Federal Register of Legislation - Australian Government

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A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes
Administered by: Foreign Affairs and Trade
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 23 Oct 2014
Introduced HR 22 Oct 2014
Table of contents.

2013‑2014

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Bill 2014

 

No.      , 2014

 

(Trade and Investment)

 

 

 

A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

  

  


Contents

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

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Direct Lending                                                                                            3

Export Finance and Insurance Corporation Act 1991                                        3

Schedule 2—Competitive neutrality                                                                           5

Export Finance and Insurance Corporation Act 1991                                        5

 


A Bill for an Act to amend the Export Finance and Insurance Corporation Act 1991, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Export Finance and Insurance Corporation Amendment (Direct Lending and Other Measures) Act 2014.

2  Commencement

                   This Act commences on the day after this Act receives the Royal Assent.

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                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1Direct Lending

  

Export Finance and Insurance Corporation Act 1991

1  Before subsection 3(2)

Insert:

Loans and lending of money

2  Before subsection 3(3)

Insert:

Eligible export transactions

3  Paragraphs 3(3)(a), (b), (c) and (d)

Omit “capital goods” (wherever occurring), substitute “goods”.

4  Subsection 3(4)

Repeal the subsection.

5  Before subsection 3(5)

Insert:

Australian export trade

6  Application provision

The amendments made by items 3 and 4 of this Schedule apply in relation to a transaction entered into, or proposed to be entered into, on or after the commencement of this Schedule.

7  Transitional provision

The amendments made by this Schedule do not affect the continuity of any of the following that were in force immediately before the commencement of this Schedule:

                     (a)  directions given under subsection 9(2), 26(1), or section 29, of the Export Finance and Insurance Corporation Act 1991;

                     (b)  approvals (with or without conditions) given under section 27 of that Act;

                     (c)  principles determined under subsection 67(1) of that Act.

Schedule 2Competitive neutrality

  

Export Finance and Insurance Corporation Act 1991

1  Subsections 61A(1) and 62A(1)

Omit “in respect of short‑term insurance contracts entered into by EFIC”.

2  Subsection 63A(2)

Omit “over other insurers because of the operation of section 63 in relation to its short‑term insurance contracts”, substitute “, because of the operation of section 63, over other persons or bodies who provide insurance or financial services or products that EFIC may provide”.

3  Subsection 63A(3)

Omit “in relation to its short‑term insurance contracts”.

4  Application provision

The amendments made by items 2 and 3 of this Schedule apply in respect of the tax‑equivalent payment to be made in respect of each financial year starting on or after the commencement of this Schedule.

5  Transitional provision

The amendments made by this Schedule do not affect the continuity of any of the following that were in force immediately before the commencement of this Schedule:

                     (a)  arrangements under section 61A or 62A of the Export Finance and Insurance Corporation Act 1991;

                     (b)  determinations under subsection 63A(2) of that Act.