

made;

then, on and after that commencement, Subdivision C of Division 2 of

Part IVD of that Act applies to that consultation as if the Secretary had

arranged for it to begin under paragraph 56BQ(b) of that Act (as

amended by this Part) at the consultation start time.

Schedule 3

Incentivising charities to join the National Redress Scheme

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Schedule 3--Incentivising charities to join the

National Redress Scheme

Australian Charities and Not-for-profits Commission Act

2012

1 At the end of section 205-35

Add:

(6) An entity is also not a

basic religious charity

at a time if:

(a) either:

(i) an application for redress is made under section 19 of

the

National Redress Scheme for Institutional Child

Sexual Abuse Act 2018

that identifies the entity as being

involved in the abuse of a person; or

(ii) an application for redress is made and

information is

given in response to a request under section 24 or 25 of

that Act that identifies the entity as being involved in

the abuse of a person; and

(b) the application for redress has not been withdrawn under

section 22 of that Act; and

(within the meaning of that Act) on a particular day (the

relevant day

However, if an entity becomes a participating non-government

institution after the relevant day, this subsection does not apply to

the entity at any time during which the entity is a participating

non-government institution.

(7) For the purposes of subsection (6), it does not matter whether the

application is valid.

(8) For the purposes of paragraph (6)(c), the relevant day is:

(a) for applications made before 1 January 2021--the later of the

following days:

(i) the day this section commences;

(ii) if, on the day this section commences, the 6 month

period beginning on the day the application was made

Incentivising charities to join the National Redress Scheme

Schedule 3

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

has not ended, the day after the end of that 6 month

period; or

(b) in any other case--the latest of the following days:

(i) if a request is made under section 24 or 25 of that Act in

relation to the application and information is given in

response to the request, the day after the end of the 6

month period that begins on the day that the information

is given;

(ii) if a request is made under section 24 or 25 of that Act in

relation to the application and information is not given

in response to the request, the day after the end of the 6

month period that begins on the day the application is

made;

(iii) if a request is not made under section 24 or 25 of that

Act in relation to the application, the day after the end

of the 6 month period that begins on the day the

application is made;

(iv) the day prescribed by the regulations.

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Schedule 4--Minor and technical amendments

Part 1--Amendments commencing day after Royal

Assent

Division 1

--Amendments

Australian Charities and Not-for-profits Commission Act

2012

1 At the end of section 60-65

Add:

Note:

Section 175-35 provides for an administrative penalty for failing to

give the Commissioner a statement required by this Act within the

required time.

Australian Securities and Investments Commission Act 2001

2 Subsection 12(1)

Omit "may give ASIC a written direction", substitute "may, by

legislative instrument, give ASIC a direction".

3 Subsection 12(5)

Repeal the subsection.

4 In the appropriate position

Insert:

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Part 33--Transitional provision relating to the

Treasury Laws Amendment (2020

Measures No. 6) Act 2020

331 Transitional--directions by Minister

A direction given under subsection 12(1) of this Act that is in force

immediately before the commencement of Part 1 of Schedule 4 to

the

Treasury Laws Amendment (2020 Measures No. 6) Act 2020

continues in force (and may be dealt with) as if it had been given

under that subsection as amended by that Part.

Business Names Registration Act 2011

5 Section 88

Repeal the section.

6 Paragraph 1(a) of Schedule 1

Omit "

Co-operatives Act 1992

", substitute "

Co-operatives (Adoption of

National Law) Act 2012

7 Paragraph 2(a) of Schedule 1

Omit "

Co-operatives Act 1996

", substitute "

Co-operatives National

Law Application Act 2013

8 Paragraph 5(a) of Schedule 1

Repeal the paragraph, substitute:

(a) the register of co-operatives established under the

Co-operatives National Law (South Australia) Act 2013

South Australia;

9 Paragraph 6(a) of Schedule 1

Omit "

Cooperatives Act 1999

", substitute "

Co-operatives National Law

(Tasmania) Act 2015

10 Paragraph 7(a) of Schedule 1

Repeal the paragraph, substitute:

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

(a) the register of co-operatives established under the

Co-operatives National Law (ACT) Act 2017

of the

Australian Capital Territory;

11 Paragraph 8(a) of Schedule 1

Omit "

Co-operatives Act

", substitute "

Co-operatives (National Uniform

Legislation) Act 2015

Commonwealth Grants Commission Act 1973

12 Subsection 5(2)

Omit "the Northern Territory" (second and third occurring), substitute

"that Territory".

13 Subsection 8(3)

Omit "his or her", substitute "the member's".

14 Subsection 8(6A)

Omit "his or her", substitute "the Chairperson's".

15 Subsection 8(6A) and section 9

Omit "he or she shall", substitute "the Chairperson is to".

