A Bill for an Act to amend the law relating to taxation and unfair contract terms, to make miscellaneous and technical amendments of the statute law of the Commonwealth, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022.
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. Schedules 1 to 3 | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | |
| 3. Schedule 4 | The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent. | |
| 4. Schedule 5 | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | |
| 5. Schedule 6, Part 1 | At the same time as the Income Tax Amendment (Labour Mobility Program) Act 2022 commences. However, the provisions do not commence at all if that Act does not commence. | |
| 6. Schedule 6, Part 2 | 1 July 2022. | 1 July 2022 |
| 7. Schedule 7, Part 1 | The day after this Act receives the Royal Assent. | |
| 8. Schedule 7, item 9 | The day after this Act receives the Royal Assent. | |
| 9. Schedule 7, item 10 | Immediately after the commencement of item 359 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. | |
| 10. Schedule 7, item 11 | Immediately after the commencement of item 1315 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. | |
| 11. Schedule 7, item 12 | Immediately after the commencement of item 1414 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. | |
| 12. Schedule 7, item 13 | The day after this Act receives the Royal Assent. | |
| 13. Schedule 7, Part 3 | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | |
| 14. Schedule 7, Part 4 | The day after this Act receives the Royal Assent. | |
| 15. Schedule 7, Part 5 | 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 1—Assisting businesses to meet their record‑keeping obligations
Part 1—Main amendments
Taxation Administration Act 1953
1 Paragraph 288‑25(2)(b) in Schedule 1
Omit “expenses).”, substitute “expenses); or”.
2 After paragraph 288‑25(2)(b) in Schedule 1
Insert:
(c) if you are given a *tax‑records education direction—documents to which a record‑keeping failure specified in the direction relates, unless you have not complied with the direction.
Note 1: For paragraph (c):
(a) for tax‑records education directions, see section 384‑12; and
(b) for whether you have complied with the direction, see subsection 384‑15(3).
3 Section 288‑25 (note) in Schedule 1
Omit “Note”, substitute “Note 2”.
4 Section 384‑10 in Schedule 1 (heading)
Repeal the heading, substitute:
384‑10 When a superannuation guarantee education direction may be given
5 Subsection 384‑10(1) in Schedule 1
Omit “This section applies to you, and the Commissioner may give you an education direction under section 384‑15,”, substitute “The Commissioner may give you a written direction (a superannuation guarantee education direction)”.
6 Subsection 384‑10(1) in Schedule 1 (table items 2, 3 and 4)
Repeal the items, substitute:
| 2 | You fail to comply with an obligation to give a statement or information to the Commissioner under the Superannuation Guarantee (Administration) Act 1992. |
| 3 | You fail to comply with an obligation to keep records under the Superannuation Guarantee (Administration) Act 1992. |
| 4 | You fail to comply with an obligation under this Act that relates to the Superannuation Guarantee (Administration) Act 1992. |
7 At the end of subsection 384‑10(1) in Schedule 1
Add:
Note: For the requirements in the direction, see subsection 384‑15(1).
8 Subsection 384‑10(3) in Schedule 1
Repeal the subsection.
9 After section 384‑10 in Schedule 1
Insert:
384‑12 When a tax‑records education direction may be given
(1) The Commissioner may give you a written direction (a tax‑records education direction) if the Commissioner reasonably believes you have failed, at a specified time or for a specified period, to comply with one or more specified record‑keeping obligations under a taxation law that:
(a) is not set out in paragraph 288‑25(2)(a) or (b); and
(b) is not the Superannuation Guarantee (Administration) Act 1992.
Note: For the requirements in the direction, see subsection 384‑15(2).
(2) However, the Commissioner must not give you a *tax‑records education direction if the Commissioner reasonably believes:
(a) you are disengaged from the tax system; or
(b) you are deliberately avoiding any of those obligations to keep records.
10 Section 384‑15 in Schedule 1
Repeal the section, substitute:
384‑15 Content of, and matters relating to compliance with, education directions
(1) A *superannuation guarantee education direction, or a *tax‑records education direction, given to you requires you to:
(a) ensure that any of the following individuals undertakes a specified approved course of education (see section 384‑20):
(i) if you are an individual—you;
(ii) an individual who makes, or participates in making, decisions that affect the whole, or a substantial part, of your business; and
(b) provide the Commissioner with evidence that the individual has completed the course.
(2) The direction must specify the period within which you must comply with the direction (which must be a period that is reasonable in the circumstances).
Note: The period may be affected by the operation of subsection 384‑35(7).
(3) You are taken to comply with the direction if, and only if:
(a) an individual referred to in paragraph (1)(a) undertakes the specified approved course of education during the specified period; and
(b) before the end of the specified period, you provide the Commissioner with evidence that the individual has completed the course.
Note 1: For a failure to comply with a superannuation guarantee education direction, see section 384‑17.
Note 2: A failure to comply with a tax‑records education direction will give rise to the administrative penalty set out in subsection 288‑25(1).
384‑17 Compliance with superannuation guarantee education directions
(1) If you are given a *superannuation guarantee education direction, you must comply with it within the period specified in the direction.
Note: Failure to comply with this subsection is an offence against section 8C.
(2) You are liable to an administrative penalty of 5 penalty units if you contravene subsection (1).
Note: Division 298 contains machinery provisions for administrative penalties.
11 Subsection 384‑20(1) in Schedule 1
Omit “education directions”, substitute “*education directions”.
12 Section 384‑30 in Schedule 1
Omit “education direction” (first occurring), substitute “*education direction”.
13 Subsection 384‑35(1) in Schedule 1
Omit “education direction”, substitute “*education direction”.
14 Subsection 384‑35(7) in Schedule 1
Omit “subsection 384‑15(3)”, substitute “when you must comply with the direction”.
15 Paragraph 384‑40(a) in Schedule 1
Omit “education direction”, substitute “*education direction”.
Part 2—Other amendments
Income Tax Assessment Act 1997
16 Subsection 995‑1(1)
Insert:
education direction means:
(a) a *superannuation guarantee education direction; or
(b) a *tax‑records education direction.
superannuation guarantee education direction means a direction given under subsection 384‑10(1) in Schedule 1 to the Taxation Administration Act 1953.
tax‑records education direction means a direction given under subsection 384‑12(1) in Schedule 1 to the Taxation Administration Act 1953.
Taxation Administration Act 1953
17 Paragraph 8C(1)(fa)
Omit “an education direction in accordance with subsection 384‑15(3) in Schedule 1”, substitute “a superannuation guarantee education direction in accordance with subsection 384‑17(1) in Schedule 1”.
18 Paragraph 298‑5(c) in Schedule 1
Omit “384‑15”, substitute “384‑17”.
Part 3—Application and transitional provisions
19 Application of amendments
(1) The Commissioner may only give a direction under subsection 384‑12(1) in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule) on or after the day (the start day) after the end of the period of 3 months beginning on the day this Act receives the Royal Assent.
(2) Such a direction may relate to a failure to comply with a record‑keeping obligation arising before the start day (including a record‑keeping obligation arising before the day this Act receives the Royal Assent).
20 Transitional—existing education directions
An education direction that:
(a) is given under subsection 384‑15(1) in Schedule 1 to the Taxation Administration Act 1953; and
(b) is in force immediately before the commencement of this Schedule;
continues in force (and may be dealt with) as if it had been given under subsection 384‑10(1) in Schedule 1 to that Act as amended by this Schedule.
Schedule 2—Income tax and withholding exemptions for the FIFA Women’s World Cup
Income Tax Assessment Act 1936
1 Subparagraph 128B(3)(a)(i)
Omit “or 9.3”, substitute “, 9.3, 9.4 or 9.5”.
Income Tax Assessment Act 1997
2 Section 11‑5 (table item headed “sports, culture or recreation”)
After:
| art society etc. ........................................................................ | 50‑45 |
insert:
| Fédération Internationale de Football Association.......... | 50‑45 |
| FWWC2023 Pty Ltd.............................................................. | 50‑45 |
3 Section 50‑45 (at the end of the table)
Add:
| 9.4 | Fédération Internationale de Football Association | both of the following: (a) only amounts included as *ordinary income or *statutory income: (i) on or after 1 July 2020; and (ii) before 1 January 2029; (b) the ordinary income is *derived from, or the statutory income is from, activities relating to the Fédération Internationale de Football Association (FIFA) Women’s World Cup Australia New Zealand 2023 |
| 9.5 | FWWC2023 Pty Ltd | all of the following: (a) the entity is a *wholly‑owned subsidiary of the Fédération Internationale de Football Association; (b) only amounts included as *ordinary income or *statutory income: (i) on or after 1 July 2020; and (ii) before 1 January 2029; (c) the ordinary income is *derived from, or the statutory income is from, activities relating to the Fédération Internationale de Football Association (FIFA) Women’s World Cup Australia New Zealand 2023 |
Schedule 3—Intangible asset depreciation
Income Tax Assessment Act 1997
1 Paragraph 40‑75(5)(a)
After “is”, insert “of a kind”.
2 Paragraph 40‑75(5)(b)
Omit “asset.”, substitute “asset; and”.
3 After paragraph 40‑75(5)(b)
Insert:
(c) has as its *effective life the period applicable to the asset under that item.
4 Subsection 40‑75(5)
Omit “you acquire the asset”, substitute “you start to *hold the asset”.
5 Subsection 40‑75(6)
Repeal the subsection, substitute:
(6) The adjustment is to use, instead of the asset’s *effective life, the period remaining in that effective life as at the time you start to *hold the asset.
Note: The asset’s effective life is the period described in paragraph (5)(c).
