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A Bill for an Act to amend the law relating to taxation and superannuation, and for related purposes
Administered by: Treasury
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Registered 27 Aug 2021
Introduced HR 25 Aug 2021
Table of contents.

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

  

  


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

 

 


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

The Parliament of Australia enacts:

1  Short title

                   This Act is the Treasury Laws Amendment (2021 Measures No. 7) Act 2021.

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

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 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 1Sharing economy reporting regime

  

Taxation Administration Act 1953

1  Section 396‑55 in Schedule 1 (at the end of the table)

Add:

 

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

The amendment made by this Schedule applies in relation to transactions entered into on or after:

                     (a)  for a transaction relating to a supply of taxi travel (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999)—1 July 2022; or

                     (b)  for a transaction relating to a supply of short‑term accommodation—1 July 2022; or

                     (c)  in any other case—1 July 2023.

Schedule 2Transitional provisions relating to the repeal of the Superannuation (Resolution of Complaints) Act 1993

  

Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018

1  Part 3 of Schedule 3 (heading)

Omit “Application”, substitute “Application, saving and transitional”.

2  At the end of Part 3 of Schedule 3

Add:

33  Transfer of records

(1)       This item applies to any records or documents that were in the possession of the following immediately before the commencement of Part 1 of this Schedule:

                     (a)  a member of the Superannuation Complaints Tribunal;

                     (b)  a member of the staff of the Australian Securities and Investments Commission who had been made available to the Superannuation Complaints Tribunal under section 62 of the Superannuation (Resolution of Complaints) Act 1993.

(2)       The records and documents are to be transferred to the Australian Securities and Investments Commission after that commencement.

Note:       The records and documents are Commonwealth records for the purposes of the Archives Act 1983.

Records and documents taken to be protected information

(3)       For the purposes of section 127 of the Australian Securities and Investments Commission Act 2001, a record or document transferred to the Australian Securities and Investments Commission under subitem (2) of this item is taken to be protected information, unless the document or record has already been lawfully made available to the public.

34  Remittal of matters by the Federal Court

(1)       This item applies in relation to an appeal to the Federal Court under section 46 of the Superannuation (Resolution of Complaints) Act 1993, as in force immediately before the commencement of Part 1 of this Schedule, from a determination of the Superannuation Complaints Tribunal, if the appeal was not finally determined before that commencement.

(2)       Without limiting the powers of the Federal Court, the Federal Court may make an order remitting the matter to be determined by the Australian Financial Complaints Authority in accordance with the directions of the Court.

35  Transitional rules

(1)       The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Schedule.

(2)       To avoid doubt, the rules may not do the following:

                     (a)  create an offence or civil penalty;

                     (b)  provide powers of:

                              (i)  arrest or detention; or

                             (ii)  entry, search or seizure;

                     (c)  impose a tax;

                     (d)  set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

                     (e)  directly amend the text of this Act.

Schedule 3Removing the self‑education expenses threshold

  

Fringe Benefits Tax Assessment Act 1986

1  Paragraph 19(1)(b)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

2  Paragraph 19(1)(b)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

3  Paragraph 19(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “section 82A of the Income Tax Assessment Act 1936, and Divisions 28 and 900 of the Income Tax Assessment Act 1997, have been allowable as a once‑only deduction to the recipient under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997”, substitute “Divisions 28 and 900 of the Income Tax Assessment Act 1997, have been allowable as a once‑only deduction to the recipient under that Act or the Income Tax Assessment Act 1936”.

4  Paragraph 24(1)(b)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

5  Paragraph 24(1)(b)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

6  Paragraph 24(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

7  Paragraph 24(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

8  Paragraph 37(b)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

9  Paragraph 37(c) (subparagraph (ii) of the definition of RD)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

10  Paragraph 44(1)(b)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

11  Paragraph 44(1)(b)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

12  Paragraph 44(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

13  Paragraph 44(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

14  Paragraph 52(1)(b)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

15  Paragraph 52(1)(b)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

16  Paragraph 52(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “section 82A of the Income Tax Assessment Act 1936, and”.

17  Paragraph 52(1)(ba) (subparagraph (ii) of the definition of RD)

Omit “either of those Acts”, substitute “that Act or the Income Tax Assessment Act 1936”.

Income Tax Assessment Act 1936

18  Paragraph 21A(3)(b)

Omit “section 82A, and”.

19  Paragraph 21A(3)(b)

Omit “of this Act,”.

20  Paragraph 26AJ(2)(b)

Omit “section 82A, and”.

21  Paragraph 26AJ(2)(b)

Omit “of this Act,”.

22  Paragraph 26AJ(2)(d) (definition of Reducing amount)

Omit “section 82A, and”.

23  Paragraph 26AJ(2)(d) (definition of Reducing amount)

Omit “of this Act,”.

24  Paragraph 26AJ(3)(b)

Omit “section 82A, and”.

25  Paragraph 26AJ(3)(b)

Omit “of this Act,”.

26  Section 82A

Repeal the section.

27  Subsection 109CA(5)

Omit all the words after “expenditure,”, substitute “ignoring Divisions 28 (Car expenses) and 900 (Substantiation rules) of the Income Tax Assessment Act 1997”.

Income Tax Assessment Act 1997

28  Section 12‑5 (table item headed “education expenses”)

Omit:

limit on deduction       

82A

29  Section 12‑5 (table item headed “overseas debtors repayment levy”)

Omit:

limit on deduction       

82A

30  Section 12‑5 (table item headed “student start‑up loans”)

Omit:

limit on deduction       

82A

31  Section 12‑5 (table item headed “trade support loan”)

Omit:

limit on deduction       

82A

32  Section 12‑5 (table item headed “VET student loans”)

Omit:

limit on deduction       

82A

33  Application of amendments

(1)       The amendments of the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 made by this Schedule apply to assessments for the 2022‑23 income year and later income years.

(2)       The amendments of the Fringe Benefits Tax Assessment Act 1986 made by this Schedule apply to the FBT year starting on 1 April 2023 and to later FBT years.