16 Subsection 9A(1)

Omit "he or she shall", substitute "the member is to".

17 Subsection 11(1)

Repeal the subsection, substitute:

(1) A member may resign the member's appointment by giving the

Governor-General a written resignation.

(1A) The resignation takes effect on the day it is received by the

Governor-General or, if a later day is specified in the resignation,

on that later day.

18 Subsection 12(7)

Omit "his or her", substitute "the member's".

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

19 Subsection 12(7)

Omit "he or she", substitute "the member".

20 Paragraph 13(1)(c)

Omit "his or her", substitute "the Chairperson's".

21 Paragraph 13(2)(c)

Omit "his or her", substitute "the part-time member's".

22 Subsections 14(5) and 15(1)

Omit "he or she", substitute "the Chairperson".

23 Section 16AA (heading)

Omit "

Inquiries relating

", substitute "

Assistance

24 Subsection 19(1)

Omit "may, by writing under his or her hand, determine", substitute

"may determine in writing".

25 Subsection 19(2)

Omit "he or she may, by writing under his or her hand", substitute "the

Chairperson may, in writing".

26 After subsection 19(2)

Insert:

(2A) A determination made under subsection (1) is not a legislative

instrument.

27 Subsection 23(1)

Omit "him or her", substitute "the person".

28 Section 24

Omit "he or she", substitute "the person".

29 Subsection 25(3)

Omit "him or her as he or she", substitute "the Minister as the

Minister".

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Competition and Consumer Act 2010

30 Section 4B

Repeal the section, substitute:

4B Consumers

For the purposes of this Act, unless the contrary intention appears,

a person is taken to have acquired particular goods or services as a

consumer

if the person would be taken to have acquired the goods

or services as a consumer under section 3 of the Australian

Consumer Law.

31 Subsection 56AI(4)

Omit "Subsection 4B(1)", substitute "Section 4B".

32 Subsection 90(8)

Omit "to the extent that", substitute "if".

33 Paragraph 154G(1)(d)

After "accessible by doing so", insert "(including evidential material not

held at the premises)".

34 Subsection 154V(3) (heading)

Omit "

Affect

", substitute "

Effect

Note:

This item fixes a grammatical error.

35 Section 260 of Schedule 2

Before "A failure", insert "(1)".

36 At the end of section 260 of Schedule 2

Add:

(2) A failure to comply with a guarantee referred to in

section 259(1)(b) that applies to a supply of goods is also a

major

failure

if:

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

(a) the failure is one of 2 or more failures to comply with a

guarantee referred to in section 259(1)(b) that apply to the

supply; and

(b) the goods would not have been acquired by a reasonable

consumer fully acquainted with the nature and extent of those

failures, taken as a whole.

Note:

The multiple failures do not need to relate to the same guarantee.

(3) Subsection (2) applies regardless of whether the consumer has

taken action under section 259 in relation to any of the failures.

37 Section 268 of Schedule 2

Before "A failure", insert "(1)".

38 At the end of section 268 of Schedule 2

Add:

(2) A failure to comply with a guarantee referred to in

section 267(1)(b) that applies to a supply of services is also a

major failure

if:

(a) the failure is one of 2 or more failures to comply with a

guarantee referred to in section 267(1)(b) that apply to the

supply; and

(b) the services would not have been acquired by a reasonable

consumer fully acquainted with the nature and extent of those

failures, taken as a whole.

Note:

The multiple failures do not need to relate to the same guarantee.

(3) Subsection (2) applies regardless of whether the consumer has

taken action under section 267 in relation to any of the failures.

39 In the appropriate position in Chapter 6 of Schedule 2

Insert:

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Part 6--Application and transitional provisions

relating to the Treasury Laws Amendment

(2020 Measures No. 6) Act 2020

303 Application of amendments relating to multiple non-major

consumer guarantee failures

(1) The amendments made by Part 1 of Schedule 4 to the

Treasury

Laws Amendment (2020 Measures No. 6) Act 2020

apply in

relation to goods supplied under a contract entered into on or after

the day that that Part commences.

(2) The amendments made by Part 1 of Schedule 4 to the

Treasury

Laws Amendment (2020 Measures No. 6) Act 2020

apply in

relation to a services supplied under a contract entered into on or

after the day that that Part commences.

Corporations Act 2001

40 Section 9

Insert:

ASIC delegate

has the same meaning as in the ASIC Act.

41 Section 9 (definition of

Commission delegate

)

Repeal the definition.

42 Section 9 (paragraph (c) of the definition of

professional

investor

)

Repeal the paragraph, substitute:

Financial Sector (Collection of Data) Act 2001

;

43 Section 106

Omit "a Commission", substitute "an ASIC".

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

44 Section 106

Omit "the Commission", substitute "the ASIC".