6 Subsection 40‑95(6)
Omit “However, you must use an *effective life determined by the Commissioner”, substitute “Despite subsection (5), (5B) or (5C), you must use the *effective life referred to in subsection (6A)”.
7 After subsection 40‑95(6)
Insert:
(6A) For the purposes of subsection (6), the asset’s *effective life:
(a) unless paragraph (b) of this subsection applies—is determined by the Commissioner; or
(b) if the asset is an intangible *depreciating asset of a kind mentioned in an item of the table in subsection (7)—is the period applicable to the asset under that item.
8 Subsection 40‑95(7)
Omit all the words before the table, substitute:
Exception: intangible depreciating assets
(7) The effective life of an intangible *depreciating asset of a kind mentioned in an item of this table is the period applicable to the asset under that item unless:
(a) you start to *hold the asset on or after 1 July 2023; and
(b) you choose to work out the effective life of the asset yourself under section 40‑105.
9 Subsection 40‑95(7) (table item 3)
Repeal the item.
10 After subsection 40‑95(7)
Insert:
(7A) If you wish to make the choice referred to in paragraph (7)(b), you must do so for the income year in which the asset’s *start time occurs.
Note: For rules about choices, see section 40‑130.
(7B) To avoid doubt:
(a) subsection (7) does not apply to an intangible *depreciating asset to which subsection (4) applies; and
(b) except as described in paragraph (6A)(b), subsection (7) does not apply to an intangible depreciating asset to which subsection (5) applies.
11 After subsection 40‑105(1B)
Insert:
(1C) Thirdly, if relevant for the asset, have regard to the term of the asset and any options available for extension or renewal of that term.
12 Paragraph 40‑105(4)(a)
Repeal the paragraph, substitute:
(a) an asset of a kind mentioned in an item of the table in subsection 40‑95(7) if the asset’s *effective life:
(i) is the period applicable to the asset under that item; and
(ii) is not being recalculated under section 40‑110;
13 Subparagraph 40‑110(2)(a)(iii)
Omit “and”, substitute “or”.
14 At the end of paragraph 40‑110(2)(a)
Add:
(iv) are using an effective life applicable to the asset under an item of the table in subsection 40‑95(7) (or the period remaining in that effective life, as provided for under subsection 40‑75(6)); and
15 Subsection 40‑110(5)
Repeal the subsection, substitute:
Exception: intangibles that you start to hold before 1 July 2023
(5) This section does not apply to an intangible *depreciating asset, of a kind mentioned in an item of the table in subsection 40‑95(7), which you start to *hold before 1 July 2023.
16 Paragraph 701‑55(2)(d)
Omit “—either”.
17 After subparagraph 701‑55(2)(d)(i)
Insert:
(ia) the head company were able to choose at that time an effective life for the asset in accordance with subsections 40‑95(7) and (7A); or
18 Subparagraph 701‑55(2)(d)(ii)
Omit “40‑95(7), (8)”, substitute “40‑95(8)”.
Schedule 4—Unfair contract terms
Part 1—Prohibition of unfair contract terms
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
1 After subsection 23(2) of Schedule 2
Insert:
(2A) A person contravenes this subsection if:
(a) the person makes a contract; and
(b) the contract is a consumer contract or small business contract; and
(c) the contract is a standard form contract; and
(d) a term of the contract is unfair; and
(e) the person proposed the unfair term.
Note: A pecuniary penalty may be imposed for a contravention of this subsection: see section 224.
(2B) A person who contravenes subsection (2A) commits a separate contravention of that subsection in respect of each term that is unfair and that the person proposed.
(2C) A person contravenes this subsection if:
(a) the person applies or relies on, or purports to apply or rely on, a term of a contract; and
(b) the contract is a consumer contract or small business contract; and
(c) the contract is a standard form contract; and
(d) the term is unfair.
Note: A pecuniary penalty may be imposed for a contravention of this subsection: see section 224.
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
2 After subsection 12BF(2)
Insert:
(2A) A person contravenes this subsection if:
(a) the person makes a contract; and
(b) the contract is a consumer contract or small business contract; and
(c) the contract is a standard form contract; and
(d) the contract is either a financial product or a contract for the supply, or possible supply, of financial services; and
(e) a term of the contract is unfair; and
(f) the person proposed the unfair term.
(2B) A person who contravenes subsection (2A) commits a separate contravention of that subsection in respect of each term that is unfair and that the person proposed.
(2C) A person contravenes this subsection if:
(a) the person applies or relies on, or purports to apply or rely on, a term of a contract; and
(b) the contract is a consumer contract or small business contract; and
(c) the contract is a standard form contract; and
(d) the contract is either a financial product or a contract for the supply, or possible supply, of financial services; and
(e) the term is unfair.
3 Subsection 12BG(1)
Omit “subsection 12BF(1)”, substitute “section 12BF”.
4 Subsection 12BH(1)
Omit “subsection 12BF(1)”, substitute “section 12BF”.
Part 2—Remedies
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
5 Section 137D
Repeal the section, substitute:
137D Compensation orders etc. arising out of unconscionable conduct or unfair contract term
In determining whether to make an order under subsection 237(1) or 238(1) of the Australian Consumer Law in relation to a contravention of a provision of Part 2‑2 or 2‑3 of the Australian Consumer Law, the court may have regard to the conduct of the parties to the proceeding referred to in that subsection since the contravention occurred.
6 Paragraphs 137F(2)(b), (c) and (d)
Repeal the paragraphs, substitute:
(b) an application under section 232 of the Australian Consumer Law for an injunction against the person in relation to a contravention of a provision of Chapter 2, 3 or 4 of the Australian Consumer Law; or
(c) an action under subsection 236(1) of the Australian Consumer Law against the person in relation to a contravention of a provision of Part 2‑1 or 2‑3, or of Chapter 3, of the Australian Consumer Law; or
(d) an application for an order under subsection 237(1) or 239(1) of the Australian Consumer Law against the person in relation to a contravention of a provision of Chapter 2, 3 or 4 of the Australian Consumer Law.
7 Paragraph 137H(1)(b)
Omit “or 239(1)”, substitute “, 239(1), 243A(1) or 243B(1)”.
8 Paragraph 157(1AA)(b)
After “237(1)”, insert “, 243A(1) or 243B(1)”.
9 Subsection 2(1) of Schedule 2 (definition of declared term)
Repeal the definition, substitute:
declared term: see sections 239(1)(a)(ii), 243A(1) and 243B(1).
10 Subsection 2(1) of Schedule 2 (paragraph (b) of the definition of enforcement proceeding)
Omit “and 239”, substitute “, 239, 243A and 243B”.
11 Before subparagraph 224(1)(a)(ii) of Schedule 2
Insert:
(iia) section 23(2A) or (2C) (which is about unfair terms in standard form consumer or small business contracts);
12 Subsection 224(3) of Schedule 2 (before table item 2)
Insert:
| 2A | section 23(2A) or (2C) | (a) if the person is a body corporate—the greater of the amounts mentioned in subsection (3A); or (b) if the person is not a body corporate—$500,000. |
13 Subsection 224(3A) of Schedule 2
After “items 1,”, insert “2A,”.
14 Subsection 232(3) of Schedule 2
Repeal the subsection.
15 Subdivision A of Division 4 of Part 5‑2 of Schedule 2 (heading)
Repeal the heading.
16 Paragraphs 237(1)(a) and (b) of Schedule 2
Repeal the paragraphs, substitute:
(a) on application of a person (the injured person) who has suffered, or is likely to suffer, loss or damage because another person has engaged in conduct in contravention of a provision of Chapter 2, 3 or 4; or
(b) on the application of the regulator made on behalf of, and with the consent in writing of, one or more such injured persons;
17 Subsection 237(1) of Schedule 2 (notes 1 and 2)
Repeal the notes, substitute:
Note: The orders that the court may make include all or any of the orders set out in section 243.
18 Subsection 237(3) of Schedule 2
Repeal the subsection, substitute:
(3) An application under subsection (1) may be made at any time before the end of 6 years from the day on which the cause of action accrued that relates to the conduct referred to in that subsection.
19 Subsection 238(1) of Schedule 2
Repeal the subsection, substitute:
(1) If:
(a) a proceeding is instituted in a court under a provision of Chapter 4 or this Chapter (other than this section); and
(b) the court finds that a party to the proceeding (the injured person) has suffered loss or damage, or is likely to suffer loss or damage, because another person has engaged in conduct in contravention of a provision of Chapter 2, 3 or 4;
the court may make such order or orders as it thinks appropriate against the other person, or against a person involved in that conduct.
Note: The orders that the court may make include all or any of the orders set out in section 243.
20 Subdivision B of Division 4 of Part 5‑2 of Schedule 2 (heading)
Repeal the heading.
21 Subsection 239(1) of Schedule 2 (notes 1 and 2)
Repeal the notes, substitute:
Note: The orders that the court may make include all or any of the orders set out in section 243.
22 Subdivision C of Division 4 of Part 5‑2 of Schedule 2 (heading)
Repeal the heading.
23 Section 242 of Schedule 2
Repeal the section.
24 Sections 244 and 245 of Schedule 2
Repeal the sections, substitute:
243A Orders made in favour of party to contract containing unfair term
(1) If a declaration has been made under section 250 in relation to a term (the declared term) of a contract, a court may:
(a) on the application of a party to the contract; or
(b) on the application of the regulator made on behalf of, and with the consent in writing of, one or more parties to the contract;
make against a party (the respondent) to the contract who is advantaged by the declared term such order or orders (other than an award of damages) as the court thinks appropriate:
(c) to redress, in whole or in part, loss or damage that has been caused to any person by the declared term; or
(d) to prevent or reduce loss or damage that is likely to be so caused.
