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A Bill for an Act to amend the law relating to corporations, superannuation and taxation, and for other purposes
Administered by: Treasury
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 12 Nov 2015
Introduced HR 12 Nov 2015
Table of contents.

2013‑2014‑2015

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Legislation Amendment (Repeal Day 2015) Bill 2015

 

No.      , 2015

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to corporations, superannuation and taxation, and for other purposes

  

  


Contents

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

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

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

Schedule 1—Superannuation guarantee charge                                                 3

Part 1—Salary or wages                                                                                               3

Superannuation Guarantee (Administration) Act 1992                                      3

Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Act 2015                4

Part 2—Nominal interest component                                                                    6

Superannuation Guarantee (Administration) Act 1992                                      6

Part 3—Additional superannuation guarantee charge                                  9

Crimes (Taxation Offences) Act 1980                                                                      9

Superannuation Guarantee (Administration) Act 1992                                      9

Taxation Administration Act 1953                                                                         10

Part 4—Application of amendments                                                                   11

Schedule 2—Lost members and unclaimed superannuation                    12

Part 1—Terminal medical conditions                                                                  12

Income Tax Assessment Act 1997                                                                            12

Small Superannuation Accounts Act 1995                                                           12

Superannuation Guarantee (Administration) Act 1992                                    14

Superannuation (Unclaimed Money and Lost Members) Act 1999                 15

Part 2—Lost members statements                                                                        16

Superannuation (Unclaimed Money and Lost Members) Act 1999                 16

Part 3—Definition of lost member                                                                       19

Superannuation (Unclaimed Money and Lost Members) Act 1999                 19

Schedule 3—Receivers, and other controllers, of property of corporations          20

Corporations Act 2001                                                                                             20

Schedule 4—Inoperative provisions                                                                          25

Part 1—Commonwealth Borrowing Levy                                                        25

Division 1—Repeals of Acts                                                                                    25

Commonwealth Borrowing Levy Act 1987                                                           25

Commonwealth Borrowing Levy Collection Act 1987                                       25

Division 2—Other amendments                                                                              25

AeroSpace Technologies of Australia Limited Sale Act 1994                          25

CSL Sale Act 1993                                                                                                     25

Medibank Private Sale Act 2006                                                                            25

Moomba‑Sydney Pipeline System Sale Act 1994                                                26

Qantas Sale Act 1992                                                                                               26

Snowy Mountains Engineering Corporation Limited Sale Act 1993             26

Division 3—Transitional provisions                                                                       26

Part 2—Infrastructure certificates                                                                        27

Division 1—Repeals of Acts                                                                                    27

Development Allowance Authority Act 1992                                                       27

Infrastructure Certificate Cancellation Tax Act 1994                                       27

Division 2—Other amendments                                                                              27

Airports (Transitional) Act 1996                                                                            27

Income Tax Assessment Act 1936                                                                            27

Income Tax Assessment Act 1997                                                                            28

Taxation Administration Act 1953                                                                         29

Division 3—Application of amendments                                                              29

Part 3—Equity investments in small‑medium enterprises                         30

Income Tax Assessment Act 1936                                                                            30

Income Tax Assessment Act 1997                                                                            30

Part 4—Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996   32

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996       32

Part 5—General application and transitional provisions                            33

 

 


A Bill for an Act to amend the law relating to corporations, superannuation and taxation, and for other purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Treasury Legislation Amendment (Repeal Day 2015) Act 2015.

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

1 July 2016.

1 July 2016

3.  Schedule 2, Parts 1 and 2

1 July 2016.

1 July 2016

4.  Schedule 2, Part 3

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they do not commence at all.

 

5.  Schedules 3 and 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.

Schedule 1Superannuation guarantee charge

Part 1Salary or wages

Superannuation Guarantee (Administration) Act 1992

1  Subsection 6(1)

Insert:

maximum contribution base has the meaning given by section 15.

2  Subsection 6(1) (definition of ordinary time earnings)

Repeal the definition, substitute:

ordinary time earnings has the meaning given by section 11A.

