TREASURY LAWS AMENDMENT (COST OF LIVING SUPPORT AND OTHER MEASURES) BILL 2022

2019-2020-2021-2022

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment (Cost of

Living Support and Other Measures) Bill

2022

No. , 2022

(Treasury)

A Bill for an Act to amend the law relating to

taxation, employee share schemes and product

stewardship, to amend the National Health Act

1953, to provide for a one-off cost of living

payment, and for related purposes

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Contents

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

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

Schedules ........................................................................................... 3

Schedule 1--Medicare Levy and Medicare Levy Surcharge

Income Thresholds

A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act

1999

Medicare Levy Act 1986

Schedule 2--Deductibility of COVID-19 tests

Income Tax Assessment Act 1997

Schedule 3--Deductible gift recipients--new specific recipients

Income Tax Assessment Act 1997

Schedule 4--Employee Share Schemes

Corporations Act 2001

Schedule 5--Varying the GDP uplift factor for tax instalments

Part 1--Amendments

Taxation Administration Act 1953

Part 2--Sunsetting

Taxation Administration Act 1953

Schedule 6--Low and Middle Income tax offset

Income Tax Assessment Act 1997

Schedule 7--Safety net thresholds

National Health Act 1953

Schedule 8--2022 cost of living payment

Income Tax Assessment Act 1997

Social Security Act 1991

Social Security (Administration) Act 1999

Veterans' Entitlements Act 1986

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

A Bill for an Act to amend the law relating to

taxation, employee share schemes and product

stewardship, to amend the National Health Act

1953, to provide for a one-off cost of living

payment, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (Cost of Living Support

and Other Measures) Act 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 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. Schedule 1

The day after this Act receives the Royal

Assent.

3. Schedules 2

and 3

The first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent.

4. Schedule 4

The day after the end of the period of 6

months beginning on the day this Act

receives the Royal Assent.

5. Schedule 5,

Part 1

The day after this Act receives the Royal

Assent.

6. Schedule 5,

Part 2

1 July 2027.

1 July 2027

7. Schedule 6

The day after this Act receives the Royal

Assent.

8. Schedule 7

1 July 2022.

1 July 2022

9. Schedule 8

The day after this Act receives the Royal

Assent.

10. Schedule 9

Immediately after the commencement of the

Excise Tariff Amendment (Cost of Living

Support) Act 2022

However, the provisions do not commence

at all if that Act does not commence.

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

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.

Note:

The provisions of the

Product Stewardship (Oil) Regulations 2000

amended or inserted by this Act, and any other provisions of those

regulations, may be amended or repealed by regulations made under

section 37 of the

Product Stewardship (Oil) Act 2000

(see

subsection 13(5) of the

Legislation Act 2003

Schedule 1

Medicare Levy and Medicare Levy Surcharge Income Thresholds

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Schedule 1--Medicare Levy and Medicare

Levy Surcharge Income Thresholds

A New Tax System (Medicare Levy Surcharge--Fringe

Benefits) Act 1999

1 Paragraphs 15(1)(c) and 16(2)(c)

Omit "$23,226", substitute "$23,365".

Medicare Levy Act 1986

2 Subsection 3(1) (paragraph (a) of the definition of phase-in

limit)

Omit "$45,881", substitute "$46,156".

3 Subsection 3(1) (paragraph (c) of the definition of phase-in

limit)

Omit "$29,032", substitute "$29,206".

4 Subsection 3(1) (paragraph (a) of the definition of threshold

amount)

Omit "$36,705", substitute "$36,925".

5 Subsection 3(1) (paragraph (c) of the definition of threshold

amount)

Omit "$23,226", substitute "$23,365".

6 Subsection 8(5) (definition of family income threshold)

Omit "$39,167", substitute "$39,402".

7 Subsection 8(5) (definition of family income threshold)

Omit "$3,597", substitute "$3,619".

8 Subsections 8(6) and (7)

Omit "$39,167", substitute "$39,402".

Medicare Levy and Medicare Levy Surcharge Income Thresholds

Schedule 1

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

9 Subsection 8(7)

Omit "$51,094", substitute "$51,401".

10 Paragraph 8D(3)(c)

Omit "$23,226", substitute "$23,365".

11 Subparagraph 8D(4)(a)(ii)

Omit "$23,226", substitute "$23,365".

12 Paragraph 8G(2)(c)

Omit "$23,226", substitute "$23,365".