(2) Without limiting subsection (1), the orders that a court may make against the respondent include all or any of the following:
(a) an order declaring the whole or any part of the contract, or of a collateral arrangement relating to the contract:
(i) to be void; and
(ii) if the court thinks fit—to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(b) an order:
(i) varying the contract, or such a collateral arrangement, as specified in the order; and
(ii) if the court thinks fit—declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(c) an order refusing to enforce any or all of the provisions of the contract, or of such a collateral arrangement.
(3) An application under subsection (1) may be made at any time before the end of 6 years from the day on which the declaration under section 250 was made.
243B Orders made on application of the regulator to prevent and remedy unfair contract terms
(1) If a declaration has been made under section 250 in relation to a term (the declared term) of a contract, a court may, on the application of the regulator, make against a party (the respondent) to the contract who is advantaged by the declared term such order or orders (other than an award of damages) as the court thinks appropriate:
(a) to prevent a term (a similar term) that is the same, or substantially similar, in effect to the declared term from being included in any future contract:
(i) to which the respondent is a party; and
(ii) that is a consumer contract or small business contract; and
(iii) that is a standard form contract; or
(b) to redress, in whole or in part, loss or damage that has been caused, or to prevent or reduce loss or damage that is likely to be caused, to any person by a similar term that is included in any existing contract:
(i) to which the respondent is a party; and
(ii) that is a consumer contract or small business contract; and
(iii) that is a standard form contract;
whether or not the future or existing contract is identifiable when the court makes the order or orders.
(2) Without limiting subsection (1), the orders that a court may make against the respondent include all or any of the following:
(a) an injunction restraining the respondent from making any future contract that is of the kind referred to in paragraph (1)(a) and includes a similar term;
(b) an injunction restraining the respondent from applying or relying on a similar term of any existing contract that is of the kind referred to in paragraph (1)(b);
(c) an order declaring the whole or any part of any existing contract of the kind referred to in paragraph (1)(b), or of a collateral arrangement relating to such a contract:
(i) to be void; and
(ii) if the court thinks fit—to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(d) an order:
(i) varying such an existing contract, or such a collateral arrangement, as specified in the order; and
(ii) if the court thinks fit—declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(e) an order refusing to enforce any or all of the provisions of such an existing contract, or of such a collateral arrangement.
(3) An application under subsection (1) may be made at any time before the end of 6 years from the day on which the declaration under section 250 was made.
(4) An order made under this section against the respondent binds a person affected by the order, even if the person is not a party to the proceedings in which the order is made.
245 Interaction with other provisions
(1) An application may be made under section 237(1), 239(1), 243A(1) or 243B(1) even if an enforcement proceeding in relation to the conduct or term referred to in that section has not been instituted.
(2) A court may make an order under a provision of this Division whether or not the court:
(a) grants an injunction under Division 2; or
(b) makes an order under any other provision of this Division or under section 236, 246, 247 or 248.
(3) Nothing in this Division limits the generality of Division 2.
25 Paragraph 247(1)(a) of Schedule 2
After “Part 2‑2”, insert “or 2‑3”.
26 After subparagraph 248(1)(a)(i) of Schedule 2
Insert:
(ia) a provision of Part 2‑3 (which is about unfair contract terms);
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
27 Subsection 12BA(1) (definition of enforcement proceeding)
Omit “section 12GNB”, substitute “sections 12GNB, 12GNE and 12GNF”.
28 Before paragraph 12GBA(6)(a)
Insert:
(aa) a provision of Subdivision BA;
29 Subsection 12GD(9)
Repeal the subsection.
30 Subsection 12GF(1)
After “a provision of”, insert “Subdivision BA (sections 12BF to 12BM),”.
31 Section 12GG
Repeal the section, substitute:
12GG Finding in proceedings to be evidence
(1) In:
(a) a proceeding against a person under section 12GF or 12GFA; or
(b) an application under subsection 12GM(2), 12GNB(1), 12GNE(1) or 12GNF(1) for an order against a person;
a finding of any fact by a court is prima facie evidence of that fact if the finding was made in proceedings:
(c) under section 12GBA, 12GBB, 12GBCC, 12GD, 12GLA or 12GLB; or
(d) for an offence against section 12GB;
in which that person was found to have contravened, or to have been involved in a contravention of, a provision of this Division.
(2) The finding may be proved by production of a document, under the seal of the court, from which the finding appears.
32 Paragraph 12HB(1)(b)
Omit “or 12GNB(1)”, substitute “, 12GNB(1), 12GNE(1) or 12GNF(1)”.
33 Subsection 12GLA(4) (before paragraph (a) of the definition of contravening conduct)
Insert:
(aa) contravenes a provision of Subdivision BA (sections 12BF to 12BM); or
34 Paragraph 12GLC(1)(a)
After “Subdivision”, insert “BA,”.
35 Paragraph 12GLD(1)(a)
After “Subdivision”, insert “BA,”.
36 Subsection 12GM(10)
Repeal the subsection.
37 Paragraph 12GN(1)(c)
After “a provision of”, insert “Subdivision BA (sections 12BF to 12BM),”.
38 Subsection 12GN(9)
Repeal the subsection.
39 Subparagraph 12GNB(1)(a)(i)
After “Subdivision”, insert “BA,”.
40 After section 12GND of Schedule 2
Insert:
12GNE Orders made in favour of party to contract containing unfair term
(1) If a declaration has been made under section 12GND in relation to a term (the declared term) of a contract, the Court may:
(a) on the application of a party to the contract; or
(b) on the application of ASIC made on behalf of, and with the consent in writing of, one or more parties to the contract;
make against a party (the respondent) to the contract who is advantaged by the declared term such order or orders (other than an award of damages) as the Court thinks appropriate:
(c) to redress, in whole or in part, loss or damage that has been caused to any person by the declared term; or
(d) to prevent or reduce loss or damage that is likely to be so caused.
(2) Without limiting subsection (1), the orders that the Court may make against the respondent include all or any of the following:
(a) an order declaring the whole or any part of the contract, or of a collateral arrangement relating to the contract:
(i) to be void; and
(ii) if the Court thinks fit—to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(b) an order:
(i) varying the contract, or such a collateral arrangement, as specified in the order; and
(ii) if the Court thinks fit—declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(c) an order refusing to enforce any or all of the provisions of the contract, or of such a collateral arrangement.
(3) An application under subsection (1) may be made at any time before the end of 6 years from the day on which the declaration under section 12GND was made.
12GNF Orders made on application of ASIC to prevent and remedy unfair contract terms
(1) If a declaration has been made under section 12GND in relation to a term (the declared term) of a contract, the Court may, on the application of ASIC, make against a party (the respondent) to the contract who is advantaged by the declared term such order or orders (other than an award of damages) as the Court thinks appropriate:
(a) to prevent a term (a similar term) that is the same, or substantially similar, in effect to the declared term from being included in any future contract:
(i) to which the respondent is a party; and
(ii) that is a consumer contract or small business contract; and
(iii) that is a standard form contract; or
(b) to redress, in whole or in part, loss or damage that has been caused, or to prevent or reduce loss or damage that is likely to be caused, to any person by a similar term that is included in any existing contract:
(i) to which the respondent is a party; and
(ii) that is a consumer contract or small business contract; and
(iii) that is a standard form contract;
whether or not the future or existing contract is identifiable when the Court makes the order or orders.
(2) Without limiting subsection (1), the orders that the Court may make against the respondent include all or any of the following:
(a) an injunction restraining the respondent from making any future contract that is of the kind referred to in paragraph (1)(a) and includes a similar term;
(b) an injunction restraining the respondent from applying or relying on a similar term of any existing contract that is of the kind referred to in paragraph (1)(b);
(c) an order declaring the whole or any part of any existing contract of the kind referred to in paragraph (1)(b), or of a collateral arrangement relating to such a contract:
(i) to be void; and
(ii) if the Court thinks fit—to have been void ab initio or void at all times on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(d) an order:
(i) varying such an existing contract, or such a collateral arrangement, as specified in the order; and
(ii) if the Court thinks fit—declaring the contract or arrangement to have had effect as so varied on and after such date as is specified in the order (which may be a date that is before the date on which the order is made);
(e) an order refusing to enforce any or all of the provisions of such an existing contract, or of such a collateral arrangement.
(3) An application under subsection (1) may be made at any time before the end of 6 years from the day on which the declaration under section 12GND was made.
(4) An order made under this section against the respondent binds a person affected by the order, even if the person is not a party to the proceedings in which the order is made.
12GNG Interaction with other provisions
(1) An application may be made under subsection 12GNE(1) or 12GNF(1) even if an enforcement proceeding in relation to the declared term referred to in that subsection has not been instituted.
(2) The Court may make an order under section 12GNE or 12GNF whether or not the Court:
(a) grants an injunction under section 12GD; or
(b) makes an order under any other provision of this Division (other than section 12GND).
(3) Nothing in this Division limits the generality of section 12GD.
Part 3—Determining what is a standard form contract
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
41 Before paragraph 27(2)(b) of Schedule 2
Insert:
(ba) whether one of the parties has made another contract, in the same or substantially similar terms, prepared by that party, and, if so, how many such contracts that party has made;
42 At the end of section 27 of Schedule 2
Add:
(3) A contract may be determined to be a standard form contract despite the existence of one or more of the following:
(a) an opportunity for a party to negotiate changes, to terms of the contract, that are minor or insubstantial in effect;
(b) an opportunity for a party to select a term from a range of options determined by another party;
(c) an opportunity for a party to another contract or proposed contract to negotiate terms of the other contract or proposed contract.