45 Paragraph 761EA(10)(b)

Omit "for the purposes of the

Legislative Instruments Act 2003

Note:

This item removes an incorrect and redundant citation of a short title of an Act.

46 Subsection 850B(2)

Omit "earlier than the day after the last day on which the regulations

may be disallowed under Part 5 of the

Legislative Instruments Act

2003

", substitute "before the first day those regulations are no longer

liable to be disallowed, or to be taken to have been disallowed, under

section 42 of the

Legislation Act 2003

Note:

This item fixes an incorrect cross-reference and an incorrect citation of a short title of an

Act.

47 Paragraph 985M(6)(b)

Omit "for the purposes of the

Legislative Instruments Act 2003

Note:

This item removes an incorrect and redundant citation of a short title of an Act.

48 Subsection 1017BB(5AA) (heading)

Repeal the heading.

Note:

This item and item 49 relocate a subsection heading to its appropriate position.

49 Before subsection 1017BB(6)

Insert:

Definitions

Note:

This item and item 48 relocate a subsection heading to its appropriate position.

50 Paragraph 1315(1)(b)

Omit "a Commission", substitute "an ASIC".

51 Subsection 1317E(3) (table item dealing with

subsection 588GAB(2))

Omit "Subsection", substitute "subsection".

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

Note:

This item changes the capitalisation of the first word in a table item, for consistency

with current drafting practice in that table.

52 Subsection 1317E(3) (table item dealing with

subsection 588GAC(2))

Omit "Subsection", substitute "subsection".

Note:

This item changes the capitalisation of the first word in a table item, for consistency

with current drafting practice in that table.

53 Subsection 1317E(3) (table item dealing with

subsection 1317AAE(1))

Omit "Subsection", substitute "subsection".

Note:

This item changes the capitalisation of the first word in a table item, for consistency

with current drafting practice in that table.

54 Subsection 1317E(3) (table item dealing with

subsections 1317AC(1), (2) and (3))

Omit "Subsections", substitute "subsections".

Note:

This item changes the capitalisation of the first word in a table item, for consistency

with current drafting practice in that table.

55 At the end of paragraphs 32(1)(a) to (j) of Schedule 4

Add ";".

Note:

This item adds semi-colons at the end of paragraphs, for consistency with current

drafting practice.

Life Insurance Act 1995

56 Paragraph 200(2)(b)

After "endorsed", insert "(including by electronic means)".

57 Paragraphs 211(1)(b) and 212(1)(b)

Omit "$50,000", substitute "$100,000".

58 Subsection 213(7)

Omit "$25,000", substitute "$50,000".

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

National Consumer Credit Protection Act 2009

59 Paragraph 167(3)(d)

Omit "court in foreign country", substitute "court in a foreign country".

Note:

This item fixes a grammatical error.

60 Subsections 194(3), (4) and (5) of the

National Credit Code

(headings)

Omit "

etc

", substitute "

etc.

Note:

This item fixes a spelling error.

National Consumer Credit Protection (Transitional and

Consequential Provisions) Act 2009

61 Subitem 4(2) of Schedule 8

Omit "National Consumer and Credit Protection Act 2009", substitute

National Consumer Credit Protection Act 2009

Note:

This item fixes an incorrect citation of a short title of an Act.

Superannuation Guarantee (Administration) Act 1992

62 Subsection 23(12)

Repeal the subsection, substitute:

Reduction of ordinary time earnings base if amount excluded from

employee's salary or wages

(12) If:

(a) because of section 27 or 28, an amount of an employee's

salary or wages is not taken into account for the purpose of

making a calculation under section 19; and

(b) a portion of that amount (which could be all of it) is included

in the employee's ordinary time earnings base for the quarter

in respect of the employer;

for the purposes of this section, the employee's ordinary time

earnings base for the quarter in respect of the employer is taken to

be reduced by an amount equal to that portion.

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

63 Subsection 26(1)

Omit "excluded salary or wages are paid by an employer to an

employee", substitute "the only salary or wages paid by an employer to

an employee are excluded salary or wages".

64 Subsection 27(2)

Repeal the subsection, substitute:

(2) If:

(a) an employer pays an employee salary or wages in a calendar

month; and

(b) the portion of those salary or wages that is not covered by

subsection (1) is less than $450;

that portion of those salary or wages is not to be taken into account

for the purpose of making a calculation, in relation to the employer

and the employee, under section 19.

Superannuation Industry (Supervision) Act 1993

65 Subsection 10(1)

Insert:

lifecycle exception

has the meaning given by subsection 29TC(2).

66 Paragraph 29TC(1)(c)

Omit "(see subsection (2))".

