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This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (2021
Measures No. 7) Bill 2021
No. , 2021
(Treasury)
A Bill for an Act to amend the law relating to
taxation and superannuation, and for related
purposes
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Sharing economy reporting regime
3
Taxation Administration Act 1953
3
Schedule 2--Transitional provisions relating to the repeal of
the Superannuation (Resolution of Complaints)
Act 1993
5
Treasury Laws Amendment (Putting Consumers First--Establishment
of the Australian Financial Complaints Authority) Act 2018
5
Schedule 3--Removing the self-education expenses threshold
7
Fringe Benefits Tax Assessment Act 1986
7
Income Tax Assessment Act 1936
9
Income Tax Assessment Act 1997
10
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
1
A Bill for an Act to amend the law relating to
1
taxation and superannuation, and for related
2
purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act is the
Treasury Laws Amendment (2021 Measures No. 7)
6
Act 2021
.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
2
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
No. , 2021
1
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
The day after this Act receives the Royal
Assent.
4. Schedule 3
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
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Sharing economy reporting regime
Schedule 1
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
3
Schedule 1--Sharing economy reporting
1
regime
2
3
Taxation Administration Act 1953
4
1 Section 396-55 in Schedule 1 (at the end of the table)
5
Add:
6
7
15
an operator of an
electronic distribution
platform (within the
meaning of the
*
GST
Act, but disregarding
paragraph 84-70(1)(c)
of that Act)
the provision of consideration (within the meaning
of the GST Act) by an entity to another entity (the
supplier
) wholly or partly for a
*
supply made by
the supplier through the electronic distribution
platform, if:
(a) the supply is connected with the indirect tax
zone (within the meaning of the GST Act), or
would be connected with the indirect tax zone
(within the meaning of the GST Act) if the
definition of
indirect tax zone
in the GST Act
included the external Territories; and
(b) no amount is required by Division 12 to be
withheld from the payment of the consideration;
and
(c) the operator and the supplier are not
*
members
of the same
*
consolidated group or
*
MEC
group; and
(d) the supply is not any of the following:
(i) a supply by way of transfer of ownership
of goods (within the meaning of the GST
Act);
(ii) a supply by way of transfer of ownership
of real property (within the meaning of
the GST Act);
(iii) a financial supply (within the meaning
of the GST Act)
2 Application of amendment
8
The amendment made by this Schedule applies in relation to
9
transactions entered into on or after:
10
Schedule 1
Sharing economy reporting regime
4
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
No. , 2021
(a) for a transaction relating to a supply of taxi travel (within the
1
meaning of the
A New Tax System (Goods and Services Tax)
2
Act 1999
)--1 July 2022; or
3
(b) for a transaction relating to a supply of short-term
4
accommodation--1 July 2022; or
5
(c) in any other case--1 July 2023.
6
Transitional provisions relating to the repeal of the Superannuation (Resolution of
Complaints) Act 1993
Schedule 2
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
5
Schedule 2--Transitional provisions relating
1
to the repeal of the Superannuation
2
(Resolution of Complaints) Act 1993
3
4
Treasury Laws Amendment (Putting Consumers First--
5
Establishment of the Australian Financial
6
Complaints Authority) Act 2018
7
1 Part 3 of Schedule 3 (heading)
8
Omit "
Application
", substitute "
Application, saving and
9
transitional
".
10
2 At the end of Part 3 of Schedule 3
11
Add:
12
33 Transfer of records
13
(1)
This item applies to any records or documents that were in the
14
possession of the following immediately before the commencement of
15
Part 1 of this Schedule:
16
(a) a member of the Superannuation Complaints Tribunal;
17
(b) a member of the staff of the Australian Securities and
18
Investments Commission who had been made available to the
19
Superannuation Complaints Tribunal under section 62 of the
20
Superannuation (Resolution of Complaints) Act 1993
.
21
(2)
The records and documents are to be transferred to the Australian
22
Securities and Investments Commission after that commencement.
23
Note:
The records and documents are Commonwealth records for the purposes of the
Archives
24
Act 1983
.
25
Records and documents taken to be protected information
26
(3)
For the purposes of section 127 of the
Australian Securities and
27
Investments Commission Act 2001
, a record or document transferred to
28
the Australian Securities and Investments Commission under
29
subitem (2) of this item is taken to be protected information, unless the
30
Schedule 2
Transitional provisions relating to the repeal of the Superannuation
(Resolution of Complaints) Act 1993
6
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
No. , 2021
document or record has already been lawfully made available to the
1
public.
2
34 Remittal of matters by the Federal Court
3
(1)
This item applies in relation to an appeal to the Federal Court under
4
section 46 of the
Superannuation (Resolution of Complaints) Act 1993
,
5
as in force immediately before the commencement of Part 1 of this
6
Schedule, from a determination of the Superannuation Complaints
7
Tribunal, if the appeal was not finally determined before that
8
commencement.
9
(2)
Without limiting the powers of the Federal Court, the Federal Court
10
may make an order remitting the matter to be determined by the
11
Australian Financial Complaints Authority in accordance with the
12
directions of the Court.
13
35 Transitional rules
14
(1)
The Minister may, by legislative instrument, make rules prescribing
15
matters of a transitional nature (including prescribing any saving or
16
application provisions) relating to the amendments or repeals made by
17
this Schedule.