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
43 Before paragraph 12BK(2)(b)
Insert:
(ba) whether one of the parties has made another contract, in the same or substantially similar terms, prepared by that party, and, if so, how many such contracts that party has made;
44 At the end of section 12BK
Add:
(3) A contract may be determined to be a standard form contract despite the existence of one or more of following:
(a) an opportunity for a party to negotiate changes, to terms of the contract, that are minor or insubstantial in effect;
(b) an opportunity for a party to select a term from a range of options determined by another party;
(c) an opportunity for a party to another contract or proposed contract to negotiate terms of the other contract or proposed contract.
Part 4—Contract thresholds
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
45 Paragraph 139G(2)(aa)
Omit “businesses employing fewer than 20 persons”, substitute “persons who carry on a business and employ fewer than 100 persons”.
46 Paragraph 139G(2A)(a)
Omit “businesses employing fewer than 20 persons”, substitute “persons who carry on a business and employ fewer than 100 persons”.
47 Subsections 23(4) and (5) of Schedule 2
Repeal the subsections, substitute:
(4) A contract is a small business contract if:
(a) the contract is for a supply of goods or services, or a sale or grant of an interest in land; and
(b) at least one party to the contract satisfies either or both of the following conditions:
(i) the party makes the contract in the course of carrying on a business and at a time when the party employs fewer than 100 persons;
(ii) the party’s turnover, worked out under subsection (6) for the party’s last income year (within the meaning of the Income Tax Assessment Act 1997) that ended at or before the time when the contract is made, is less than $10,000,000.
(5) In counting for the purposes of subparagraph (4)(b)(i) the number of persons that a person employs:
(a) a casual employee is not to be counted unless employed on a regular and systematic basis; and
(b) a part‑time employee (including a part‑time casual employee counted under paragraph (a) of this subsection) is to be counted as an appropriate fraction of a full‑time equivalent.
(6) For the purposes of subparagraph (4)(b)(ii), a party’s turnover for a period is the sum of the values of all supplies the party made during the period, other than the following:
(a) supplies that are input taxed;
(b) supplies that are not for consideration (and are not taxable supplies under section 72‑5 of the A New Tax System (Goods and Services Tax) Act 1999);
(c) supplies that are not made in connection with an enterprise that the party carries on;
(d) supplies that are not connected with the indirect tax zone.
(7) Expressions used in subsection (6) that are also used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning as in that Act.
48 Paragraph 250(2)(a) of Schedule 2
Omit “a business of the kind referred to in”, substitute “covered by”.
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
49 Subsections 12BF(4), (5) and (6)
Repeal the subsections, substitute:
(4) A contract is a small business contract if:
(a) the upfront price payable under the contract does not exceed $5,000,000; and
(b) at least one party to the contract satisfies either or both of the following conditions:
(i) the party makes the contract in the course of carrying on a business and at a time when the party employs fewer than 100 persons;
(ii) the party’s turnover, worked out under subsection (7) for the party’s last income year (within the meaning of the Income Tax Assessment Act 1997) that ended at or before the time when the contract is made, is less than $10,000,000.
(5) For the purposes of paragraph (4)(a), in working out the upfront price payable under a contract under which credit is provided or is to be provided, disregard any interest payable under the contract.
(6) In counting for the purposes of subparagraph (4)(b)(i) the number of persons that a person employs:
(a) a casual employee is not to be counted unless employed on a regular and systematic basis; and
(b) a part‑time employee (including a part‑time casual employee counted under paragraph (a) of this subsection) is to be counted as an appropriate fraction of a full‑time equivalent.
(7) For the purposes subparagraph (4)(b)(ii), a party’s turnover for a period is the sum of the values of all supplies the party made during the period, other than the following:
(a) supplies that are input taxed;
(b) supplies that are not for consideration (and are not taxable supplies under section 72‑5 of the A New Tax System (Goods and Services Tax) Act 1999);
(c) supplies that are not made in connection with an enterprise that the party carries on;
(d) supplies that are not connected with the indirect tax zone.
(8) Expressions used in subsection (7) that are also used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning as in that Act.
Note: This section applies to Insurance Contracts Act insurance contracts in addition to the Insurance Contracts Act 1984 (see paragraph 15(2)(d) of that Act).
50 Paragraph 12BH(2)(aa)
Omit “businesses employing fewer than 20 persons”, substitute “persons who carry on a business and employ fewer than 100 persons”.
51 Paragraph 12BL(3)(a)
Omit “businesses employing fewer than 20 persons”, substitute “persons who carry on a business and employ fewer than 100 persons”.
52 Paragraph 12GND(2)(a)
Omit “a business of the kind referred to in paragraph 12BF(4)(a)”, substitute “covered by paragraph 12BF(4)(b)”.
Part 5—Terms and contracts excluded from rules about unfair contract terms
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
53 Subsection 26(1) of Schedule 2
Repeal the subsection, substitute:
(1) Section 23 does not apply to a term of a contract to the extent, but only to the extent, that:
(a) the term defines the main subject matter of the contract; or
(b) the term sets the upfront price payable under the contract; or
(c) the term is required, or expressly permitted, by a law of the Commonwealth or of a State or Territory; or
(d) the term is included in the contract, or is taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract; or
(e) inclusion of the term has either or both of the following results:
(i) one or more other terms are included in the contract, or are taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract;
(ii) such a law requires one or more other terms to be included in the contract.
Example: A State law provides that, if a retail lease contains a provision for termination on the ground of proposed demolition of the building containing the leased premises, then provisions set out in the State law are taken to be included in the lease.
Paragraph (d) covers the provisions that are set out in the State law and taken to be included in the lease. Paragraph (e) covers inclusion of the provision for termination, since it has the result that the provisions set out in the State law are taken to be included in the lease.
54 At the end of section 28 of Schedule 2
Add:
(5) This Part does not apply to a contract:
(a) that establishes, contains or incorporates rules governing the operation of a payment or settlement system approved under section 9 of the Payment Systems and Netting Act 1998; or
(b) that is made in the course of, or for the purposes of, operating such a system.
55 At the end of Part 2‑3 of Schedule 2
Add:
28A This Part does not apply to certain contracts connected with financial markets
(1) This Part does not apply to a contract:
(a) that exists because of:
(i) section 793B of the Corporations Act 2001 (legal effect of operating rules of a licensed market); or
(ii) section 822B of that Act (legal effect of operating rules of a licensed CS facility); or
(b) that is made under, or in accordance with:
(i) the operating rules of a licensed market; or
(ii) the operating rules of a licensed CS facility.
Note: A licensed CS facility is a clearing and settlement facility whose operation is authorised by an Australian CS facility licence.
(2) This Part does not apply to a contract between:
(a) the operator of a licensed market; and
(b) any of the following:
(i) an entity included in the market’s official list;
(ii) the responsible entity for a registered scheme that is so included;
(iii) the operator of a foreign passport fund that is so included;
to the extent that the contract consists of, or includes, listing rules of the licensed market.
(3) An expression has in paragraph (1)(b) and subsection (2) the same meaning as in Chapter 7 of the Corporations Act 2001.
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
56 Subsection 12BI(1)
Repeal the subsection, substitute:
(1) Section 12BF does not apply to a term of a contract to the extent, but only to the extent, that:
(a) the term defines the main subject matter of the contract; or
(b) the term sets the upfront price payable under the contract; or
(c) the term is required, or expressly permitted, by a law of the Commonwealth or of a State or Territory; or
(d) the term is included in the contract, or is taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract; or
(e) inclusion of the term has either or both of the following results:
(i) one or more other terms are included in the contract, or are taken to be so included, by operation of a law of the Commonwealth, or of a State or Territory, that regulates the contract;
(ii) such a law requires one or more other terms to be included in the contract; or
(f) if the contract is an Insurance Contracts Act insurance contract—the term is a transparent term and:
(i) is disclosed at or before the time when the contract is made; and
(ii) sets an amount of excess or deductible under the contract.
57 At the end of section 12BL
Add:
(4) This Subdivision does not apply to a contract:
(a) that establishes, contains or incorporates rules governing the operation of a payment or settlement system approved under section 9 of the Payment Systems and Netting Act 1998; or
(b) that is made in the course of, or for the purposes of, operating such a system.
58 After section 12BL
Insert:
12BLA Replacement life insurance contracts to which this Subdivision does not apply
(1) This Subdivision does not apply, and is taken never to have applied, to a contract made on or after 5 April 2021 that constitutes a life policy within the meaning of the Life Insurance Act 1995 and:
(a) replaces as mentioned in subsection (2) of this section:
(i) a contract that constitutes a life policy within the meaning of that Act and was made before 5 April 2021; or
(ii) a contract to which this Subdivision does not apply because of one or more previous applications of this section; or
(b) links, as mentioned in subsection (3) of this section, 2 or more contracts, each of which is a contract of a kind referred to in subparagraph (a)(i) or (ii) of this subsection; or
(c) is one of 2 or more contracts that unlink, as mentioned in subsection (4) of this section, a contract of a kind referred to in subparagraph (a)(i) or (ii) of this subsection.
Note: 5 April 2021 is the day on which Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Act 2020 commenced.
(2) For the purposes of paragraph (1)(a), a contract (the replacement policy) replaces another contract (the previous policy) if:
(a) the replacement policy reinstates the previous policy and is issued at the request of the owner of the previous policy after the previous policy lapses; or
(b) the replacement policy is a reissue of the previous policy to correct an administrative error in the previous policy; or
(c) the replacement policy is issued, at the request of the owner of the previous policy, for one or more of the following reasons:
(i) to change the ownership of the policy;
(ii) to extend or vary, in accordance with a term of the previous policy, the cover provided under the policy;
(iii) to change the terms relating to premiums paid under the policy.