67 Paragraph 29VA(9)(b)

Omit "an age cohort identified in the governing rules in relation to the

MySuper product for the purposes of this subsection", substitute "a

subclass of the members of the fund who hold the MySuper product to

whom gains and losses from different classes of asset of the fund may

be streamed in accordance with a lifecycle exception".

68 Paragraph 29VA(9)(c)

Repeal the paragraph.

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

69 Paragraph 29VA(9)(d)

Repeal the paragraph, substitute:

(d) the investment fees for each such subclass reflect a fair and

reasonable attribution of the investment costs of the fund

between all such subclasses.

70 After subsection 68AAA(2)

Insert:

(2A) A member's election:

(a) that:

(i) is given under subsection (2); or

(ii) because of a previous application of this subsection, is

taken to have been given under subsection (2);

to the trustee of a regulated superannuation fund (the

original

fund

); and

(b) that is in force immediately before the transfer of the benefits

of the member from the original fund to another regulated

superannuation fund (the

successor fund

);

continues in force (and may be dealt with) as if it had been given

under subsection (2) to the trustee of the successor fund, if:

to the rights the member had under the original fund in

respect of the benefits; and

(d) before the transfer, the trustee of the successor fund had

agreed with the trustee of the original fund that the successor

fund will confer such equivalent rights on the member.

71 After subsection 68AAB(3)

Insert:

(3A) A member's election:

(a) that:

(i) is given under subsection (2); or

(ii) because of a previous application of this subsection, is

taken to have been given under subsection (2);

to the trustee of a regulated superannuation fund (the

original

fund

); and

Schedule 4

Minor and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

No. , 2020

(b) that is in force immediately before the transfer of the benefits

of the member from the original fund to another regulated

superannuation fund (the

successor fund

);

continues in force (and may be dealt with) as if it had been given

under subsection (2) to the trustee of the successor fund, if:

to the rights the member had under the original fund in

respect of the benefits; and

(d) before the transfer, the trustee of the successor fund had

agreed with the trustee of the original fund that the successor

fund will confer such equivalent rights on the member.

72 After subsection 68AAC(3)

Insert:

(3A) A member's election:

(a) that:

(i) is given under subsection (2); or

(ii) because of a previous application of this subsection, is

taken to have been given under subsection (2);

to the trustee of a regulated superannuation fund (the

original

fund

); and

(b) that is in force immediately before the transfer of the benefits

of the member from the original fund to another regulated

superannuation fund (the

successor fund

);

continues in force (and may be dealt with) as if it had been given

under subsection (2) to the trustee of the successor fund, if:

to the rights the member had under the original fund in

respect of the benefits; and

(d) before the transfer, the trustee of the successor fund had

agreed with the trustee of the original fund that the successor

fund will confer such equivalent rights on the member.

73 Subsection 105(3) (paragraph (a) of the definition of

member or beneficiary report

)

Omit "

Superannuation (Excluded Funds) Taxation Act 1987

", substitute

Superannuation (Self Managed Superannuation Funds) Taxation Act

1987

Minor and technical amendments

Schedule 4

Amendments commencing day after Royal Assent

Part 1

No. , 2020

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Superannuation (Unclaimed Money and Lost Members) Act

1999

74 Subparagraph 20QA(1)(a)(ix)

Omit "68AAB(5)", substitute "68AAB(2), (5)".

75 At the end of paragraph 20QA(1)(a)

Add:

(x) no benefit that despite section 68AAC of the SIS Act

could, because of the application of

subsection 68AAC(2) of that Act, be provided to, or in

respect of, the member under the product by taking out

or maintaining insurance is provided in that way; and

Taxation Administration Act 1953

76 Subsection 14ZL(1)

Omit "of regulations", substitute "a legislative instrument".

77 Subparagraph 284-75(4)(b)(iii) in Schedule 1

Omit "by you", substitute "to you".

78 Paragraph 396-115(1)(a) in Schedule 1

After "Entity", insert "(other than a

self managed superannuation fund

or a

small superannuation fund)".

79 After paragraph 396-115(3)(a) in Schedule 1

Insert:

(aa) a

self managed superannuation fund account;

(ab) a

small superannuation fund account;

80 Paragraph 396-130(1)(d) in Schedule 1

Repeal the paragraph, substitute:

(d) one or more of the following:

(ia) the Reporting Financial Institution;

(ib) the Account Holder (within the meaning of the CRS);

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(ic) an intermediary of the Reporting Financial Institution or

the Account Holder;

(id) any other entity;

undertook a transaction, or entered into an

arrangement:

(i) for the purpose of causing the account not to be such a

Reportable Account; or

(ii) for 2 or more purposes of which that purpose is the

dominant purpose.