3  After section 11

Insert:

11A  Interpretation—ordinary time earnings

             (1)  An employee’s ordinary time earnings, for a quarter in respect of an employer, is the lesser of:

                     (a)  the total of the salary or wages paid by the employer to the employee in the quarter that are:

                              (i)  earnings in respect of ordinary hours of work; or

                             (ii)  earnings consisting of over‑award payments, shift‑loading or commission; and

                     (b)  the maximum contribution base for the quarter.

             (2)  Subparagraph (1)(a)(i) does not apply to earnings consisting of a lump sum payment of any of the following kinds made to the employee on the termination of his or her employment:

                     (a)  a payment in lieu of unused sick leave;

                     (b)  an unused annual leave payment, or unused long service leave payment, within the meaning of the Income Tax Assessment Act 1997.

4  Subsection 19(1) (formula)

Repeal the formula, substitute:

5  Subsection 19(3)

Repeal the subsection.

Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Act 2015

6  Paragraph 2(2)(a) of Schedule 2

Repeal the paragraph, substitute:

                     (a)  some or all of the ordinary time earnings of the employee for the quarter in respect of the employer consists of Norfolk Island ordinary time earnings; and

7  Subitem 2(2) of Schedule 2

Omit “total salary and wages paid by the employer to the employee for the quarter”, substitute “total ordinary time earnings of the employee for the quarter in respect of the employer”.

8  Subitem 2(2) of Schedule 2 (formula)

Repeal the formula, substitute:

9  Subitem 2(3) of Schedule 2

Repeal the subitem, substitute:

(3)       In this item:

Norfolk Island ordinary time earnings means ordinary time earnings that, if the amendments made by this Part had not been made, would, because of subparagraph 27(1)(b)(ii) or (c)(ii) of the Superannuation Guarantee (Administration) Act 1992, not have been taken into account for the purpose of making a calculation under section 19 of that Act.

Part 2Nominal interest component

Superannuation Guarantee (Administration) Act 1992

10  Subsection 6(1) (definition of nominal interest component)

Omit “and”, substitute “for”.

11  Section 31

Repeal the section, substitute:

31  Nominal interest component

             (1)  The nominal interest component, in relation to an employer for a quarter, is the total of the amounts that would accrue by way of interest on each of the employer’s individual superannuation guarantee shortfalls for the quarter if:

                     (a)  the interest were calculated at the rate applicable under the regulations for the purposes of this paragraph; and

                     (b)  the interest accrued during the period:

                              (i)  starting on the 29th day after the end of the quarter; and

                             (ii)  ending on the day before the day on which superannuation guarantee charge on the employer’s superannuation guarantee shortfall for the quarter would be payable under this Act (subject to subsection (2)).

             (2)  If the employer makes one or more contributions that are offset against the individual superannuation guarantee shortfall under section 23A, interest does not accrue, after the day the employer makes the last of those contributions, on so much of the individual superannuation guarantee shortfall as is offset by the contributions.

Note:          If the contributions completely offset the individual superannuation guarantee shortfall, interest will not accrue at all after the day the employer makes the last of the contributions.

12  Subsections 64B(2) and (3)

Repeal the subsections, substitute:

             (2)  The shortfall component for the payment, in respect of a particular employee, is the sum of the following amounts:

                     (a)  if the employer has a current nominal interest component for the quarter—the amount worked out using the following formula:

                           

                     (b)  the amount worked out using the following formula:

                           

13  Subsection 64B(3A)

Omit “proportion of an amount”, substitute “shortfall component”.

14  Subsection 64B(4)

Repeal the subsection, substitute:

             (4)  A reference in this section to the employer’s:

                     (a)  nominal interest component; or

                     (b)  individual superannuation guarantee shortfall;

is treated as being a reference to:

                     (c)  the amount of the component or shortfall after the Commissioner applies any previous payments to which this Part applies in accordance with section 50; or

                     (d)  if the employer, at or before the time the payment is made:

                              (i)  makes a contribution; and

                             (ii)  under section 23A, elects that the contribution be offset;

                            the amount worked out under paragraph (c) reduced (but not below nil) by the amount of so much of the contribution as is offset against the component or shortfall under that section.

