Federal Register of Legislation - Australian Government

Primary content

Regulations as made
This regulation repeals provisions in the Income Tax Assessment Regulations 1997 relating to the ‘cents per kilometre’ method used for calculating a deduction for car expenses for an income year. It makes various amendments to the Corporations Regulations 2001, the Competition and Consumer Regulations 2010 and the Australian Securities and Investments Commission Regulations 2001 principally to prescribe new professional standards schemes at the Commonwealth level and amend names and dates of existing schemes. It also amends the Retirement Savings Accounts Regulations 1997 (RSAR) and the Superannuation Industry (Supervision) Regulations 1994 (SISR) to recognise online and electronic interactions between superannuation providers and retirement savings account (RSA) holders or fund members for the purposes of identifying lost RSA holders and lost members.
Administered by: Treasury
Made 25 Feb 2016
Registered 26 Feb 2016
Tabled HR 29 Feb 2016
Tabled Senate 01 Mar 2016
Date of repeal 28 Feb 2016
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003
Table of contents.

 

Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation.

Dated 25 February 2016

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Kelly O’Dwyer

Assistant Treasurer

 

  

  


Contents

1............ Name............................................................................................................................. 1

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

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Car expense deductions                                                                                                   2

Income Tax Assessment Regulations 1997                                                                                        2

Schedule 2—Professional standards schemes                                                                                 3

Australian Securities and Investments Commission Regulations 2001                                      3

Competition and Consumer Regulations 2010                                                                                5

Corporations Regulations 2001                                                                                                         7

Schedule 3—Lost members                                                                                                                      10

Retirement Savings Accounts Regulations 1997                                                                           10

Superannuation Industry (Supervision) Regulations 1994                                                         10

 


1  Name

                   This is the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016.

2  Commencement

             (1)  Each provision of this instrument 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.  The whole of this instrument

The day after this instrument is registered.

27 February 2016

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the Australian Securities and Investments Commission Act 2001;

                     (b)  the Competition and Consumer Act 2010;

                     (c)  the Corporations Act 2001;

                     (d)  the Income Tax Assessment Act 1997;

                     (e)  the Retirement Savings Accounts Act 1997;

                      (f)  the Superannuation Industry (Supervision) Act 1993.

4  Schedules

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

Schedule 1Car expense deductions

  

Income Tax Assessment Regulations 1997

1  Division 28

Repeal the Division.

2  Division 910

Insert in its appropriate numerical position:

910‑1.08  Transitional arrangements arising out of the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016

                   The amendments of these Regulations made by Schedule 1 to the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 apply in relation to the 2015‑16 income year and later income years.

3  Schedule 1

Repeal the Schedule.

Schedule 2Professional standards schemes

  

Australian Securities and Investments Commission Regulations 2001

1  Regulation 3A (cell at table item 1, column 2)

Repeal the cell, substitute:

19 June 2015

2  Regulation 3A (table item 2)

Repeal the item, substitute:

 

2

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NSW), including as modified by amendments published in the New South Wales Government Gazette No. 72, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NSW) published in the New South Wales Government Gazette No. 70, 22 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

3  Regulation 3A (cell at table item 4, column 2)

Repeal the cell, substitute:

13 August 2015

4  Regulation 3A (table item 5)

Repeal the item, substitute:

 

5

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Victoria), including as modified by amendments published in the Victoria Government Gazette No. S 246, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Victoria) published in the Victoria Government Gazette No. S 264, 5 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

5  Regulation 3A (table item 9)

Repeal the item, substitute:

 

9

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Queensland), including as modified by amendments notified by the Queensland Government on 11 December 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Queensland) notified by the Queensland Government on 29 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

6  Regulation 3A (table item 11)

Repeal the item, substitute:

 

11

Chartered Accountants Australia and New Zealand Professional Standards Scheme (WA), including as modified by amendments published in the Western Australian Government Gazette No. 135, 1 September 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (WA) published in the Western Australian Government Gazette No. 122, 8 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

7  Regulation 3A (table item 14)

Repeal the item, substitute:

 