Division 2

--Repeals of Acts

81 Repeals of Acts

Repeal the following Acts:

Bills of Exchange Act 1971

Census and Statistics Act 1920

Census and Statistics Act 1930

Commonwealth Grants Commission Act 1976

Commonwealth Inscribed Stock Act 1913

Excise Act 1962

Income Tax Assessment Act (No. 2) 1969

Income Tax (International Agreements) Act 1960

International Finance Corporation Act 1961

International Finance Corporation Act 1963

International Finance Corporation Act 1966

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Sales Tax Assessment Act (No. 1A) 1930

Sales Tax (Exemptions and Classifications) Act 1960

States Grants (Coal Mining Industry Long Service Leave)

Act 1961

States Grants (Coal Mining Industry Long Service Leave)

Act 1968

States Grants (Petroleum Products) Act 1969

States Grants (Petroleum Products) Act (No. 2) 1965

Trade Practices Act 1975

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Part 2--Amendments commencing first day of first

quarter after Royal Assent

Income Tax Assessment Act 1997

82 Section 40-10 (table item

1.5, column headed "Major

topic")

Omit:



fodder storage assets

over 3 income years; or

substitute:



fodder storage assets

immediately; or

83 After subsection 116-30(2B)

Insert:

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

(a) you are a

complying superannuation fund, a

complying

approved deposit fund or a

pooled superannuation trust; and

(b) the

capital proceeds from the

CGT event exceed the

market value of the

CGT asset; and

statutory income,

the proceeds would be

non-arm's length income.

84 Section 118-320

Before "A

capital gain", insert "(1)".

85 At the end of section 118-320

Add:

(2) However, subsection (1) does not apply to a

capital gain if the

capital gain would, if it were an amount of

ordinary income or

statutory income received by the

complying superannuation fund,

non-arm's length income.

86 Paragraphs 230-365(a) and (d)

Omit "highly".

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87 Section 295-495 (at the end of the table)

Add:

CSF

N-CSF

RSA provider

An amount payable to a person under an income stream

because of the person's temporary inability to engage in

gainful employment

88 Subdivision 295-J (heading)

Omit "

4 years

", substitute "

5 years

89 Subsection 295-675(1)

After "income year", insert "of the provider".

90 At the end of subsection 295-675(1)

Add:

Note:

In certain circumstances the superannuation provider or RSA provider

can get a refund of the tax offset under Division 67.

91 Subsection 295-675(2)

Repeal the subsection (including the note), substitute:

(2) An amount of tax counts towards the offset for the provider for the

current year if subsection (3), (4) or (5) applies for the provider and

the tax.

Superannuation providers and RSA providers--main case

(3) This subsection applies for the provider and the tax if:

(a) the tax was payable by the provider in one of the most recent

3 income years of the provider ending before the current

year; and

(b) the tax was payable on an amount of

no-TFN contributions

income of the fund or

RSA provider; and

contribution made to the fund or provider to provide

superannuation benefits for an individual who, in the current

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year, has

quoted (for superannuation purposes) the

individual's

tax file number to the provider for the first time.

Superannuation providers of successor funds

(4) This subsection applies for the provider (the

current provider

) and

the tax if:

(a) the tax was payable on an amount of

no-TFN contributions

income that:

(i) was no-TFN contributions income of another

superannuation fund (the

previous fund

); and

(ii) was a contribution made to the previous fund to provide

superannuation benefits for an individual; and

(b) the tax was so payable by the

superannuation provider (the

previous provider

) of the previous fund; and

(i) one of the most recent 3 income years of the previous

provider ending before the current year; or

(ii) an income year of the previous provider ending or

starting in the current year; and

(d) the current provider is the superannuation provider of a

successor fund in relation to the individual and the previous

fund; and

(e) the individual:

(i) never

quoted (for superannuation purposes) the

individual's

tax file number to the previous provider;

but

(ii) has, in the current year, done so to the current provider

for the first time.

RSA providers of successor funds

(5) This subsection applies for the provider (the

current provider

) and

the tax if:

(a) the tax was payable on an amount of

no-TFN contributions

income that:

(i) was no-TFN contributions income of another

RSA

provider (the

previous provider

); and

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(ii) was a contribution made to the previous provider to

provide

superannuation benefits for an individual; and

(b) the tax was so payable by the previous provider; and

(i) one of the most recent 3 income years of the previous

provider ending before the current year; or

(ii) an income year of the previous provider ending or

starting in the current year; and

(d) the current provider is the

superannuation provider of a

successor fund in relation to the individual and an

RSA of

the previous provider; and

(e) the individual:

(i) never

quoted (for superannuation purposes) the

individual's

tax file number to the previous provider

but

(ii) has, in the current year, done so to the current provider

for the first time.

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

Omit "or subsection 24G(2) or (3A)", substitute "or subsection 24G(2)

or (3A) or 24NA(2), (3) or (4)".