             (5)  In this section:

current nominal interest component, of the employer for the quarter, is the amount of any nominal interest component for the quarter that has been paid by, or is payable at, the time the payment is made.

total available amount is the lesser of:

                     (a)  the sum of the following amounts:

                              (i)  the employer’s individual superannuation guarantee shortfalls for the quarter;

                             (ii)  any general interest charge, in respect of non‑payment of superannuation guarantee charge payable on those shortfalls, that has been paid by, or is payable at, the time the payment is made;

                            (iii)  the employer’s current nominal interest component for the quarter; and

                     (b)  the amount of the payment.

Part 3Additional superannuation guarantee charge

Crimes (Taxation Offences) Act 1980

15  Subsection 3(1) (definition of superannuation guarantee charge)

Omit “or Part 7”.

Superannuation Guarantee (Administration) Act 1992

16  Subsection 6(1) (definition of assessment)

Repeal the definition, substitute:

assessment means the ascertainment of both of the following:

                     (a)  an employer’s superannuation guarantee shortfall for a quarter;

                     (b)  the superannuation guarantee charge payable on the shortfall.

17  Subsection 6(1) (definition of penalty charge)

Repeal the definition.

18  Subsection 38(2) (definition of overpaid amount)

Omit “or Part 7”.

19  Section 47

Repeal the section.

20  Subsection 49(5)

Repeal the subsection.

21  Section 50

Repeal the section, substitute:

50  Order of payments

                   The Commissioner must apply payments of:

                     (a)  superannuation guarantee charge for a quarter; or

                     (b)  general interest charge in respect of non‑payment of superannuation guarantee charge for a quarter;

that are made by or on behalf of an employer so that the employer’s liability to pay the nominal interest component for the quarter is discharged before all other amounts.

22  Part 7

Repeal the Part.

23  Subsection 63A(2) (definition of charge payment)

Repeal the definition, substitute:

charge payment means a payment of:

                     (a)  superannuation guarantee charge for a quarter; or

                     (b)  general interest charge in respect of non‑payment of superannuation guarantee charge for a quarter.

Taxation Administration Act 1953

24  Subsection 250‑10(2) in Schedule 1 (table item 65)

Repeal the item.

25  At the end of Subdivision 284‑D in Schedule 1

Add:

284‑230  Superannuation guarantee charge offsets to be disregarded

                   In working out the amount of superannuation guarantee charge payable by an employer for a quarter for the purposes of this Division, disregard the amount of any offset under section 23A of the Superannuation Guarantee (Administration) Act 1992 (about offsetting late payments against charge).

26  Paragraph 286‑75(2)(b) in Schedule 1

Repeal the paragraph.

Part 4Application of amendments

27  Application of amendments

The amendments made by this Schedule apply in relation to a quarter beginning on or after 1 July 2016.

Schedule 2Lost members and unclaimed superannuation

Part 1Terminal medical conditions

Income Tax Assessment Act 1997

1  Subsection 307‑5(1) (table item 4, column 2)

After “65,” insert “65A,”.

2  Subsection 307‑5(1) (table item 7, column 2)

Omit “or 66”, substitute “, 66 or 66A”.

3  Subsection 307‑5(1) (table item 7, column 2)

After “or invalidity”, insert “, or who has a terminal medical condition”.

Small Superannuation Accounts Act 1995

4  Section 14

After:

Disability

•      Under section 65, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if the individual has retired because of permanent disability.

insert:

Terminal medical condition

•      Under section 65A, the balance of the amount standing to the credit of the account may be debited from the Special Account and paid by the Commonwealth to the individual if a terminal medical condition exists in relation to the individual.

5  Paragraph 16(b)

After “65,”, insert “65A,”.

6  Section 16 (after note 2)

Insert:

Note 2A:    Section 65A deals with individuals in relation to whom terminal medical conditions exist.