13 Subparagraph 8G(3)(a)(ii)

Omit "$23,226", substitute "$23,365".

14 Application of amendments

The amendments made by this Schedule apply to assessments for the

2021-22 year of income and later years of income.

Schedule 2

Deductibility of COVID-19 tests

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Schedule 2--Deductibility of COVID-19 tests

Income Tax Assessment Act 1997

1 Section 12-5 (after table item headed

"copyrights")

Insert:

COVID-19

expenditure on COVID-19 tests ......................................... 25-125

2 At the end of Division 25

Add:

25-125 COVID-19 tests

(1) You can deduct a loss or outgoing to the extent it is incurred in

gaining or producing your assessable income if:

(a) you are an individual; and

(b) the loss or outgoing is incurred in respect of testing you for

the novel coronavirus SARS-CoV-2 that causes COVID-19

using a test covered by subsection (3); and

attend or remain at a place where you:

(i) engage in activities to gain or produce your assessable

income; or

(ii) engage in activities in the course of carrying on a

business for the purpose of gaining or producing your

assessable income.

(2) However, you cannot deduct a loss or outgoing under this section

to the extent that it is a loss or outgoing of capital, or of a capital

nature.

(3) This subsection covers a test that:

(a) is a polymerase chain reaction test; or

(b) is a therapeutic good (within the meaning of the

Therapeutic

Goods Act 1989

) that:

(i) is included in the Australian Register of Therapeutic

Goods maintained under section 9A of that Act; and

Deductibility of COVID-19 tests

Schedule 2

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

(ii) has an intended purpose, accepted in relation to that

inclusion, that relates to the detection of the novel

coronavirus SARS-CoV-2 that causes COVID-19.

3 At the end of subsection 900-30(7)

Add:

; (d) a loss or outgoing you incur in relation to producing your

salary or wages

that entitles you to a deduction under

section 25-125 (COVID-19 tests).

4 Application

The amendments made by this Schedule apply in relation to losses and

outgoings incurred on or after 1 July 2021.

Schedule 3

Deductible gift recipients--new specific recipients

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Schedule 3--Deductible gift recipients--new

specific recipients

Income Tax Assessment Act 1997

1 In the appropriate position in subsection 30-25(2) (table)

Insert:

2.2.54

The Australian Future Leaders Foundation

Limited

the gift must be made

after 30 June 2021

2.2.55

The Ramsay Centre for Western Civilisation

Limited

the gift must be made

after 30 June 2021

2 In the appropriate position in subsection 30-50(2) (table)

Insert:

5.2.37

Perth Korean War Memorial Committee

Incorporated

the gift must be made after

30 June 2021 and before

1 July 2024

3 In the appropriate position in section 30-105 (table)

Insert:

13.2.31

Greek Orthodox Archdiocese of

Australia Consolidated Trust

Cathedral of the Annunciation

of our Lady Restoration Fund

the gift must be made

after 30 June 2021

and before 1 July

2024

13.2.32

Lord Mayor's Charitable

Foundation

the gift must be made

after 30 June 2021

13.2.33

Royal Humane Society of New

South Wales Incorporated

the gift must be made

after 30 June 2020

4 Section 30-315 (after table item 21)

Insert:

21AA

Australian Future Leaders Foundation

item 2.2.54

Deductible gift recipients--new specific recipients

Schedule 3

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Limited

5 Section 30-315 (after table item 52B)

Insert:

52BA

Greek Orthodox Archdiocese of Australia

Consolidated Trust Cathedral of the

Annunciation of our Lady Restoration Fund

item 13.2.31

6 Section 30-315 (after table item 68)

Insert:

68A

Lord Mayor's Charitable Foundation

item 13.2.32

7 Section 30-315 (after table item 84)

Insert:

84A

Perth Korean War Memorial Committee

Incorporated

item 5.2.37

8 Section 30-315 (after table item 94AA)

Insert:

94AAA

Ramsay Centre for Western Civilisation

Limited

item 2.2.55

9 Section 30-315 (after table item 103)

Insert:

103AA

Royal Humane Society of New South Wales

Incorporated

item 13.2.33

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Schedule 4--Employee Share Schemes

Corporations Act 2001

1 Section 9 (paragraph (a) of the definition of contribution

plan)

Repeal the paragraph, substitute:

(a) regular deductions are made from the wages or salary of an

employee or director (the

contributor

) to acquire financial

products that are offered for issue or sale to the contributor

under a scheme for employees or directors of a company to

acquire any of the following financial products of the

company:

(i) fully paid ordinary shares;

(ii) options, offered for no more than nominal

consideration, for the issue or transfer of fully paid

ordinary shares;

(iii) units in fully paid ordinary shares;

2 Section 9 (definition of eligible employee share scheme)

Repeal the definition.