93 Paragraph 307-120(2)(e)

Omit "or 24G(2), (3A) or (3B)", substitute ", 24G(2), (3A) or (3B) or

24NA(2), (3) or (4)".

94 Subsection 307-142(1)

Omit "or 24G(2), (3A) or (3B)", substitute ", 24G(2), (3A) or (3B) or

24NA(2), (3) or (4)".

95 Subsection 307-142(2) (method statement, step 1, at the

end of the note)

Add:

A payment under subsection 24NA(2) or (3) of that Act may be

attributable to more than one unclaimed amount.

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96 Subsection 307-142(3B)

Omit "or 24G(3A) or (3B)", substitute ", 24G(3A) or (3B) or

24NA(4)".

97 Subsection 307-300(1)

Omit "or 24G(2)", substitute ", 24G(2) or 24NA(2) or (3)".

98 Subsection 307-300(2) (method statement, step 1, at the

end of the note)

Add:

A payment under subsection 24NA(2) or (3) of that Act may be

attributable to more than one unclaimed amount.

99 After section 376-245

Insert:

376-247 Delegation by Arts Minister

(1) The

Arts Minister may, in writing, delegate all or any of the Arts

Minister's powers under the provisions mentioned in subsection (2)

to:

(a) the

Arts Secretary; or

(b) an SES employee, or acting SES employee, in the

Department administered by the Arts Minister.

(2) For the purposes of subsection (1), the provisions are as follows:

(a) section 376-20 (issue of certificate for location offset);

(b) section 376-30 (determination of qualifying Australian

production expenditure for location offset);

(d) section 376-50 (determination of qualifying Australian

production expenditure for PDV offset);

(e) section 376-235 (notice of refusal to issue certificate for

location offset or PDV offset);

(f) section 376-245 (revocation of certificate for location offset

or PDV offset).

(3) In exercising powers under a delegation, the delegate must comply

with any directions of the Arts Minister.

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100 After paragraph 820-935(3)(a)

Insert:

(aa) the United Kingdom;

101 Paragraph 830-15(5)(a)

Omit "485AA(1)", substitute "485AA(2)".

Tax Agent Services Act 2009

102 Paragraphs 20-5(1)(c) and (d)

Repeal the paragraphs, substitute:

individual maintains, or will be able to maintain, professional

indemnity insurance that meets the Board's requirements;

and

(d) in the case of a renewal of registration--the individual:

(i) maintains, at the time of applying for registration,

professional indemnity insurance that meets the Board's

requirements; and

(ii) has completed continuing professional education that

meets the Board's requirements.

103 Paragraph 20-5(2)(d)

Repeal the paragraph, substitute:

(d) in the case of registration which is not a renewal--the

partnership maintains, or will be able to maintain,

professional indemnity insurance that meets the Board's

requirements; and

(e) in the case of a renewal of registration--the partnership

maintains, at the time of applying for registration,

professional indemnity insurance that meets the Board's

requirements.

104 Paragraph 20-5(3)(e)

Repeal the paragraph, substitute:

(e) in the case of registration which is not a renewal--the

company maintains, or will be able to maintain, professional

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indemnity insurance that meets the Board's requirements;

and

(f) in the case of a renewal of registration--the company

maintains, at the time of applying for registration,

professional indemnity insurance that meets the Board's

requirements.

105 Paragraph 20-50(1)(a)

After "30 days", insert ", but not more than 90 days,".

106 Paragraph 20-50(1)(b)

Omit "shorter", substitute "other".

107 Subsection 20-50(2)

Repeal the subsection, substitute:

(2) Your registration is taken to continue until your application is

decided, or you withdraw your application, whichever happens

first.

108 Section 30-35

Omit "business or email address" (wherever occurring), substitute

"address for service of notices".

109 Paragraphs 40-5(3)(b), 40-10(2A)(b) and 40-15(2A)(b)

Repeal the paragraphs, substitute:

(b) either:

(i) the Board considers that, due to a current investigation

or the outcome of an investigation, it would be

inappropriate to terminate your registration; or

(ii) the Board, within 30 days after receiving your surrender

notice, decides to investigate you and considers that it

would be inappropriate to terminate your registration.

110 Paragraph 70-10(d)

Omit "a shorter", substitute "another".

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111 At the end of Division 70

Add:

Subdivision 70-F--Address for service of notices

Table of sections

70-60

Address for service of notices

70-65

How documents may be given

70-60 Address for service of notices

(1) An entity's address for service of notices by the Board for the

purposes of this Act is:

(a) a physical address in Australia; or

(b) a postal address in Australia; or

that the entity has given the Board as the entity's address for

service for the purposes of this Act.

(2) If an entity has given the Board more than one address for service

for the purposes of subsection (1), the entity's address for service is

such of those addresses as the Board considers reasonable in the

circumstances.