7  Section 62

After:

•      The balance of an individual’s account may be withdrawn if the individual has retired because of permanent disability.

insert:

•      The balance of an individual’s account may be withdrawn if a terminal medical condition exists in relation to the individual.

8  After section 65

Insert:

65A  Withdrawal of account balance—terminal medical condition

Withdrawal request

             (1)  This section applies to an individual’s account if:

                     (a)  the individual gives the Commissioner of Taxation a request (the withdrawal request) for the withdrawal of the account balance; and

                     (b)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the individual.

Form of withdrawal request

             (2)  The withdrawal request must be:

                     (a)  in writing; and

                     (b)  in a form approved in writing by the Commissioner of Taxation.

Compliance with withdrawal request

             (3)  The Commissioner of Taxation must pay to the individual an amount equal to the account balance immediately before the payment is made.

Special Account to be debited

             (4)  The Special Account is debited for the purposes of making the payment.

Individual’s account to be debited

             (5)  When the payment is made, the individual’s account is debited by the amount of the payment.

Superannuation Guarantee (Administration) Act 1992

9  Subsection 65(1)

After “66”, insert “, 66A”.

10  After section 66

Insert:

66A  Payment to employee with terminal medical condition

                   Except in a case covered by section 65AA, the Commissioner must pay the amount of the shortfall component to the employee (whether or not he or she is still an employee) if:

                     (a)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the employee; and

                     (b)  the employee has requested the Commissioner in the approved form to pay the amount to him or her.

Superannuation (Unclaimed Money and Lost Members) Act 1999

11  Paragraph 24G(2)(d)

Repeal the paragraph, substitute:

                     (d)  to the person if this paragraph applies (see subsection (2A)).

12  After subsection 24G(2)

Insert:

          (2A)  Paragraph (2)(d) applies if:

                     (a)  subparagraph (2)(a)(ii) does not apply; and

                     (b)  any of the following subparagraphs apply:

                              (i)  the person has reached the eligibility age;

                             (ii)  the amount is less than $200;

                            (iii)  a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997) exists in relation to the person; and

                     (c)  the person has not died.

Part 2Lost members statements

Superannuation (Unclaimed Money and Lost Members) Act 1999

13  Section 7

Omit:

The regulations may establish a scheme under which superannuation providers must provide the Commissioner of Taxation with details relating to lost members. An aim of the scheme would be to reduce at an early stage the number of accounts which become unclaimed money.

14  Section 8 (definition of lost member)

Repeal the definition, substitute:

lost member means a member of a fund who is:

                     (a)  a lost RSA holder within the meaning of the Retirement Savings Accounts Regulations 1997; or

                     (b)  a lost member within the meaning of the Superannuation Industry (Supervision) Regulations 1994.

15  Part 4

Repeal the Part, substitute:

Part 4Register of lost members

  

23  Register of lost members

                   The Commissioner must keep a register of lost members.

24  Commissioner may give information to State or Territory authorities

                   The Commissioner may give information contained in the register to a State or Territory authority if the State or Territory has a law satisfying the requirements of subsections 18(4) and (5).

16  Subsection 24HA(1)

Omit “subsections 25(3) and (4)”, substitute “subsection 25(4)”.

17  Subsections 25(3) and 26(3)

Repeal the subsections.

18  Section 27

Omit “subsection 23(2)”, substitute “Part 4”.

19  Paragraph 29(1)(b)

Omit “subsection 23(2)”, substitute “Part 4”.

20  Subsection 44(1)

Omit “subsection 23(2)”, substitute “Part 4”.

21  Application of amendments

The repeal of subsection 23(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by this Schedule does not apply in relation to information that must be given to the Commissioner, under the scheme mentioned in that subsection as in force at any time before the commencement of this item, for a half year ending before 1 July 2016.

22  Transitional provisions

(1)       The register that, just before the commencement of this item, was kept under regulations made for the purposes of subsection 23(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is treated, from that commencement, as being kept under section 23 of that Act, as amended by this Part.

(2)       Without limiting section 23 of that Act, as amended by this Part, the register kept under that section may contain any information given to the Commissioner (whether before, on or after the commencement of this item) under the scheme established by regulations made for the purposes of that section, as in force at any time before that commencement.