(3) For the purposes of paragraph (1)(b), a contract (the replacement policy) links 2 or more contracts (the previous policies) if the only differences between the terms and effect of the replacement policy and those of the previous policies taken together are attributable to linking the cover under the respective previous policies to form the cover under the replacement policy.
(4) For the purposes of paragraph (1)(c), 2 or more contracts (the replacement policies) unlink a contract (the previous policy) if the only differences between the terms and effect of the replacement policies taken together and those of the previous policy are attributable to unlinking elements of the cover under the previous policy to form the cover under the respective replacement policies.
12BLB Renewed life insurance contracts to which this Subdivision does not apply
(1) If a contract covered by subsection (2) or (3) is renewed, or was renewed on or after 5 April 2021, this Subdivision does not apply, and is taken never to have applied, to the contract as renewed.
Note: 5 April 2021 is the day on which Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Act 2020 commenced.
(2) This subsection covers a contract that:
(a) constitutes a life policy within the meaning of the Life Insurance Act 1995; and
(b) was made before 5 April 2021; and
(c) either:
(i) is guaranteed renewable; or
(ii) the insurer guarantees not to cancel in response to a change in the risk.
(3) This subsection covers a contract to which this Subdivision does not apply because of one or more previous applications of this section.
12BLC This Subdivision does not apply to certain contracts connected with financial markets
(1) This Subdivision does not apply to a contract:
(a) that exists because of:
(i) section 793B of the Corporations Act 2001 (legal effect of operating rules of a licensed market); or
(ii) section 822B of that Act (legal effect of operating rules of a licensed CS facility); or
(b) that is made under, or in accordance with:
(i) the operating rules of a licensed market; or
(ii) the operating rules of a licensed CS facility.
Note: A licensed CS facility is a clearing and settlement facility whose operation is authorised by an Australian CS facility licence.
(2) This Subdivision does not apply to a contract between:
(a) the operator of a licensed market; and
(b) any of the following:
(i) an entity included in the market’s official list;
(ii) the responsible entity for a registered scheme that is so included;
(iii) the operator of a foreign passport fund that is so included;
to the extent that the contract consists of, or includes, listing rules of the licensed market.
(3) An expression has in paragraph (1)(b) and subsection (2) the same meaning as in Chapter 7 of the Corporations Act 2001.
Part 6—Provisions referring to non‑party consumers
Division 1—Amendment of the Competition and Consumer Act 2010
Competition and Consumer Act 2010
59 Subsection 2(1) of Schedule 2
Insert:
non‑party means:
(a) in relation to conduct—a person who is not, or has not been, a party to an enforcement proceeding in relation to the conduct; or
(b) in relation to a term of a contract—a person who is not, or has not been, a party to an enforcement proceeding in relation to the term.
60 Subsection 2(1) of Schedule 2 (definition of non‑party consumer)
Repeal the definition.
61 Division 4 of Part 5‑2 of Schedule 2 (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
62 Subdivision B of Division 4 of Part 5‑2 of Schedule 2 (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
63 Section 239 of Schedule 2 (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
64 Section 239 of Schedule 2
Omit “non‑party consumers” (wherever occurring), substitute “non‑parties”.
65 Section 240 of Schedule 2 (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
66 Section 240 of Schedule 2
Omit “non‑party consumers” (wherever occurring), substitute “non‑parties”.
67 Section 241 of Schedule 2 (heading)
Omit “consumer”.
68 Section 241 of Schedule 2
Omit “consumer” (wherever occurring).
Division 2—Amendment of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
69 Subsection 12BA(1) (definition of non‑party consumer)
Repeal the definition, substitute:
non‑party means:
(a) in relation to conduct—a person who is not, or has not been, a party to an enforcement proceeding in relation to the conduct; or
(b) in relation to a term of a contract—a person who is not, or has not been, a party to an enforcement proceeding in relation to the term.
70 Section 12GNB (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
71 Section 12GNB
Omit “non‑party consumers” (wherever occurring), substitute “non‑parties”.
72 Subsection 12GNB(9) (heading)
Omit “consumer”.
73 Subsection 12GNB(9)
Omit “consumer” (wherever occurring).
74 Section 12GNC (heading)
Omit “non‑party consumers”, substitute “non‑parties”.
75 Section 12GNC
Omit “consumer” (wherever occurring).
Part 7—Application
Division 1—Application of amendments of the Competition and Consumer Act 2010
76 Application
The amendments of sections 137D and 137F of the Competition and Consumer Act 2010 made by Schedule 4 to this Act apply in relation to a contract to the same extent as the amendments of Schedule 2 to that Act made by Schedule 4 to this Act apply in relation to the contract.
Note: For application provisions for the amendments of Schedule 2 to that Act made by Schedule 4 to this Act, see section 304 of Schedule 2 to that Act.
Division 2—Application of amendments of the Australian Consumer Law
Competition and Consumer Act 2010
77 Subsection 303(2) of Schedule 2
Omit “a services”, substitute “services”.
78 In the appropriate position in Chapter 6 of Schedule 2
Insert:
Part 7—Application provisions relating to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022
304 Amendments relating to unfair contract terms
(1) This section applies to the amendments of this Schedule made by Schedule 4 (the amending Schedule) to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022.
(2) The amendments:
(a) apply in relation to a contract made at or after the commencement (the relevant commencement) of the amending Schedule; and
(b) do not apply to a contract (an existing contract) made before the relevant commencement, except as provided in this section.
(3) If an existing contract is renewed at or after the relevant commencement, the amendments apply to the contract as renewed, on and from the day (the renewal day) on which the renewal takes effect, in relation to conduct that occurs on or after the renewal day.
(4) If an existing contract is varied at or after the relevant commencement by varying or adding a term and subsection (3) has not already applied in relation to the contract:
(a) the amendments apply to the term as varied or added, and so apply:
(i) on and from the day (the variation day) on which the variation of the contract takes effect; and
(ii) as if the contract as varied had been made on the variation day; and
(iii) in relation to conduct that occurs on and after the variation day; and
(b) section 23(2A)(e) applies in relation to a person proposing the varied or added term, whether before, at or after the relevant commencement; and
(c) subsection 23(2), and section 27, as in force at and after the relevant commencement, apply to the contract.
(5) If a contract is made or renewed at or after the relevant commencement, section 23(2A)(e) applies in relation to a person proposing a term of the contract, whether before, at or after the relevant commencement.
(6) Despite subsections (3) to (5) of this section, the amendments do not apply to a contract, or a term of a contract, to the extent that the operation of the amendments would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
Division 3—Application of amendments of the Australian Securities and Investments Commission Act 2001
Australian Securities and Investments Commission Act 2001
79 At the end of the Act
Add:
Part 37—Application provisions relating to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022
350 Amendments relating to unfair contract terms
(1) This section applies to the amendments of this Act made by Schedule 4 (the amending Schedule) to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022, except item 58 of that Schedule.
(2) The amendments:
(a) apply in relation to a contract made at or after the commencement (the relevant commencement) of the amending Schedule; and
(b) do not apply to a contract (an existing contract) made before the relevant commencement, except as provided in this section.
(3) If an existing contract is renewed at or after the relevant commencement, the amendments apply to the contract as renewed, on and from the day (the renewal day) on which the renewal takes effect, in relation to conduct that occurs on or after the renewal day.
(4) If an existing contract is varied at or after the relevant commencement by varying or adding a term and subsection (3) has not already applied in relation to the contract:
(a) the amendments apply to the term as varied or added, and so apply:
(i) on and from the day (the variation day) on which the variation of the contract takes effect; and
(ii) as if the contract as varied had been made on the variation day; and
(iii) in relation to conduct that occurs on and after the variation day; and
(b) paragraph 12BF(2A)(f) applies in relation to a person proposing the varied or added term, whether before, at or after the relevant commencement; and
(c) subsection 12BF(2), and section 12BK, as in force at and after the relevant commencement, apply to the contract.
(5) If a contract is made or renewed at or after the relevant commencement, paragraph 12BF(2A)(f) applies in relation to a person proposing a term of the contract, whether before, at or after the relevant commencement.
(6) Despite subsections (3) to (5) of this section, the amendments do not apply to a contract, or a term of a contract, to the extent that the operation of the amendments would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
351 Application of sections 12BLA and 12BLB
(1) Sections 12BLA and 12BLB have effect despite section 325 as inserted by Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Protecting Consumers (2019 Measures)) Act 2020.
(2) However, neither of sections 12BLA and 12BLB applies to the extent that its operation would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
Part 8—Review of operation of provisions amended by this Schedule
80 Review of operation of amended provisions
(1) The Commonwealth Minister must cause a review to be undertaken, in accordance with this section, of the operation of:
(a) the provisions of Schedule 2 to the Competition and Consumer Act 2010 that are amended by this Schedule, as those provisions are applied under Subdivision A of Division 2 of Part IX of that Act; and
(b) the provisions of the Competition and Consumer Act 2010 (other than Schedule 2) that are amended by this Schedule; and
(c) the provisions of the Australian Securities and Investments Commission Act 2001 that are amended by this Schedule.
(2) The review must relate to the operation of those provisions, as so amended, during the 2 years from the commencement of this Schedule.
(3) The review must be completed, and a report on the review must be given to the Minister, within 6 months after the end of those 2 years.
(4) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the Minister receives the report.
Schedule 5—Recovery grants for Cyclone Seroja
Income Tax Assessment Act 1997
1 Section 11‑55 (at the end of the table item headed “disasters”)
Add:
| Cyclone Seroja—recovery grants...................................... | 59‑105 |
2 After section 59‑100
Insert:
59‑105 Cyclone Seroja—recovery grants
A payment is not assessable income and is not *exempt income if:
(a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business or primary producer as part of a Category C measure; and
(b) the payment relates to Cyclone Seroja.