18
(2)
To avoid doubt, the rules may not do the following:
19
(a) create an offence or civil penalty;
20
(b) provide powers of:
21
(i) arrest or detention; or
22
(ii) entry, search or seizure;
23
(c) impose a tax;
24
(d) set an amount to be appropriated from the Consolidated
25
Revenue Fund under an appropriation in this Act;
26
(e) directly amend the text of this Act.
27
Removing the self-education expenses threshold
Schedule 3
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
7
Schedule 3--Removing the self-education
1
expenses threshold
2
3
Fringe Benefits Tax Assessment Act 1986
4
1 Paragraph 19(1)(b)
5
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
6
2 Paragraph 19(1)(b)
7
Omit "either of those Acts", substitute "that Act or the
Income Tax
8
Assessment Act 1936
".
9
3 Paragraph 19(1)(ba) (subparagraph (ii) of the definition of
10
RD
)
11
Omit "section 82A of the
Income Tax Assessment Act 1936
, and
12
Divisions 28 and 900 of the
Income Tax Assessment Act 1997
, have
13
been allowable as a once-only deduction to the recipient under the
14
Income Tax Assessment Act 1936
or the
Income Tax Assessment Act
15
1997
", substitute "Divisions 28 and 900 of the
Income Tax Assessment
16
Act 1997
, have been allowable as a once-only deduction to the recipient
17
under that Act or the
Income Tax Assessment Act 1936
".
18
4 Paragraph 24(1)(b)
19
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
20
5 Paragraph 24(1)(b)
21
Omit "either of those Acts", substitute "that Act or the
Income Tax
22
Assessment Act 1936
".
23
6 Paragraph 24(1)(ba) (subparagraph (ii) of the definition of
24
RD
)
25
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
26
7 Paragraph 24(1)(ba) (subparagraph (ii) of the definition of
27
RD
)
28
Omit "either of those Acts", substitute "that Act or the
Income Tax
29
Assessment Act 1936
".
30
Schedule 3
Removing the self-education expenses threshold
8
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
No. , 2021
8 Paragraph 37(b)
1
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
2
9 Paragraph 37(c) (subparagraph (ii) of the definition of
RD
)
3
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
4
10 Paragraph 44(1)(b)
5
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
6
11 Paragraph 44(1)(b)
7
Omit "either of those Acts", substitute "that Act or the
Income Tax
8
Assessment Act 1936
".
9
12 Paragraph 44(1)(ba) (subparagraph (ii) of the definition of
10
RD
)
11
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
12
13 Paragraph 44(1)(ba) (subparagraph (ii) of the definition of
13
RD
)
14
Omit "either of those Acts", substitute "that Act or the
Income Tax
15
Assessment Act 1936
".
16
14 Paragraph 52(1)(b)
17
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
18
15 Paragraph 52(1)(b)
19
Omit "either of those Acts", substitute "that Act or the
Income Tax
20
Assessment Act 1936
".
21
16 Paragraph 52(1)(ba) (subparagraph (ii) of the definition of
22
RD
)
23
Omit "section 82A of the
Income Tax Assessment Act 1936
, and".
24
17 Paragraph 52(1)(ba) (subparagraph (ii) of the definition of
25
RD
)
26
Omit "either of those Acts", substitute "that Act or the
Income Tax
27
Assessment Act 1936
".
28
Removing the self-education expenses threshold
Schedule 3
No. , 2021
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
9
Income Tax Assessment Act 1936
1
18 Paragraph 21A(3)(b)
2
Omit "section 82A, and".
3
19 Paragraph 21A(3)(b)
4
Omit "of this Act,".
5
20 Paragraph 26AJ(2)(b)
6
Omit "section 82A, and".
7
21 Paragraph 26AJ(2)(b)
8
Omit "of this Act,".
9
22 Paragraph 26AJ(2)(d) (definition of
Reducing amount
)
10
Omit "section 82A, and".
11
23 Paragraph 26AJ(2)(d) (definition of
Reducing amount
)
12
Omit "of this Act,".
13
24 Paragraph 26AJ(3)(b)
14
Omit "section 82A, and".
15
25 Paragraph 26AJ(3)(b)
16
Omit "of this Act,".
17
26 Section 82A
18
Repeal the section.
19
27 Subsection 109CA(5)
20
Omit all the words after "expenditure,", substitute "ignoring
21
Divisions 28 (Car expenses) and 900 (Substantiation rules) of the
22
Income Tax Assessment Act 1997
".
23
Schedule 3
Removing the self-education expenses threshold
10
Treasury Laws Amendment (2021 Measures No. 7) Bill 2021
No. , 2021
Income Tax Assessment Act 1997
1
28 Section 12-
5 (table item headed "education expenses")
2
Omit:
3
limit on deduction
82A
29 Section 12-
5 (table item headed "overseas debtors
4
repayment levy")
5
Omit:
6
limit on deduction
82A
30 Section 12-
5 (table item headed "student start-up loans")
7
Omit:
8
limit on deduction
82A
31 Section 12-
5 (table item headed "trade support loan")
9
Omit:
10
limit on deduction
82A
32 Section 12-
5 (table item headed "VET student loans")
11
Omit:
12
limit on deduction
82A
33 Application of amendments
13
(1)
The amendments of the
Income Tax Assessment Act 1936
and the
14
Income Tax Assessment Act 1997
made by this Schedule apply to
15
assessments for the 2022-23 income year and later income years.
16
(2)
The amendments of the
Fringe Benefits Tax Assessment Act 1986
made
17
by this Schedule apply to the FBT year starting on 1 April 2023 and to
18
later FBT years.
19
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