Part 3Definition of lost member

Superannuation (Unclaimed Money and Lost Members) Act 1999

23  Section 8 (definition of lost member)

Repeal the definition, substitute:

lost member has the meaning given by the regulations.

Schedule 3Receivers, and other controllers, of property of corporations

  

Corporations Act 2001

1  Section 9

Insert:

custodial or depository service that a person provides has the meaning given by section 766E.

licensed trustee company has the meaning given by Chapter 5D.

2  Paragraph 53(b)

Omit “within the meaning of Chapter 5D”.

3  Paragraph 283AC(1)(aa)

Omit “(within the meaning of Chapter 5D)”.

4  At the end of paragraph 426(b)

Add “(including as it applies under paragraph 429A(3)(g))”.

5  Before subsection 428(1)

Insert:

Property of corporation

6  After subsection 428(2)

Insert:

          (2A)  However, if the only property of the corporation in respect of which a receiver has been appointed, or in respect of which there is a controller, is:

                     (a)  scheme property of any registered schemes of which the corporation is the responsible entity; or

                     (b)  property the corporation holds on trust, if the corporation:

                              (i)  is a licensed trustee company; or

                             (ii)  holds an Australian financial services license that covers the provision of custodial or depository services;

subsections (1) and (2) apply only to documents or instruments that relate to the relevant registered schemes and trusts. The statement may refer to those schemes and trusts.

Scheme property

          (2B)  A corporation must set out, in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a receiver, or a receiver and manager, as the case requires, has been appointed, if:

                     (a)  the corporation is the responsible entity of the registered scheme; and

                     (b)  a receiver of scheme property (whether in or outside this jurisdiction or in or outside Australia) of the registered scheme has been appointed; and

                     (c)  the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

          (2C)  A corporation must set out, in every public document, and in every negotiable instrument, of the corporation that relates to a registered scheme, after the name of the corporation where it first appears, a statement that a controller is acting, if:

                     (a)  the corporation is the responsible entity of the registered scheme; and

                     (b)  there is a controller (other than a receiver) of scheme property (whether in Australia or elsewhere) of the registered scheme; and

                     (c)  the scheme property is not property of the corporation.

The statement may refer to the registered scheme.

Offence

7  Subsection 428(3)

Omit “subsection (1) or (2)”, substitute “this section”.

8  After subsection 429(2)

Insert:

          (2A)  However, if:

                     (a)  the corporation:

                              (i)  is a licensed trustee company; or

                             (ii)  holds an Australian financial services license that covers the provision of custodial or depository services; and

                     (b)  the only property of the corporation in respect of which a person is controller is property the corporation holds on trust;

subsection (2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph (2)(a) may refer to those schemes and trusts.

Note:          See section 429A if the property is scheme property of a registered scheme.

9  Subsection 429(6)

After “Subsections (2), (3) and (4)”, insert “and 429A(3)”.

10  Subsection 429(6A)

After “subsection (2)” (wherever occurring), insert “or 429A(3)”.

11  Paragraph 429(6A)(a)

After “paragraphs (2)(b) and (c)”, insert “and 429A(3)(e), (f), (g) and (h)”.

12  Subsection 429(7)

Omit “section 430”, substitute “sections 429A and 430”.

13  After section 429

Insert:

429A  Special rules for scheme property

Report by controller of scheme property

             (1)  If:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

                     (c)  the corporation is the responsible entity of the registered scheme;

subsection 429(2) applies only to affairs of the corporation that relate to the relevant registered schemes and trusts, and the notice under paragraph 429(2)(a) may refer to those schemes and trusts.

             (2)  Subsection 429(2) does not apply if:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the only property of the corporation in respect of which a person is controller is scheme property of a registered scheme; and

                     (c)  the corporation is not the responsible entity of the registered scheme; and

                     (d)  the corporation holds an Australian financial services license that covers the provision of custodial or depository services.