3 Application of amendments
The amendments made by this Schedule apply to assessments for the 2021‑2022 income year and later income years.
Schedule 6—Tax treatment for new or revised visa programs
Part 1—Amendments commencing day after Royal Assent
Income Tax Assessment Act 1936
1 Subsection 170(10AA) (table item 15)
Omit “Seasonal Labour Mobility Program withholding tax”, substitute “labour mobility program withholding tax”.
Income Tax Assessment Act 1997
2 Section 11‑55 (table item headed “foreign aspects of income taxation”)
Omit “Seasonal Labour Mobility Program withholding tax”, substitute “labour mobility program withholding tax”.
3 Section 12‑5 (table item headed “employees”)
Omit:
| Seasonal Labour Mobility Program, delayed deduction for salary, wages etc. paid to employees under program until Seasonal Labour Mobility Program withholding tax payable has been paid .................... |
26‑25A
|
substitute:
| labour mobility programs, delayed deduction for salary, wages etc. paid to employees under program until labour mobility program withholding tax payable has been paid .......................................... |
26‑25A
|
4 Section 26‑25A (heading)
Repeal the heading, substitute:
26‑25A Payments to employees—labour mobility programs
5 Subsection 26‑25A(1)
Omit “(about the Seasonal Labour Mobility Program)”, substitute “(about labour mobility programs)”.
6 Paragraph 26‑25A(2)(b)
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*labour mobility program withholding tax”.
7 Subdivision 840‑S (heading)
Repeal the heading, substitute:
Subdivision 840‑S—Labour mobility program withholding tax
8 Section 840‑900
Omit “the Seasonal Labour Mobility Program”, substitute “a labour mobility program”.
9 Section 840‑905 (heading)
Repeal the heading, substitute:
840‑905 Liability for labour mobility program withholding tax
10 Paragraph 840‑905(a)
Repeal the paragraph, substitute:
(a) that is salary, wages, commission, bonuses or allowances paid to you as an employee of an Approved Employer under a program covered by section 840‑906; and
11 Section 840‑905 (note 1)
Repeal the note, substitute:
Note 1: The tax, which is called labour mobility program withholding tax, is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act.
12 After section 840‑905
Insert:
840‑906 Covered labour mobility programs
This section covers the following programs:
(a) the Seasonal Labour Mobility Program;
(b) the Pacific Australia Labour Mobility scheme;
(c) the Australian Agriculture Worker Program.
13 Section 840‑910 (heading)
Repeal the heading, substitute:
840‑910 When labour mobility program withholding tax is payable
14 Subsection 840‑910(1)
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*Labour mobility program withholding tax”.
15 Subsections 840‑910(2), (3) and (4)
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*labour mobility program withholding tax”.
16 Section 840‑915
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*labour mobility program withholding tax”.
17 Section 840‑920 (heading)
Repeal the heading, substitute:
840‑920 Overpayment of labour mobility program withholding tax
18 Section 840‑920
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*labour mobility program withholding tax”.
19 Subsection 995‑1(1)
Insert:
labour mobility program withholding tax means income tax payable under Subdivision 840‑S.
Note: The tax is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act.
20 Subsection 995‑1(1) (definition of Seasonal Labour Mobility Program withholding tax)
Repeal the definition.
Income Tax (Transitional Provisions) Act 1997
21 Subdivision 840‑S (heading)
Repeal the heading, substitute:
Subdivision 840‑S—Labour mobility program withholding tax
Taxation Administration Act 1953
22 Subsection 8AAB(4) (table item 18A)
Omit “Seasonal Labour Mobility Program withholding tax”, substitute “labour mobility program withholding tax”.
23 Subsection 10‑5(1) in Schedule 1 (table item 22D)
Omit “the Seasonal Labour Mobility Program”, substitute “a labour mobility program”.
24 Subdivision 12‑FC in Schedule 1 (heading)
Repeal the heading, substitute:
Subdivision 12‑FC—Labour mobility programs
25 Paragraph 12‑319A(a) in Schedule 1
Omit “the Seasonal Labour Mobility Program”, substitute “a program covered by section 840‑906 of the Income Tax Assessment Act 1997 (about labour mobility programs)”.
26 Subsection 15‑15(1) in Schedule 1 (note 3A)
Omit “the Seasonal Labour Mobility Program”, substitute “certain labour mobility programs”.
27 Paragraph 16‑195(1)(ab) in Schedule 1
Omit “(Seasonal Labour Mobility Program)”, substitute “(about labour mobility programs)”.
28 Paragraph 18‑10(1)(c) in Schedule 1
Omit “(Seasonal Labour Mobility Program)”, substitute “(Labour Mobility Programs)”.
29 Group heading before section 18‑30 in Schedule 1
Omit “Seasonal Labour Mobility Program”, substitute “labour mobility program”.
30 Section 18‑33 in Schedule 1 (heading)
Repeal the heading, substitute:
18‑33 Credit: labour mobility programs
31 Paragraph 18‑33(1)(b) in Schedule 1
Omit “(about the Seasonal Labour Mobility Program)”, substitute “(about labour mobility programs)”.
32 Paragraph 18‑35(1AA)(a) in Schedule 1
Omit “Seasonal Labour Mobility Program”, substitute “labour mobility programs”.
33 Paragraph 18‑35(1AA)(b) in Schedule 1
Omit “*Seasonal Labour Mobility Program withholding tax”, substitute “*labour mobility program withholding tax”.
34 Paragraph 18‑35(1AA)(d) in Schedule 1
Omit “Seasonal Labour Mobility Program withholding tax”, substitute “labour mobility program withholding tax”.
35 Subsection 250‑10(2) in Schedule 1 (table item 39AA)
Omit “Seasonal Labour Mobility Program withholding tax”, substitute “labour mobility program withholding tax”.
36 Application
The amendments made by this Part apply in relation to salary, wages, commission, bonuses and allowances paid on or after 1 March 2022.
Part 2—Amendments commencing on 1 July 2022
Income Tax Assessment Act 1997
37 Section 13‑1 (after table item headed “foreign income tax”)
Insert:
| foreign residents | |
| foreign residents employed under certain labour mobility programs, tax offset for................................ | Subdivision 842‑L |
38 Section 840‑906
Repeal the section, substitute:
840‑906 Covered labour mobility programs
This section covers the following programs:
(a) the Pacific Australia Labour Mobility scheme;
(b) the Seasonal Labour Mobility Program.
Note: Section 842‑300 provides a tax offset for certain labour mobility programs not covered by this section.
39 Division 842 (heading)
Repeal the heading, substitute:
Division 842—Australian source income and gains of foreign residents
40 At the end of Division 842
Add:
Subdivision 842‑L—Tax offsets for foreign residents
Guide to Subdivision 842‑L
842‑300 What this Subdivision is about
Foreign residents who hold certain visas and are employed under certain labour mobility programs are entitled to a tax offset.
Table of sections
Operative provisions
842‑300 Tax offset for foreign residents employed under certain labour mobility programs
Operative provisions
842‑300 Tax offset for foreign residents employed under certain labour mobility programs
(1) You are entitled to a *tax offset for an income year that ensures that the rate of income tax on the amount worked out under subsection (2) does not exceed 15% if:
(a) in the income year, you *derive income that is salary, wages, commission, bonuses or allowances paid to you as an employee of an Approved Employer under a program covered by subsection (3); and
(b) when you derive the income, you hold a Temporary Work (International Relations) Visa (subclass 403), or a visa of a kind prescribed by the regulations for the purposes of this paragraph; and
(c) you are a foreign resident at all times during the income year.
Note: This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63‑10(1).
Net program income
(2) The amount is the lesser of:
(a) $45,000; and
(b) your income covered by paragraph (1)(a) for the income year, reduced (but not below nil) by any deductions to which you are entitled for the income year that relate to that income.
Covered labour mobility programs
(3) This subsection covers the following programs:
(a) the Australian Agriculture Worker Program;
(b) each program prescribed by the regulations for the purposes of this paragraph.
Note: A withholding tax applies to salary and wages derived by a person who is a foreign resident under the Pacific Australian Labour Mobility scheme (to which this section does not apply): see Subdivision 840‑S.
41 Application
The amendments made by this Schedule apply in relation to salary, wages, commission, bonuses and allowances paid on or after 1 July 2022.
Schedule 7—Minor and technical amendments
Part 1—Commencement of registries modernisation amendments
Business Names Registration (Fees) Amendment (Registries Modernisation) Act 2020
1 Subsection 2(1) (table item 2)
Repeal the item, substitute:
| 2. Schedule 1 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Corporations (Fees) Amendment (Registries Modernisation) Act 2020
2 Subsection 2(1) (table item 2)
Repeal the item, substitute:
| 2. Schedule 1 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021
3 Subsection 2(1) (table items 3 and 4)
Repeal the items, substitute:
| 3. Schedule 1, Part 3 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
| 4. Schedule 2 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 28 October 2025, they commence on that day. | |
National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Act 2020
4 Subsection 2(1) (table item 2)
Repeal the item, substitute:
| 2. Schedule 1 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Treasury Laws Amendment (2021 Measures No. 1) Act 2021
5 Subsection 2(1) (table item 4)
Repeal the item, substitute:
| 4. Schedule 2, Part 4 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
6 Subsection 2(1) (table item 2)
Repeal the item, substitute:
| 2. Schedule 1, items 1 to 1258 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | Items 1‑19, 103: 4 April 2021 (F2021N00065) |
7 Subsection 2(1) (table item 5)
Repeal the item, substitute:
| 5. Schedule 1, items 1262 to 1467 | A day or days to be fixed by Proclamation. However, if any of the provisions do not commence before 1 July 2024, they commence on that day. | |
8 Application of amendments of commencement table
If, before the commencement of this Part, an item of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 has commenced, the amendments of subsection 2(1) of that Act made by this Part do not affect the commencement of that item.