(3) If an entity has not given the Board an address for service, the

entity's address for service is the address that the Board reasonably

believes to be the entity's address for service for the purposes of

this Act.

70-65 How documents may be given

(1) For the purposes of this Act, a document (however described) may

be given to an entity:

(a) in the manner specified in section 28A of the

Acts

Interpretation Act 1901

; or

(b) if the entity's address for service is an electronic address--by

sending it to that address; or

been appointed--by leaving it at, or posting it to, the address

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of the liquidator's office in the most recent notice of that

address lodged with

ASIC; or

(d) if the entity is a company and an administrator of the

company has been appointed--by leaving it at, or posting it

to, the address of the administrator in the most recent notice

of that address lodged with ASIC.

(2) Despite section 29 of the

Acts Interpretation Act 1901

, a document

posted under subsection (1) of this section is taken to be given at

the time the Board posts it.

(3) This Subdivision has effect despite paragraphs 9(1)(d) and (2)(d)

of the

Electronic Transactions Act 1999

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Part 3--Amendments with other commencements

Corporations (Aboriginal and Torres Strait Islander) Act

2006

112 After subsection 308-5(1)

Insert:

(1A) The Commonwealth Registrar may make a request of the person

under subsection (5) for the purposes of satisfying the

Commonwealth Registrar that the person's identity has been

established.

113 At the end of section 308-5

Add:

(5) The Commonwealth Registrar may request, but not compel, the

person:

(a) if the person has a tax file number--to give the

Commonwealth Registrar a written statement of the person's

tax file number; or

(b) if the person does not have a tax file number:

(i) to apply to the Commissioner of Taxation for a tax file

number; and

(ii) to give the Commonwealth Registrar a written statement

of the person's tax file number after the Commissioner

of Taxation has issued it.

Corporations Act 2001

114 Section 106 (heading)

Before "

delegates

", insert "

ASIC

115 Subsection 163(4)

Omit "be in the prescribed form", substitute "meet any requirements of

the data standards".

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116 Subsection 346A(1A)

Repeal the subsection.

117 Paragraph 446A(5)(a)

After "lodge", insert "with the Registrar".

118 At the end of section 446A

Add:

(8) A lodgement under paragraph (5)(a) must meet any requirements

of the data standards.

119 Paragraph 491(2)(a)

Omit "ASIC, in the prescribed form,", substitute "the Registrar".

120 At the end of section 491

Add:

(3) A lodgement under paragraph (2)(a) must meet any requirements

of the data standards.

121 Paragraph 994F(5)(b)

Omit "days. after", substitute "days, after".

122 Paragraph 1053A(d)

Omit "section 90MZB", substitute "section 90XZB or 90YZR".

123 After subsection 1272(1)

Insert:

(1A) The Registrar may make a request of the person under

subsection (5) for the purposes of satisfying the Registrar that the

person's identity has been established.

124 At the end of section 1272

Add:

(5) The Registrar may request, but not compel, the person:

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(a) if the person has a tax file number--to give the Registrar a

written statement of the person's tax file number; or

(b) if the person does not have a tax file number:

(i) to apply to the Commissioner of Taxation for a tax file

number; and

(ii) to give the Registrar a written statement of the person's

tax file number after the Commissioner of Taxation has

issued it.

125 Subsection 1653(4)

Omit "paragraph 1272C(2)(b)", substitute

"subparagraph 1272C(2)(a)(ii)".

Income Tax Assessment Act 1936

126 At the end of Division 8 of Part VA

Add:

204 Disclosure of tax file numbers to certain registrars

(1) If:

(a) the Commissioner is appointed as the Commonwealth

Registrar (within the meaning of the

Corporations

(Aboriginal and Torres Strait Islander) Act 2006

); and

(b) no other person or body is appointed as that registrar;

the Commissioner may disclose the tax file number of a person to

that registrar if the disclosure is made for the purposes of

facilitating the administration of Part 6-7A of that Act.

(2) If:

(a) the Commissioner is appointed as the Registrar (within the

meaning of the

Corporations Act 2001

); and

(b) no other person or body is appointed as that registrar;

the Commissioner may disclose the tax file number of a person to

that registrar if the disclosure is made for the purposes of

facilitating the administration of Part 9.1A of that Act.

(3) To avoid doubt, subsection (1) or (2) applies to the disclosure of

the person's tax file number whether or not that registrar has

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requested the person, or the Commissioner, to give the tax file

number to that registrar.

Superannuation Industry (Supervision) Act 1993

127 Subsection 126A(7)

After "given", insert "by the Regulator".

128 Subsection 344(1)

After "of the Regulator", insert "or the Registrar".

129 Subsection 344(1)

Omit "request the Regulator", substitute "request the decision maker".

