Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Amendments commencing day after Royal Assent
Australian Prudential Regulation Authority Supervisory Levies Determination 2021
1 Section 9 - 2 (cell at table item 3, column headed "Minimum restricted levy amount ($)")
Omit "7,50 ", substitute "7,500".
2 At the end of the instrument
Add:
Part 10 -- Application provisions
10 - 1 Amendment of section 9 - 2
The amendment of section 9 - 2 made by Part 1 of Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 applies for the financial year beginning on 1 July 2021.
3 Subsection 323DC(1)
Omit "regulators", substitute "operators".
4 At the end of subsection 912D(3)
Add:
; (e) an obligation of a representative of the licensee under the financial services law, so far as it relates to provisions of this Act or the ASIC Act referred to in paragraphs (a), (b), (ba) and (c) of the definition of financial services law in section 761A.
5 At the end of section 912D
Add:
(6) Regulations for the purposes of paragraph (4)(b) may prescribe a civil penalty provision to the extent that it relates to the following:
(a) contraventions of specified provisions;
(b) specified matters.
6 Subsection 916B(3)
Repeal the subsection (not including the note), substitute:
(3) An authorised representative (an authoriser ) of a financial services licensee may, in that capacity, give an individual a written notice authorising that individual, for the purposes of this Chapter, to provide a specified financial service or financial services on behalf of the licensee, but only if the licensee consents in writing given to the authoriser.
7 After subsection 916B(3)
Insert:
(3A) An individual who is authorised as mentioned in subsection (3) cannot, in that capacity, authorise another person under subsection (3).
8 Subsection 916B(5A)
Omit "a body corporate", substitute "an authoriser".
9 Paragraph 916B(7)(b)
Omit "the body corporate", substitute "the authoriser".
10 Subsection 916B(9)
Omit "the body corporate", substitute "the authoriser".
11 Subsection 916F(1AA)
Repeal the subsection, substitute:
(1AA) Subsection (1) does not apply to an authorisation of a representative by an authorised representative (the authoriser ) if:
(a) the authorisation is given as mentioned in subsection 916B(3); and
(b) the relevant consent under subsection 916B(3) was given in respect of a specified class of individuals of which the representative is a member; and
(c) the representative is an employee of the authoriser; and
(d) the only financial services that the representative is authorised to provide are one or more of the following:
(i) general advice that relates to financial products covered by regulations made for the purposes of this paragraph;
(ii) dealing in financial products covered by regulations made for the purposes of this paragraph;
(iii) personal advice about a basic deposit product or about a facility for making non - cash payments that relates to a basic deposit product; and
(e) the authoriser provides information about the representative and the representative's authorisation when requested.
Note 1: Regulations made for the purposes of paragraph (d) may be expressed to cover all financial products, or only 1 or more specified kinds of financial products.
Note 2: A defendant bears an evidential burden in relation to the matters in subsection (1AA). See subsection 13.3(3) of the Criminal Code .
12 Paragraph 946C(3)(c)
Omit "5 days", substitute "5 business days".
13 Paragraph 1019B(3)(b)
Omit "5th day", substitute "fifth business day".
14 In the appropriate position in Chapter 10
Insert:
Part 10.62 -- Application provisions relating to Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022
In this Part:
"amending Part" means Part 1 of Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 .
"commencement day" means the day the amending Part commences.
1690 Application of paragraph 912D(3)(e)
(1) Paragraph 912D(3)(e), as inserted by the amending Part, applies in relation to a reportable situation that arises on or after 1 October 2021 and relates to a breach of an obligation referred to in that paragraph.
(2) If:
(a) due to subsection (1), a financial services licensee is required, under a provision of Division 3 of Part 7.6, to do a thing in relation to a reportable situation that arose before the commencement day; and
(b) that thing must be done within a period of a specified number of days after the licensee first knows about, or is reckless with respect to, particular matters; and
(c) that period began before the commencement day;
then that requirement is taken to be a requirement to do the thing within the specified number of days after the commencement day.
1691 Application of subsection 912D(6)
Subsection 912D(6), as inserted by the amending Part, applies in relation to a reportable situation that arises on or after the commencement day.
1692 Saving of regulation 7.6.04A of the Corporations Regulations 2001
Regulation 7.6.04A of the Corporations Regulations 2001 , as in force immediately before the commencement day, has effect, on and after the commencement day, as if the regulation had been made for the purposes of paragraph 916F(1AA)(1)(d) as inserted by the amending Part.