Reporting to and by responsible entity

             (3)  If:

                     (a)  a person becomes a controller of property of a corporation; and

                     (b)  the property is scheme property of a registered scheme; and

                     (c)  the property is not property of the responsible entity of the scheme; and

                     (d)  the corporation holds an Australian financial services license that covers the provision of custodial or depository services;

the following paragraphs apply:

                     (e)  the person must serve on the responsible entity as soon as practicable notice that the person is a controller of the scheme property;

                      (f)  within 14 days after the responsible entity receives the notice, the persons who, on the control day, were directors or the secretary of the responsible entity must make out and submit to the person who is a controller a report in the prescribed form about the affairs of the scheme as at the control day;

                     (g)  paragraph 429(2)(c) and subsections 429(3) to (5) apply, in relation to a report submitted under paragraph (f) of this subsection, in the same way as those provisions apply in relation to reports submitted under paragraph 429(2)(b), with the following modifications:

                              (i)  if subsection (2) of this section applies—subparagraph 429(2)(c)(ii) (which requires the person to send a copy of the notice to the corporation) does not apply;

                             (ii)  a reference in those provisions to the reporting officers is treated as being a reference to the directors and secretary mentioned in paragraph (f) of this subsection;

                     (h)  if the person receives a report to which paragraph 429(2)(c) applies (including because of paragraph (g) of this subsection)—the person must, within one month after receipt of the report, send a copy of the notice lodged in accordance with subparagraph 429(2)(c)(i) to the responsible entity.

14  Paragraph 601RAC(3)(b)

Omit “(within the meaning of section 766E)”.

15  Section 761A

Repeal the following definitions:

                     (a)  definition of custodial or depository service;

                     (b)  definition of licensed trustee company.

16  Subsection 766E(1)

Omit “For the purposes of this Chapter, a”, substitute “A”.

17  Paragraph 766E(2)(a)

Omit “for the purposes of this Chapter,”.

18  Schedule 3 (cell at table item 120, column headed “Penalty”)

Repeal the cell, substitute:

15 penalty units

Schedule 4Inoperative provisions

Part 1Commonwealth Borrowing Levy

Division 1—Repeals of Acts

Commonwealth Borrowing Levy Act 1987

1  The whole of the Act

Repeal the Act.

Commonwealth Borrowing Levy Collection Act 1987

2  The whole of the Act

Repeal the Act.

Division 2—Other amendments

AeroSpace Technologies of Australia Limited Sale Act 1994

3  Part 7

Repeal the Part.

CSL Sale Act 1993

4  Section 52

Repeal the section.

Medibank Private Sale Act 2006

5  Schedule 3

Repeal the Schedule.

Moomba‑Sydney Pipeline System Sale Act 1994

6  Section 54

Repeal the section.

Qantas Sale Act 1992

7  Section 28

Repeal the section.

Snowy Mountains Engineering Corporation Limited Sale Act 1993

8  Section 42

Repeal the section.

Division 3—Transitional provisions

9  Exemptions from Commonwealth Borrowing Levy

To avoid doubt, the amendments made by this Part do not make an entity liable to pay an amount of levy imposed by the Commonwealth Borrowing Levy Act 1987, repealed by this Part, that the entity would not have been liable to pay apart from those amendments.

Part 2Infrastructure certificates

Division 1—Repeals of Acts

Development Allowance Authority Act 1992

10  The whole of the Act

Repeal the Act.

Infrastructure Certificate Cancellation Tax Act 1994

11  The whole of the Act

Repeal the Act.

Division 2—Other amendments

Airports (Transitional) Act 1996

12  Section 56

Repeal the section.

Income Tax Assessment Act 1936

13  Subsection 6(1) (paragraph (g) of the definition of assessment)

Repeal the paragraph.

14  Subsection 82KZME(1) (note)

Omit “(6),”.

15  Subsection 82KZME(6)

Repeal the subsection.

16  Paragraphs 126(1)(d) and 128B(3)(bb)

Repeal the paragraphs.

17  Division 16L of Part III

Repeal the Division.