Part 2—Application of registries modernisation amendments
Business Names Registration (Fees) Amendment (Registries Modernisation) Act 2020
9 At the end of the Act
Add:
2 Application of item 1
(1) The amendment made by item 1 applies, in relation to a matter (the relevant matter), on and after the earliest of the following days:
(a) if a notifiable instrument is in force under paragraph (2)(a) of this item—the day the instrument specifies;
(b) if a notifiable instrument is in force under paragraph (2)(b) of this item that specifies matters that include the relevant matter—the day the instrument specifies in relation to those matters;
(c) 1 July 2024.
Note 1: The provision that item 1 amends, as in force immediately before the commencement of this Schedule, will continue to apply until 1 July 2024 or an earlier day specified in a notifiable instrument under paragraph (2)(a) of this item.
Note 2: In relation to matters specified in a notifiable instrument under paragraph (2)(b) of this item, the amendment made by item 1 of this Schedule will apply on and after the day specified in the instrument if that day is earlier than 1 July 2024 or the earlier day mentioned in Note 1.
The provision, as in force immediately before the commencement of this Schedule, will then not apply in relation to those matters on and after the day specified in the instrument under paragraph (2)(b).
(2) The Minister:
(a) may by notifiable instrument specify a day for the purposes of paragraph (1)(a); and
(b) may by notifiable instrument specify days and matters for the purposes of paragraph (1)(b).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3) A day specified in a notifiable instrument made under subitem (2) must be:
(a) on or after the day that the instrument is made; and
(b) on or after the day on which this Schedule commences.
Business Names Registration (Transitional and Consequential Provisions) Act 2011
10 Schedule 4
Repeal the Schedule, substitute:
Schedule 4—Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
1 Definitions
In this Schedule:
amending item means an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 that amends a provision of the Business Names Registration Act or of this Act.
application day, for an amendment made by an amending item, as applying in relation to a matter, means the day on and after which the amendment applies in relation to that matter because of item 1A.
commencement day, for an amending item, means the day on which the item commences.
1A Application of amendments
(1) An amendment of a provision of the Business Names Registration Act or this Act that is made by an amending item applies, in relation to a matter (the relevant matter), on and after the earliest of the following days:
(a) if the amending item is covered by a notifiable instrument in force under paragraph (2)(a) of this item—the day the instrument specifies for the item;
(b) if the amending item is covered by a notifiable instrument in force under paragraph (2)(b) of this item that specifies matters for the item that include the relevant matter—the day the instrument specifies for the item in relation to those matters;
(c) 1 July 2024.
Note 1: The provision, as in force immediately before the commencement day for the amending item, will continue to apply until 1 July 2024 or an earlier day specified for the item in a notifiable instrument under paragraph (2)(a) of this item.
Note 2: In relation to matters specified in a notifiable instrument under paragraph (2)(b) of this item, the amendment made by the amending item will apply on and after the day specified in the instrument if that day is earlier than 1 July 2024 or the earlier day mentioned in Note 1.
The provision, as in force immediately before the commencement day for the amending item, will then not apply in relation to those matters on and after the day specified in the instrument under paragraph (2)(b).
(2) The Minister:
(a) may by notifiable instrument specify days for amending items for the purposes of paragraph (1)(a); and
(b) may by notifiable instrument specify days and matters for amending items for the purposes of paragraph (1)(b).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3) A day specified for an amending item in a notifiable instrument made under subitem (2) must be:
(a) on or after the day that the instrument is made; and
(b) on or after the commencement day for the amending item.
(4) Without limiting subsection 13(3) of the Legislation Act 2003, an instrument made under subitem (2) of this item may specify all amending items as a class of amending items.
2 Liability for damages
Section 78 of the Business Names Registration Act, as in force immediately before the commencement day for amending item 322, continues to apply, on and after that day, in relation to an act that relates to a matter and is done or omitted to be done:
(a) by ASIC or a person mentioned in any of paragraphs (c) to (e) of that section; and
(b) either:
(i) before the application day for the amendment made by that amending item, as applying in relation to that matter; or
(ii) in accordance with item 4 of this Schedule.
3 Notice nominating or withdrawing nomination of principal contact
A notice that:
(a) nominates, or withdraws the nomination of, a person as the principal contact in relation to an entity under section 82, 84, 86 or 87 of the Business Names Registration Act; and
(b) is validly lodged with ASIC under that section;
continues in force (and may be dealt with) as if the notice had been lodged with the Registrar.
Note: Whether a notice is validly lodged will be affected by whether an amending item that amends that section has commenced and how the amendment made by that amending item applies to the circumstances in which the notice is lodged. For the application of amending items, see item 1A of this Schedule.
4 Things started but not finished by ASIC
If:
(a) an amending item amends a provision of the Business Names Registration Act or of Schedule 1 to this Act; and
(b) before the application day for the amendment made by the amending item, as applying in relation to a matter, ASIC started doing a thing that relates to that matter under the provision as in force immediately before the commencement day for the amending item; and
(c) immediately before that application day, ASIC had not finished doing that thing; and
(d) on and after that application day, doing that thing is within the powers or functions of the Registrar;
then, on and after that application day:
(e) ASIC may finish doing that thing as if that thing were being done by the Registrar in performing or exercising the Registrar’s functions or powers; and
(f) to the extent that ASIC does not finish doing that thing under paragraph (e), the Registrar may finish doing that thing in performing and exercising the Registrar’s functions and powers.
Corporations Act 2001
11 Part 10.35
Repeal the Part, substitute:
Part 10.35—Application and transitional provisions relating to registries modernisation amendments
1650 Definitions
In this Part:
amending item means any of the following that amends a provision of this Act:
(a) an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020;
(b) an item of Part 3 of Schedule 1, or of Schedule 2, to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021;
(c) an item of Part 4 of Schedule 2 to the Treasury Laws Amendment (2021 Measures No. 1) Act 2021.
application day, for an amendment made by an amending item, as applying in relation to a matter, means the day on and after which the amendment applies in relation to that matter because of section 1650A.
commencement day, for an amending item, means the day on which the amending item commences.
1650A Application of amendments
(1) An amendment of a provision of this Act that is made by an amending item applies, in relation to a matter (the relevant matter), on and after the earliest of the following days:
(a) if the amending item is covered by a notifiable instrument in force under paragraph (2)(a) of this section—the day the instrument specifies for the item;
(b) if the amending item is covered by a notifiable instrument in force under paragraph (2)(b) of this section that specifies matters for the item that include the relevant matter—the day the instrument specifies for the item in relation to those matters;
(c) 1 July 2024.
Note 1: The provision, as in force immediately before the commencement day for the amending item, will continue to apply until 1 July 2024 or an earlier day specified for the item in a notifiable instrument under paragraph (2)(a) of this section.
Note 2: In relation to matters specified in a notifiable instrument under paragraph (2)(b) of this section, the amendment made by the amending item will apply on and after the day specified in the instrument if that day is earlier than 1 July 2024 or the earlier day mentioned in Note 1.
The provision, as in force immediately before the commencement day for the amending item, will then not apply in relation to those matters on and after the day specified in the instrument under paragraph (2)(b).
(2) The Minister:
(a) may by notifiable instrument specify days for amending items for the purposes of paragraph (1)(a); and
(b) may by notifiable instrument specify days and matters for amending items for the purposes of paragraph (1)(b).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3) A day specified for an amending item in a notifiable instrument made under subsection (2) must be:
(a) on or after the day that the instrument is made; and
(b) on or after the commencement day for the amending item.
(4) Without limiting subsection 13(3) of the Legislation Act 2003, an instrument made under subsection (2) of this section may specify all amending items as a class of amending items.
1651 Things started but not finished by ASIC
If:
(a) an amending item amends a provision of this Act; and
(b) before the application day for the amendment made by the amending item, as applying in relation to a matter, ASIC started doing a thing that relates to that matter under the provision as in force immediately before the commencement day for the amending item; and
(c) immediately before that application day, ASIC had not finished doing that thing; and
(d) on and after that application day, doing that thing is within the powers or functions of the Registrar;
then, on and after that application day:
(e) ASIC may finish doing that thing as if that thing were being done by the Registrar in performing or exercising the Registrar’s functions or powers; and
(f) to the extent that ASIC does not finish doing that thing under paragraph (e), the Registrar may finish doing that thing in performing and exercising the Registrar’s functions and powers.
1652 Register of Liquidators
(1) The Registrar must include in the record maintained under section 15‑1 of Schedule 2, as substituted by amending item 1317, all details that, immediately before the application day for that item, were contained in the Register of Liquidators formerly established and maintained under section 15‑1 of Schedule 2 to this Act as in force immediately before the commencement of that item.
(2) Paragraph 1650A(1)(b) does not apply in relation to amending item 1317.
(3) In this section:
amending item 1317 means item 1317 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020.
application day, for amending item 1317, means the day on and after which the amendment made by that item applies because of paragraph 1650A(1)(a) or (c), as the case requires.
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009
12 Schedule 7
Repeal the Schedule, substitute:
Schedule 7—Application and transitional provisions for the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
1 Definitions
In this Schedule:
amending item means an item of Part 2 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 that amends a provision of the National Credit Act.
application day, for an amendment made by an amending item, as applying in relation to a matter, means the day on and after which the amendment applies in relation to that matter because of item 1A.
commencement day, for an amending item, means the day on which the amending item commences.