3 Section 9

Insert:

employee share buy-back

means a buy-back under a scheme that:

(a) has as its purpose the acquisition of shares in a company by,

or on behalf of:

(i) employees of the company, or of a related body

corporate; or

(ii) directors of the company, or a related body corporate,

who hold a salaried employment or office in the

company or in a related body corporate; and

(b) has been approved by the company in general meeting.

4 Section 9 (definition of employee share scheme)

Repeal the definition, substitute:

Employee Share Schemes

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No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

employee share scheme

: see subsection 1100L(1).

5 Section 9 (definition of employee share scheme buy-back)

Repeal the definition.

6 Section 9

Insert:

ESS contribution plan

: see section 1100T.

7 Section 9 (definition of ESS interest)

Repeal the definition, substitute:

ESS interest

: see section 1100M.

8 Section 9

Insert:

ESS participant

: see subsection 1100L(2).

incentive right

: see subsection 1100M(4).

liquidity period

, for an ESS interest: see subsection 1100ZB(7).

9 Section 9 (after paragraph (ma) of the definition of

managed investment scheme)

Insert:

(maa) an ESS contribution plan for an offer of ESS interests that is

eligible to be made under Division 1A of Part 7.12;

10 Section 9 (paragraph (d) of the definition of selective

buy-back)

Repeal the paragraph, substitute:

(d) an employee share buy-back.

11 Paragraph 113(3)(a)

After "its shares", insert ", or of options in respect of its shares,".

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

12 Subsection 257B(1) (table)

Omit "employee share scheme", substitute "employee share".

13 Subsection 257B(1) (note)

Omit "

employee share scheme buy-back

", substitute "

employee share

buy-back

14 Section 703B (note)

Omit "Note", substitute "Note 1".

15 At the end of section 703B

Add:

Note 2:

Division 1A of Part 7.12 (Employee share schemes) contains a

separate regime for the making of offers in connection with employee

share schemes. The provisions of this Part do not apply in relation to

offers that are eligible to be made under that Division: see

subsection 1100ZC(2) and section 1100ZD.

16 Subsection 708(5) (note)

Omit "Note", substitute "Note 1".

17 At the end of subsection 708(5)

Add:

Note 2:

Issues and sales that result from offers that are eligible to be made

under Division 1A of Part 7.12 (Employee share schemes) are also

disregarded for the purposes of subsection (1): see

subsection 1100ZC(4).

18 Subsection 709(5)

Omit "eligible".

19 Section 725A (note)

Omit "Note", substitute "Note 1".

20 At the end of section 725A

Add:

Note 2:

Division 1A of Part 7.12 (Employee share schemes) contains a

separate regime for the making of offers under employee share

schemes. The provisions of this Part do not apply in relation to offers

Employee Share Schemes

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Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

that are eligible to be made under that Division: see

subsection 1100ZC(2) and section 1100ZD.

21 Paragraphs 911A(2)(ed), (ee), (ef) and (eg)

Repeal the paragraphs.

22 Subsection 911A(2) (note)

Omit "Note", substitute "Note 1".

23 At the end of subsection 911A(2)

Add:

Note 2:

A person is also exempt from the requirement to hold an Australian

financial services licence in relation to certain services connected with

offers that are eligible to be made under Division 1A of Part 7.12

(Employee share schemes): see subsection 1100ZC(7).

24 At the end of subsection 992A(2)

Add:

Note 3:

Subsection (1) also does not apply in relation to an offer that is

eligible to be made under Division 1A of Part 7.12 (Employee share

schemes): see subsection 1100ZC(8).

25 Paragraph 994B(3)(c)

Repeal the paragraph.

26 At the end of subsection 994B(3)

Add:

Note:

Division 1A of Part 7.12 (Employee share schemes) contains a

separate regime for the making of offers in connection with employee

share schemes. Subsections (1) and (2) of this section do not apply in

relation to securities that are issued, sold or transferred under an offer

that is eligible to be made under that Division: see

subsection 1100ZC(6).

27 Subsection 1010A(1) (note)

Omit "Note", substitute "Note 1".