Income Tax Assessment Act 1997

18  Section 10‑5 (table item headed “interest”)

Omit:

infrastructure borrowings, on .............................................

159GZZZZG

19  Section 11‑15 (table item headed “financial transactions”)

Omit:

infrastructure borrowings, income in relation to ............

159GZZZZE

20  Section 12‑5 (table item headed “infrastructure”)

Repeal the item, substitute:

infrastructure

 

see tax losses

 

21  Section 13‑1 (table item headed “infrastructure”)

Repeal the item.

22  Paragraph 104‑71(3)(a)

Repeal the paragraph, substitute:

                     (a)  an amount that is not included in the assessable income of an entity because of section 124ZM or 124ZN (which exempt income arising from *shares in a *PDF) of the Income Tax Assessment Act 1936; or

23  Section 112‑97 (table item 12A)

Repeal the item.

24  Paragraphs 118‑425(13)(d) and 118‑427(14)(d)

After “Development Allowance Authority Act 1992”, insert “, as in force just before the commencement of Schedule 4 to the Treasury Legislation Amendment (Repeal Day 2015) Act 2015”.

25  Subsection 230‑460(14)

Repeal the subsection.

26  Subsection 721‑10(2) (note)

Repeal the note, substitute:

Note:          The other amounts referred to in item 3 of the table are interest payable under section 102AAM of the Income Tax Assessment Act 1936 (distributions from certain non‑resident trust estates).

Taxation Administration Act 1953

27  Subsection 3B(1B)

Repeal the subsection.

28  Section 8AB

Repeal the section.

29  Paragraph 8J(2)(ga)

Repeal the paragraph.

30  Subsections 8W(1B), 13K(11), 15(4) and 15A(11)

Repeal the subsections.

31  Subsection 250‑10(1) in Schedule 1 (table item 105)

Repeal the item.

32  Subsection 355‑65(5) in Schedule 1 (table item 3)

Repeal the item.

Division 3—Application of amendments

33  Application of amendments

(1)       The amendments made by this Part (other than the repeal of Part 5 of Chapter 3 and Part 2 of Chapter 4 of the Development Allowance Authority Act 1992) do not apply in relation to a certificate that is in force just before the commencement of this item.

(2)       For the purposes applying, on or after that commencement, the Acts amended by this Part, as those Acts apply because of subitem (1), a reference in those Acts to the Development Allowance Authority is treated as being a reference to the Commissioner of Taxation.

Part 3Equity investments in small‑medium enterprises

Income Tax Assessment Act 1936

34  Division 11B of Part III

Repeal the Division.

35  Subsection 272‑90(10) in Schedule 2F

Repeal the subsection.

Income Tax Assessment Act 1997

36  Section 10‑5 (table item headed “shares”)

Omit:

small‑medium enterprise, profit on disposal of shares in .......................................................................................

128TG to 128TL

37  Section 12‑5 (table item headed “shares”)

Omit:

small‑medium enterprise, loss on disposal of shares in

128TG to 128TL

38  Section 109‑60 (table item 7)

Repeal the item.

39  Section 112‑97 (table item 9)

Repeal the item.

40  Subsection 713‑140(5) (table items 1 and 2)

Repeal the items.

41  Application of amendments

(1)       The amendments made by this Part apply in relation to assessments for:

                     (a)  the 2015‑16 year of income; and

                     (b)  later years of income.

(2)       However, the amendments made by this Part do not apply to a taxpayer in relation to a threshold interest that the taxpayer acquired before the commencement of this item.

Part 4Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996

Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996

42  The whole of the Act

Repeal the Act.

Part 5General application and transitional provisions

43  Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:

                     (a)  any act done or omitted to be done; or

                     (b)  any state of affairs existing; or

                     (c)  any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

44  Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:

                     (a)  making or amending an assessment (including under a provision that is itself repealed or amended);

                     (b)  exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

45  Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

46  Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument depends to any extent on an Act, or a provision of an Act, that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision.

47  Part does not limit operation of section 7 of the Acts Interpretation Act 1901

This Part does not limit the operation of section 7 of the Acts Interpretation Act 1901.