Foreign Acquisitions and Takeovers Act 1975
15 Paragraph 62A(3)(b)
Omit "subsection (1)", substitute "subsection (2)".
16 Subsection 76(4)
Omit "paragraph (1)(c)", substitute "subparagraph (1)(b)(i)".
17 At the end of subsection 3A(1)
Add:
; or (d) a COVID - 19 pandemic event 408 visa (as defined by subclause 9204(1) of Schedule 13 to the Migration Regulations 1994 ).
18 Application of amendment
The amendment of subsection 3A(1) of the Income Tax Rates Act 1986 made by this Part applies to an individual in relation to a particular time if:
(a) the time is in an income year (a pre - commencement income year ) that begins on or after 1 July 2019 but before the first 1 July to occur after the day this Part commences and the individual is a non - resident taxpayer in relation to that income year; or
(b) the time:
(i) is in a pre - commencement income year in relation to which there are one or more part - year residency periods in relation to the individual; and
(ii) is not in one of those part - year residency periods; or
(c) the time is in an income year that begins on or after the first 1 July to occur after the day this Part commences.
National Consumer Credit Protection Act 2009
19 Paragraph 50A(3)(c)
Repeal the paragraph, substitute:
(c) the obligation under paragraph 47(1)(d), so far as it relates to Commonwealth legislation that is:
(i) covered by paragraph (d) of the definition of credit legislation in subsection 5(1); and
(ii) specified in regulations made for the purposes of this subparagraph.
20 At the end of subsection 50A(3)
Add:
; (d) an obligation of a representative of the licensee under this Act, the Transitional Act, Division 2 of Part 2 of the ASIC Act or regulations made for the purpose of that Division.
21 After subsection 50A(5)
Insert:
(5A) Regulations for the purposes of paragraph (4)(b) may prescribe a civil penalty provision to the extent that it relates to the following:
(a) contraventions of specified provisions;
(b) specified matters.
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
22 In the appropriate position
Insert:
Schedule 20--Application provisions relating to Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 202 2
1 Definitions
In this Schedule:
amending Part means Part 1 of Schedule 8 to the Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 .
commencement day means the day the amending Part commences.
2 Application of paragraph 50A(3)(d) of the National Credit Act
(1) Paragraph 50A(3)(d) of the National Credit Act, as inserted by the amending Part, applies in relation to a reportable situation that arises on or after 1 October 2021 and relates to a breach of an obligation referred to in that paragraph.
(2) If:
(a) due to subitem (1), a licensee is required, under a provision of Division 5 of Part 2 - 2 of the National Credit Act, to do a thing in relation to a reportable situation that arose before the commencement day; and
(b) that thing must be done within a period of a specified number of days after the licensee first knows about, or is reckless with respect to, particular matters; and
(c) that period began before the commencement day;
then, that requirement is taken to be a requirement to do the thing within the specified number of days after the commencement day.
3 Application of paragraph 50A(3)(c) and subsection 50A(5) of the National Credit Act
Paragraph 50A(3)(c) and subsection 50A(5) of the National Credit Act, as inserted by the amending Part, apply in relation to a reportable situation that arises on or after the commencement day.
Payment Times Reporting Act 2020
23 Section 5 (definition of volunteering entity )
Omit "paragraph 7(1)(b)", substitute "subsection 7(1A)".
24 Subsection 7(1)
Repeal the subsection, substitute:
(1) A constitutionally covered entity becomes a reporting entity at the start of an income year for the entity if the entity is covered by subsection (2).
(1A) If a constitutionally covered entity gives the Regulator notice in writing that the entity elects to become a reporting entity, the entity becomes a reporting entity when the notice is given.
Note: A reporting entity that is a reporting entity only because of an election under subsection (1A) is a volunteering entity : see section 5.
25 Section 8
Omit "Each", substitute "(1) Subject to subsections (2) and (3), each".
26 At the end of section 8
Add:
(2) If a volunteering entity becomes a reporting entity within the first 6 months of an income year for the entity, the first 6 months of that income year is not a reporting period for the entity.
(3) If a volunteering entity becomes a reporting entity after the first 6 months of an income year for the entity, no period in that income year is a reporting period for the entity.
27 Application of volunteering entity amendments
The amendments of sections 5, 7 and 8 of the Payment Times Reporting Act 2020 made by this Part apply in relation to an election to become a reporting entity given by an entity on or after the commencement of this Part.