28 At the end of subsection 1010A(1)

Add:

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Note 2:

Division 1A of Part 7.12 (Employee share schemes) contains a

separate regime for the making of offers in connection with employee

share schemes. The provisions of this Part do not apply in relation to

offers that are eligible to be made under that Division: see

subsection 1100ZC(3) and section 1100ZD.

29 Section 1010BA (heading)

Repeal the heading, substitute:

1010BA Part does not apply to contribution plans and ESS

contribution plans

30 At the end of section 1010BA

Add "or ESS contribution plans for offers of ESS interests that are

eligible to be made under Division 1A of Part 7.12".

31 Subsection 1012E(8) (note)

Omit "Note", substitute "Note 1".

32 At the end of subsection 1012E(8)

Add:

Note 2:

Issues and sales that result from offers that are eligible to be made

under Division 1A of Part 7.12 (Employee share schemes) are also

disregarded for the purposes of subsection (2): see

subsection 1100ZC(4).

33 After Division 1 of Part 7.12

Insert:

Division 1A--Employee share schemes

Subdivision A--Introduction

1100E Simplified outline of this Division

This Division provides for regulatory relief for offers of interests

(

ESS interests

) under an employee share scheme of:

(a)

a body corporate; or

Employee Share Schemes

Schedule 4

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

(b)

a registered scheme that meets certain listing

requirements.

Offers may be made to:

(a)

directors and employees of the body corporate or the

responsible entity of the registered scheme; and

(b)

directors and employees of an associated entity of the

body corporate or the responsible entity of the registered

scheme; and

(c)

persons that provide services to the body corporate or

responsible entity of the registered scheme.

Offers may also be made to certain related persons of directors,

employees and service providers.

The regulatory relief consists of exemptions from the following

requirements of this Act:

(a)

the disclosure requirements for the issue, sale and

transfer of securities (Parts 6D.2 and 6D.3) and financial

products (Part 7.9);

(b)

the restrictions on advertising of offers for the issue, sale

and transfer of securities (section 734) or financial

products (section 1018A);

(c)

the requirement to make a target market determination

for a financial product and distribute financial products

in accordance with a target market determination

(Part 7.8A);

(d)

the requirement to hold an Australian financial services

licence for a financial service provided in relation to the

employee share scheme (section 911A);

(e)

the prohibition on the hawking of financial products

(section 992A).

An offer of ESS interests for no consideration is eligible to be

made under this Division.

An offer of ESS interests for monetary consideration is eligible to

be made under this Division if:

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

(a)

the proportion of shares covered by ESS interests that

are offered complies with an issue cap; and

(b)

the terms of the offer include certain terms; and

(c)

streamlined disclosure requirements are met.

An offer of ESS interests by an unlisted body corporate must also

generally comply with a monetary cap.

Regulatory relief is revoked if:

(a)

an offer ceases to meet these requirements; or

(b)

the body corporate or responsible entity of the scheme

does not comply with a term of the offer dealing with

disclosure.

An offer of ESS interests is also eligible to be made under this

Division if it could otherwise have been made under section 708,

708AA, 1012D, 1012DAA or 1012DA.

There are offences for making material misleading statements in,

or material omissions from, required disclosure documents and

information.

1100F Geographical coverage of Division

This Division applies to offers of ESS interests that are received in

this jurisdiction, regardless of where any resulting issue, sale or

transfer occurs.

1100G Offers and invitations both covered

For the purposes of this Division:

(a) offering ESS interests for issue includes inviting applications

for the issue of the ESS interests; and

(b) offering ESS interests for sale includes inviting offers to

purchase the ESS interests.

Employee Share Schemes

Schedule 4

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

1100H Person offering interests

For the purposes of this Division, the person who offers ESS

interests is the person who has the capacity, or who agrees, to issue

or transfer the ESS interests if the offer is accepted.

1100J Offers may also be made in reliance on section 708 or 1012D

(1) The fact that a body corporate makes an offer of securities that is

eligible to be made under this Division does not prevent the body

corporate from also making an offer, in reliance on a provision of

section 708, of securities that are of the same class as those offered

under the first-mentioned offer.

Note:

The interaction of this Division with section 708 is affected by

section 1100R and subsection 1100ZC(4).

(2) The fact that a body corporate or responsible entity of a registered

scheme makes an offer of financial products that is eligible to be

made under this Division does not prevent the body corporate or

responsible entity from also making an offer, in reliance on a

provision of section 1012D, of financial products that are of the

same kind as those offered under the first-mentioned offer.

Note:

The interaction of this Division with section 1012D is affected by

section 1100R.

