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Treasury Laws Amendment (2017 Measures No. 1) Act 2017

Authoritative Version
  • - C2017A00026
  • In force - Latest Version
Act No. 26 of 2017 as made
An Act to amend the law relating to taxation, and for related purposes
Administered by: Treasury
Originating Bill: Treasury Laws Amendment (2017 Measures No. 1) Bill 2017
Registered 06 Apr 2017
Date of Assent 04 Apr 2017
Table of contents.

 

 

 

 

 

 

Treasury Laws Amendment (2017 Measures No. 1) Act 2017

 

No. 26, 2017

 

 

 

 

 

An Act to amend the law relating to taxation, and for related purposes

  

  


Contents

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

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

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

Schedule 1—Amendments to innovation measures                                           3

Income Tax Assessment Act 1997                                                                              3

Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001               4

Australian Securities and Investments Commission Act 2001                            4

 

 


 

 

Treasury Laws Amendment (2017 Measures No. 1) Act 2017

No. 26, 2017

 

 

 

An Act to amend the law relating to taxation, and for related purposes

[Assented to 4 April 2017]

The Parliament of Australia enacts:

1  Short title

                   This Act is the Treasury Laws Amendment (2017 Measures No. 1) Act 2017.

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.

4 April 2017

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.

1 July 2017

3.  Schedule 2

The day after this Act receives the Royal Assent.

5 April 2017

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 1Amendments to innovation measures

  

Income Tax Assessment Act 1997

1  Paragraph 104‑71(3)(aa)

Omit “*ESVCLP because of”, substitute “entity because of section 51‑52 or”.

2  Paragraph 104‑71(3)(b)

Omit “proceeds”, substitute “*capital proceeds”.

3  Paragraphs 104‑71(3)(c) and (d)

Omit “proceeds”, substitute “capital proceeds”.

4  At the end of subsection 104‑71(3)

Add:

               ; or (e)  capital proceeds from a CGT event if a capital gain made from the event may be disregarded under subsection 360‑50(4).

5  Application of amendments

(1)       The amendment made by item 1 of this Schedule applies in relation to payments made, in respect of a unit or interest in a trust, in an income year starting on or after 1 July 2016.

(2)       The amendment made by item 4 of this Schedule applies to a CGT event that happens on or after 1 July 2017.

Schedule 2Amendment of the Australian Securities and Investments Commission Act 2001

  

Australian Securities and Investments Commission Act 2001

1  At the end of subsection 127(2A)

Add:

                   ; (g)  the Commissioner of Taxation.

2  In the appropriate position

Insert:

Part 23Application provision relating to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017

  

302  Application

The amendment of section 127 of this Act made by Schedule 2 to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017 applies in relation to disclosures of information made on or after the commencement of that Schedule, whether ASIC obtained the information before, on or after that commencement.

 

 

 

 

[Minister’s second reading speech made in—

House of Representatives on 16 February 2017

Senate on 20 March 2017]

(22/17)