28 Paragraph 14(1)(h)
Repeal the paragraph, substitute:
(h) state the proportion, determined by total value, of all invoices paid by the entity during the reporting period that were small business invoices; and
Repeal the subsection, substitute:
(2) The rules may prescribe the method for working out any of the matters mentioned in paragraph (1)(e), (f), (g) or (h), including in relation to the issue or payment of small business invoices.
30 Application of amendments of section 14
(1) Paragraph 14(1)(h) of the Payment Times Reporting Act 2020 , as inserted by this Part, applies in relation to a payment times report given on or after the commencement of this Part, including a payment times report for a reporting period that began before that commencement.
(2) Subsection 14(2) of the Payment Times Reporting Act 2020 , as inserted by this Part, applies in relation to a payment times report given on or after the commencement of this Part, including a payment times report for a reporting period that began before that commencement.
(3) Rules that were:
(a) made for the purposes of subsection 14(2) of the Payment Times Reporting Act 2020 ; and
(b) in force immediately before the commencement of this Part;
have effect, on and after that commencement as if they had been made for the purposes of subsection 14(2) of the Payment Times Reporting Act 2020 as inserted by this Part.
31 Paragraphs 27(3)(a) and (b)
Repeal the paragraphs.
Taxation Administration Act 1953
32 Subsection 350 - 10(4) in Schedule 1
Omit "the matters set out in the document to the same extent as the original document would have been evidence of those matters", substitute "a matter to the same extent as the original document would have been evidence of the matter".
Part 2 -- Amendments commencing first day of next quarter
Income Tax Assessment Act 1997
33 Paragraph 840 - 905(b)
Repeal the paragraph, substitute:
(b) that you * derive at a time when you are a foreign resident and:
(i) you hold a Temporary Work (International Relations) Visa (subclass 403); or
(ii) you hold a Temporary Activity Visa (subclass 408) having previously held a Temporary Work (International Relations) Visa (subclass 403).
34 Application of amendment
The amendment of paragraph 840 - 905(b) of the Income Tax Assessment Act 1997 made by this Part applies in relation to income derived on or after 1 July 2019.
Taxation Administration Act 1953
35 Paragraph 12 - 319A(b) in Schedule 1
Repeal the paragraph, substitute:
(b) at a time when the employee is a foreign resident and:
(i) the employee holds a Temporary Work (International Relations) Visa (subclass 403); or
(ii) the employee holds a Temporary Activity Visa (subclass 408) having previously held a Temporary Work (International Relations) Visa (subclass 403).
36 Application of amendment
The amendment of paragraph 12 - 319A(b) in Schedule 1 to the Taxation Administration Act 1953 made by this Part applies in relation to salary, wages, commission, bonuses or allowances paid on or after 1 July 2019.
Taxation Administration (Remedial Power - Seasonal Labour Mobility Program) Determination 2020
37 The whole of the instrument
Repeal the instrument.
Part 3 -- Amendments commencing on 1 July 2022
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
38 Item 23 of Schedule 9
Omit "23", substitute "1".
Part 4 -- Amendments with contingent commencement
Income Tax Assessment Act 1936
39 After subsection 204(2)
Insert:
(2A) The Commissioner may disclose the tax file number of a person to a registrar specified in subsection 355 - 67(2) in Schedule 1 to the Taxation Administration Act 1953 if:
(a) the Commissioner is appointed as that registrar; and
(b) no other person or body is appointed as that registrar; and
(c) the disclosure is made through use of a computer application or system that is used for the performance of functions, or the exercise of powers, of both the Commissioner and that registrar; and
(d) use of the application or system by that registrar is on the condition that tax file numbers disclosed through use of the application or system are only to be recorded, used, divulged, disclosed or communicated to the extent reasonably necessary for the application or system to be used for the performance of that registrar's functions, or the exercise of that registrar's powers.
40 Subsection 204(3)
Omit "or (2)", substitute ", (2) or (2A)".
Taxation Administration Act 1953
41 After paragraph 8WB(1A)(b)
Insert:
(ba) in connection with the first - mentioned person exercising powers or performing functions of a registrar specified in subsection 355 - 67(2) in Schedule 1; or
42 Subsection 8WB(2)
After "(b)", insert ", (ba)".
43 Application of amendments
The amendments of section 204 of the Income Tax Assessment Act 1936 and section 8WB of the Taxation Administration Act 1953 made by this Part apply, from the commencement of this Part, in relation to a tax file number issued before, on or after that commencement.