14

Chartered Accountants Australia and New Zealand Professional Standards Scheme (SA), including as modified by amendments published in the South Australian Government Gazette No. 59, 22 October 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (SA) published in the South Australian Government Gazette No. 63, 21 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

8  Regulation 3A (table items 17 and 18)

Repeal the items, substitute:

 

17

Chartered Accountants Australia and New Zealand Professional Standards Scheme (ACT), including as modified by amendments notified by the ACT Government on 25 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (ACT) approved on 14 July 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

18

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NT), including as modified by amendments published in the Northern Territory Government Gazette No. S109, 30 November 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NT) published in the Northern Territory Government Gazette No. S84, 17 September 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

Competition and Consumer Regulations 2010

9  Regulation 8A (table item 1)

Repeal the item, substitute:

 

1

The Australian Computer Society Professional Standards Scheme, published in the New South Wales Government Gazette No. 109, 4 December 2015

The day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

10  Regulation 8A (table item 5, column 2)

Omit “the day the Treasury Laws Amendment (Professional Standards Schemes) Regulation 2015 commences”, substitute “19 June 2015”.

11  Regulation 8A (table item 7)

Repeal the item, substitute:

 

7

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NSW), including as modified by amendments published in the New South Wales Government Gazette No. 72, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NSW) published in the New South Wales Government Gazette No. 70, 22 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

12  Regulation 8A (cell at table item 9, column 2)

Repeal the cell, substitute:

13 August 2015

13  Regulation 8A (table item 13)

Repeal the item, substitute:

 

13

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Victoria), including as modified by amendments published in the Victoria Government Gazette No. S 246, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Victoria) published in the Victoria Government Gazette No. S 264, 5 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

14  Regulation 8A (table item 17)

Repeal the item, substitute:

 

17

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Queensland), including as modified by amendments notified by the Queensland Government on 11 December 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Queensland) notified by the Queensland Government on, 29 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

15  Regulation 8A (table item 21)

Repeal the item, substitute:

 

21

Chartered Accountants Australia and New Zealand Professional Standards Scheme (WA), including as modified by amendments published in the Western Australian Government Gazette No. 135, 1 September 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (WA) published in the Western Australian Government Gazette No. 122, 8 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

16  Regulation 8A (table item 25)

Repeal the item, substitute:

 

25

Chartered Accountants Australia and New Zealand Professional Standards Scheme (SA), including as modified by amendments published in the South Australian Government Gazette No. 59, 22 October 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (SA) published in the South Australian Government Gazette No. 63, 21 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

17  Regulation 8A (table item 30)

Repeal the item, substitute:

 

30

Chartered Accountants Australia and New Zealand Professional Standards Scheme (ACT), including as modified by amendments notified by the ACT Government on 25 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (ACT) approved on 14 July 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

18  Regulation 8A (table item 32)

Repeal the item, substitute:

 

32

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NT), including as modified by amendments published in the Northern Territory Government Gazette No. S109, 30 November 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NT) published in the Northern Territory Government Gazette No. S84, 17 September 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

33

The RICSV Ltd Scheme, published in the New South Wales Government Gazette No. 109, 4 December 2015

The day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

Corporations Regulations 2001

19  Regulation 7.10.02 (table item 2)

Repeal the item, substitute:

 

2

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NSW), including as modified by amendments published in the New South Wales Government Gazette No. 72, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NSW) published in the New South Wales Government Gazette No. 70, 22 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

20  Regulation 7.10.02 (cell at table item 4, column 2)

Repeal the cell, substitute:

13 August 2015

21  Regulation 7.10.02 (table item 5)

Repeal the item, substitute:

 

5

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Victoria), including as modified by amendments published in the Victoria Government Gazette No. S 246, 28 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Victoria) published in the Victoria Government Gazette No. S 264, 5 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

22  Regulation 7.10.02 (table item 9)

Repeal the item, substitute:

 

9

Chartered Accountants Australia and New Zealand Professional Standards Scheme (Queensland), including as modified by amendments notified by the Queensland Government on 11 December 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (Queensland) notified by the Queensland Government on, 29 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