1A Application of amendments
(1) An amendment of a provision of the National Credit Act that is made by an amending item applies, in relation to a matter (the relevant matter), on and after the earliest of the following days:
(a) if the amending item is covered by a notifiable instrument in force under paragraph (2)(a) of this item—the day the instrument specifies for the item;
(b) if the amending item is covered by a notifiable instrument in force under paragraph (2)(b) of this item that specifies matters for the item that include the relevant matter—the day the instrument specifies for the item in relation to those matters;
(c) 1 July 2024.
Note 1: The provision, as in force immediately before the commencement day for the amending item, will continue to apply until 1 July 2024 or an earlier day specified for the item in a notifiable instrument under paragraph (2)(a) of this item.
Note 2: In relation to matters specified in a notifiable instrument under paragraph (2)(b) of this item, the amendment made by the amending item will apply on and after the day specified in the instrument if that day is earlier than 1 July 2024 or the earlier day mentioned in Note 1.
The provision, as in force immediately before the commencement day for the amending item, will then not apply in relation to those matters on and after the day specified in the instrument under paragraph (2)(b).
(2) The Minister:
(a) may by notifiable instrument specify days for amending items for the purposes of paragraph (1)(a); and
(b) may by notifiable instrument specify days and matters for amending items for the purposes of paragraph (1)(b).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3) A day specified for an amending item in a notifiable instrument made under subitem (2) must be:
(a) on or after the day that the instrument is made; and
(b) on or after the commencement day for the amending item.
(4) Without limiting subsection 13(3) of the Legislation Act 2003, an instrument made under subitem (2) of this item may specify all amending items as a class of amending items.
2 Things started but not finished by ASIC
If:
(a) an amending item amends a provision of the National Credit Act; and
(b) before the application day for the amendment made by the amending item, as applying in relation to a matter, ASIC started doing a thing that relates to that matter under the provision as in force immediately before the commencement day for the amending item; and
(c) immediately before that application day, ASIC had not finished doing that thing; and
(d) on and after that application day, doing that thing is within the powers or functions of the Registrar;
then, on and after that application day:
(e) ASIC may finish doing that thing as if that thing were being done by the Registrar in performing or exercising the Registrar’s functions or powers; and
(f) to the extent that ASIC does not finish doing that thing under paragraph (e), the Registrar may finish doing that thing in performing and exercising the Registrar’s functions and powers.
Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020
13 Part 3 of Schedule 1
Repeal the Part, substitute:
Part 3—Application of amendments
1465 Definitions
In this Part:
amending item means an item (other than item 103) of Part 2 that amends a provision of any of the following:
(a) the A New Tax System (Australian Business Number) Act 1999;
(b) the A New Tax System (Goods and Services Tax) Act 1999;
(c) the Australian Prudential Regulation Authority Act 1998;
(d) the Australian Securities and Investments Commission Act 2001;
(e) the Income Tax Assessment Act 1997;
(f) the Superannuation Industry (Supervision) Act 1993;
(g) the Taxation Administration Act 1953.
application day, for an amendment made by an amending item, as applying in relation to a matter, means the day on and after which the amendment applies in relation to that matter because of item 1466.
commencement day, for an amending item, means the day on which the item commences.
1466 Application of amendments
(1) An amendment of a provision of an Act that is made by an amending item applies, in relation to a matter (the relevant matter), on and after the earliest of the following days:
(a) if the amending item is covered by a notifiable instrument in force under paragraph (2)(a) of this item—the day the instrument specifies for the item;
(b) if the amending item is covered by a notifiable instrument in force under paragraph (2)(b) of this item that specifies matters for the item that include the relevant matter—the day the instrument specifies for the item in relation to those matters;
(c) 1 July 2024.
Note 1: The provision, as in force immediately before the commencement day for the amending item, will continue to apply until 1 July 2024 or an earlier day specified for the item in a notifiable instrument under paragraph (2)(a) of this item.
Note 2: In relation to matters specified in a notifiable instrument under paragraph (2)(b) of this item, the amendment made by the amending item will apply on and after the day specified in the instrument if that day is earlier than 1 July 2024 or the earlier day mentioned in Note 1.
The provision, as in force immediately before the commencement day for the amending item, will then not apply in relation to those matters on and after the day specified in the instrument under paragraph (2)(b).
(2) The Minister:
(a) may by notifiable instrument specify days for amending items for the purposes of paragraph (1)(a); and
(b) may by notifiable instrument specify days and matters for amending items for the purposes of paragraph (1)(b).
Note: For specification by class, see subsection 13(3) of the Legislation Act 2003.
(3) A day specified for an amending item in a notifiable instrument made under subitem (2) must be:
(a) on or after the day that the instrument is made; and
(b) on or after the commencement day for the amending item.
(4) Without limiting subsection 13(3) of the Legislation Act 2003, an instrument made under subitem (2) of this item may specify all amending items as a class of amending items.
1467 Things started but not finished by ASIC
If:
(a) an amending item amends a provision of an Act; and
(b) before the application day for the amendment made by the amending item, as applying in relation to a matter, ASIC started doing a thing that relates to that matter under the provision as in force immediately before the commencement day for the amending item; and
(c) immediately before that application day, ASIC had not finished doing that thing; and
(d) on and after that application day, doing that thing is within the powers or functions of the Registrar;
then, on and after that application day:
(e) ASIC may finish doing that thing as if that thing were being done by the Registrar in performing or exercising the Registrar’s functions or powers; and
(f) to the extent that ASIC does not finish doing that thing under paragraph (e), the Registrar may finish doing that thing in performing and exercising the Registrar’s functions and powers.
Part 3—Amendments commencing first day of next quarter
Fringe Benefits Tax Assessment Act 1986
14 Subsection 5B(1E) (method statement, paragraph (d) of step 2)
Omit “societies and associations that are rebatable employers”, substitute “certain societies and associations that are exempt from income tax”.
15 Subsection 57A(4)
Omit “that is a rebatable employer”, substitute “that:
(a) is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997; and
(b) is not a company referred to in paragraph 65J(5)(a) or (b); and
(c) is not a registered public benevolent institution or registered health promotion charity.”.
16 Application of amendments
Subsection 57A(4) of the Fringe Benefits Tax Assessment Act 1986, as amended by this Part, applies in relation to FBT years beginning on or after 1 April 2017.
Part 4—Other amendments
Australian Securities and Investments Commission Act 2001
17 Section 143
Repeal the section, substitute:
143 Remuneration
(1) A member of a Financial Services and Credit Panel is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration by the Tribunal is in operation, the member is to be paid the remuneration that is prescribed under subsection (4).
(2) A member of a Financial Services and Credit Panel is to be paid the allowances that are prescribed under subsection (4).
(3) This section has effect subject to the Remuneration Tribunal Act 1973.
(4) The Minister may, by legislative instrument, prescribe:
(a) remuneration for the purposes of subsection (1); and
(b) allowances for the purposes of subsection (2).
18 Paragraph 157(3)(b)
Omit “affecting”, substitute “made in relation to”.
Corporations Act 2001
19 Subparagraph 921L(1)(c)(ii)
Omit “relevant provider”, substitute “person who is or was the relevant provider”.
20 Subsection 921L(1) (note)
Repeal the note, substitute:
Note: If a registration prohibition order is in force against a person who is or was a relevant provider:
(a) the person’s registration under subsection 921ZC(1) will cease to be in force at the cancellation time specified in the order (unless the registration has ceased to be in force at an earlier time) (see sections 921ZD and 921ZE); and
(b) ASIC must refuse to register the person until after the prohibition end day specified in the order (see subsection 921ZC(3)).
21 Section 921M (heading)
Omit “relevant provider”, substitute “affected person”.
22 Subsection 921M(1)
Omit “a relevant provider”, substitute “a person (the affected person)”.
23 Paragraphs 921M(1)(a), (b) and (c)
Omit “relevant provider” (wherever occurring), substitute “affected person”.
24 Section 921N (heading)
Omit “affecting”, substitute “made in relation to”.
25 Subsection 921N(1)
Omit “relevant provider”, substitute “person (the affected person)”.
26 Subsection 921N(3) (heading)
Omit “relevant provider”, substitute “affected person”.
27 Subsections 921N(3), (4), (5) and (6)
Omit “relevant provider” (wherever occurring), substitute “affected person”.
28 Subsection 921Q(1)
Repeal the subsection (not including the note), substitute:
(1) If a Financial Services and Credit Panel reasonably believes that:
(a) a person has contravened a restricted civil penalty provision; and
(b) the person was a relevant provider at the time of the alleged contravention;
the panel may, by written notice given to ASIC, recommend that ASIC make an application under subsection 1317J(1) in relation to the alleged contravention.
29 Subsection 921Q(2)
Omit “relevant provider”, substitute “person”.
30 Subsection 1017BA(1)
Omit “5”, substitute “7”.
31 In the appropriate position in Chapter 10
Insert:
Part 10.67—Application provisions relating to Schedule 9 to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022
1697 Application of amendment to obligation to make product dashboard publicly available
Subsection 1017BA(1), as amended by Part 4 of Schedule 9 to the Treasury Laws Amendment (Enhancing Tax Integrity and Supporting Business Investment) Act 2022, applies, on and after 1 July 2021, in relation to a regulated superannuation fund that has 6 or fewer members.
Part 5—Amendments of Acts in other portfolios to allow commutation of certain income streams
Social Security Act 1991
32 After subparagraph 9B(2)(h)(ivb)
Insert:
(ivc) to the extent necessary in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; or
33 After subparagraph 9BA(2)(f)(vi)
Insert:
(via) to the extent necessary in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; or
Veterans’ Entitlements Act 1986
34 After subparagraph 5JB(2)(h)(ivb)
Insert:
(ivc) to the extent necessary in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; or
35 After subparagraph 5JBA(2)(f)(vi)
Insert:
(via) to the extent necessary in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; or