130 Subsection 344(2)

Omit "Regulator" (wherever occurring), substitute "decision maker".

131 After subsection 344(2)

Insert:

(2A) If the Registrar is the decision maker, the request must meet any

requirements of the data standards.

132 Subsection 344(4) (heading)

Omit "

Regulator

", substitute "

Decision maker

133 Subsections 344(4) and (5)

Omit "Regulator" (wherever occurring), substitute "decision maker".

134 Subsection 344(6) (heading)

Omit "

Regulator's

", substitute "

Decision maker's

135 Subsection 344(6)

Omit "Regulator" (wherever occurring), substitute "decision maker".

136 Subsection 344(7) (heading)

After "

Taxation

", insert "

if Regulator is decision maker

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137 Subsection 344(7)

After "If the Regulator", insert "is the decision maker and the

Regulator".

138 Subsection 344(8) (heading)

Omit "

of Regulator's decisions

139 Subsection 344(8)

Omit "of the Regulator".

140 Paragraphs 345(1)(a) and (b)

After "Regulator", insert "or the Registrar, as the case may be,".

141 Subsection 345(2)

After "Regulator", insert "or the Registrar".

Taxation Administration Act 1953

142 Section 269-50 in Schedule 1

Omit "

ASIC", substitute "the

Registrar".

143 After section 355-65 in Schedule 1

Insert:

355-67 Exception--disclosure to registrars

(1) Section 355-25 does not apply if:

(a) the entity is a

taxation officer; and

(b) the Commissioner is appointed as a registrar specified in

subsection (2); and

(d) the record or the disclosure is made for the purposes of the

performance of that registrar's functions, or the exercise of

that registrar's powers.

Note:

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

this subsection: see subsection 13.3(3) of the

Criminal Code

(2) The following registrars are specified:

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(a) the

Registrar;

(b) the Registrar (within the meaning of the

Business Names

Registration Act 2011

);

Corporations Act

2001

);

(e) the Registrar (within the meaning of the

National Consumer

Credit Protection Act 2009

144 After paragraph 355-67(2)(c) in Schedule 1

Insert:

(d) the Registrar (within the meaning of the

Foreign Acquisitions

and Takeovers Act 1975

);

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Part 4--Application of amendments

145 Application of Part 1 amendments

(1)

The amendment of section 200 of the

Life Insurance Act 1995

made by

Part 1 of this Schedule applies in relation to a policy issued before, on

or after the commencement of that Part.

(2)

The amendments of subsection 29VA(9) of the

Superannuation

Industry (Supervision) Act 1993

made by Part 1 of this Schedule apply

in relation to a fee in relation to a MySuper product during a period that

begins on or after the commencement of that Part.

(3)

The amendments of paragraph 20QA(1)(a) of the

Superannuation

(Unclaimed Money and Lost Members) Act 1999

made by Part 1 of this

Schedule apply in relation to unclaimed money days that occur on or

after 1 April 2020.

146 Application of Part 2 amendments

(1)

The amendment of section 116-30 of the

Income Tax Assessment Act

1997

made by Part 2 of this Schedule applies to income years starting

on or after the day this Act receives the Royal Assent.

(2)

The amendments of section 118-320 of the

Income Tax Assessment Act

1997

made by Part 2 of this Schedule apply to income years starting on

or after the day this Act receives the Royal Assent.

(3)

The amendments of paragraphs 230-365(a) and (d) of the

Income Tax

Assessment Act 1997

made by Part 2 of this Schedule apply for the

purposes of determining whether the requirement of section 230-365 of

that Act is met in relation to a hedging financial arrangement on or after

1 January 2021 (regardless of whether an entity started to have the

hedging financial arrangement before, on or after that day).

(4)

The amendment of section 295-495 of the

Income Tax Assessment Act

1997

made by Part 2 of this Schedule applies in relation to the 2007-08

income year and later income years.

(5)

The amendments of section 295-675 of the

Income Tax Assessment Act

1997

made by Part 2 of this Schedule apply in relation to a tax offset for

the 2020-21 income year and later income years.

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(6)

The amendment of subsections 307-5(1), 307-120(2), 307-142(1) and

(2), 307-142(3B) and 307-300(1) and (2) of the

Income Tax Assessment

Act 1997

made by Part 2 of this Schedule apply in relation to payments

made by the Commissioner on or after 13 March 2019.

(7)

The amendment of subsection 820-935(3) of the

Income Tax

Assessment Act 1997

made by Part 2 of this Schedule applies in relation

to financial statements prepared before, at or after the commencement

of that Part.

(8)

The amendments of the

Tax Agent Services Act 2009

made by Part 2 of

this Schedule apply to an application for renewal of registration whether

made before, on or after the commencement of that Part.

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