23  Regulation 7.10.02 (table item 11)

Repeal the item, substitute:

 

11

Chartered Accountants Australia and New Zealand Professional Standards Scheme (WA), including as modified by amendments published in the Western Australian Government Gazette No. 135, 1 September 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (WA) published in the Western Australian Government Gazette No. 122, 8 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

24  Regulation 7.10.02 (table item 14)

Repeal the item, substitute:

 

14

Chartered Accountants Australia and New Zealand Professional Standards Scheme (SA), including as modified by amendments published in the South Australian Government Gazette No. 59, 22 October 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (SA) published in the South Australian Government Gazette No. 63, 21 August 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

25  Regulation 7.10.02 (table items 17 and 18)

Repeal the items, substitute:

 

17

Chartered Accountants Australia and New Zealand Professional Standards Scheme (ACT), including as modified by amendments notified by the ACT Government on 25 August 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (ACT) approved on 14 July 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

18

Chartered Accountants Australia and New Zealand Professional Standards Scheme (NT), including as modified by amendments published in the Northern Territory Government Gazette No. S109, 30 November 2015

Note:       This Scheme was formerly the Institute of Chartered Accountants in Australia Professional Standards Scheme (NT) published in the Northern Territory Government Gazette No. S84, 17 September 2014.

The scheme—1 December 2014

The amendments mentioned in column 1 of this item—the day the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 commences

 

Schedule 3Lost members

  

Retirement Savings Accounts Regulations 1997

1  Sub‑subparagraph 1.06(1)(a)(i)(A)

After “an address”, insert “(whether non‑electronic or electronic)”.

2  Sub‑subparagraph 1.06(1)(a)(i)(B)

Repeal the sub‑subparagraph, substitute:

                                        (B)  the RSA provider has made one or more attempts to send written communications to the RSA holder at the holder’s last known address (or addresses), and believes, on reasonable grounds, that the holder can no longer be contacted at that address (or those addresses); and

3  After subparagraph 1.06(1)(a)(i)

Insert:

                            (ia)  the RSA holder has not contacted the RSA provider (whether by written communication or otherwise) within the last 12 months of the RSA holder’s being an RSA holder; and

                            (ib)  the RSA holder has not accessed details about the RSA holder’s account from any electronic facility provided by the RSA provider within the last 12 months of the RSA holder’s being an RSA holder; and

4  After subregulation 1.06(1)

Insert:

          (1A)  To avoid doubt, for the purposes of this regulation, a written communication includes a written communication by non‑electronic means or by electronic means.

5  At the end of Part 7

Add:

7.3  Amendments made by the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016

                   The amendments made by items 1 to 4 of Schedule 3 to the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 apply on and after 1 July 2016.

Superannuation Industry (Supervision) Regulations 1994

6  Sub‑subparagraph 1.03A(1)(a)(i)(A)

After “an address”, insert “(whether non‑electronic or electronic)”.

7  Sub‑subparagraph 1.03A(1)(a)(i)(B)

Repeal the sub‑subparagraph, substitute:

                                        (B)  the trustee of the fund has made one or more attempts to send written communications to the member at the member’s last known address (or addresses), and the trustee believes, on reasonable grounds, that the member can no longer be contacted at any address known to the fund; and

8  After subparagraph 1.03A(1)(a)(i)

Insert:

                            (ia)  the member has not contacted the fund (whether by written communication or otherwise) within the last 12 months of the member’s membership of the fund; and

                            (ib)  the member has not accessed details about the member’s superannuation interest in the fund from any electronic facility provided by the fund within the last 12 months of the member’s membership of the fund; and

9  After subregulation 1.03A(1)

Insert:

          (1A)  To avoid doubt, for the purposes of this regulation, a written communication includes a written communication by non‑electronic means or by electronic means.

10  At the end of Part 14

Add:

Division 14.7Transitional arrangements arising out of the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016

14.08  Arrangements

                   The amendments made by items 6 to 9 of Schedule 3 to the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 apply on and after 1 July 2016.