1100K Financial markets recognised under this Division

(1) For the purposes of this Division, the following financial markets

are covered by this section:

(a) a financial market operated by a market licensee;

(b) a foreign financial market determined by ASIC under

subsection (2).

(2) ASIC may, by legislative instrument, determine one or more

foreign financial markets for the purposes of this section.

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Subdivision B--Key concepts

1100L Meaning of employee share scheme

Meaning of employee share scheme

(1) An

employee share scheme

of a body corporate, or of a registered

scheme that is included in the official list of a financial market

covered by section 1100K, means a scheme under which an ESS

interest of the body corporate or registered scheme may be issued,

sold or transferred to:

(a) a person (a

primary participant

) who is:

(i) an employee or director of, or an individual who

provides services to, the body corporate or the

responsible entity of the registered scheme; or

(ii) an employee or director of, or an individual who

provides services to, an associated entity of the body

corporate or of the responsible entity of the registered

scheme, where that associated entity is a body

corporate; or

(iii) a prospective person to whom subparagraph (i) or (ii)

may apply; or

(iv) a person prescribed by the regulations for the purposes

of this subparagraph; or

(b) another person (a

related person

) on behalf of a primary

participant, where the related person is:

(i) a spouse, parent, child or sibling of the primary

participant; or

(ii) another body corporate controlled by the primary

participant or a person mentioned in subparagraph (i); or

(iii) a body corporate that is the trustee of a self managed

superannuation fund (within the meaning of the

Superannuation Industry (Supervision) Act 1993

) where

the primary participant is a director of the body

corporate; or

(iv) a person prescribed in relation to the primary participant

by the regulations for the purposes of this subparagraph.

Note:

An ESS participant who is an employee may be entitled to certain

protections, conditions and minimum wages under the

Fair Work Act

Employee Share Schemes

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No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

2009

, and protections under other laws of the Commonwealth,

including section 31 of Schedule 2 to the

Competition and Consumer

Act 2010

(misleading conduct relating to employment).

Meaning of ESS participant

(2) A person is an

ESS participant

in an employee share scheme if the

person is:

(a) a primary participant mentioned in paragraph (1)(a) in

relation to the scheme; or

(b) a related person mentioned in paragraph (1)(b) in relation to

the scheme.

1100M Meaning of ESS interest

Bodies corporate included in the official list of a financial market

(1) An

ESS interest

, in a body corporate that is included in the official

list of a financial market covered by section 1100K, means any of

the following:

(a) a fully paid share in the body corporate that is in a class of

shares that is able to be traded on the financial market;

(b) a beneficial interest in a fully paid share in the body

corporate where the beneficial interest is in a class of

interests that is able to be traded on the financial market;

into an interest referred to in paragraph (b), where the

conversion can be made without charge or for a nominal fee;

(d) a beneficial interest in a fully paid share in the body

corporate that is convertible into an interest referred to in

paragraph (a), where the conversion can be made without

charge or for a nominal fee;

(e) a unit in an interest mentioned in any of paragraphs (a), (b),

(f) a fully paid stapled security that is in a class of stapled

securities that is able to be traded on the financial market,

that consists of 2 or more

interests, each of which would

separately be:

Schedule 4

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Treasury Laws Amendment (Cost of Living Support and Other

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No. , 2022

(i) an ESS interest under any of paragraphs (a) to (e) of the

body corporate, or of an associated entity of the body

corporate; or

(ii) an ESS interest under paragraph (3)(a) or (b) in a

registered scheme, where the responsible entity of the

scheme is an associated entity of the body corporate;

(g) a unit in a stapled security mentioned in paragraph (f);

(h) an incentive right granted in relation to, or an option to

acquire, an interest mentioned in any of paragraphs (a), (b),

(c), (d) or (f) (the

underlying ESS interest

);

(i) any other interest in the body corporate prescribed by the

regulations for the purposes of this paragraph.

Meaning of ESS interest in other bodies corporate

(2) An

ESS interest

, in a body corporate to which subsection (1) does

not apply, means:

(a) a fully paid share in the body corporate; or

(b) a unit in an interest mentioned in paragraph (a); or

acquire, an interest mentioned in paragraph (a) (the

underlying ESS interest

); or

(d) any other interest in the body corporate prescribed by the

regulations for the purposes of this paragraph.

Meaning of ESS interest in a registered scheme

(3) An

ESS interest

, in a registered scheme that is included in the

official list of a financial market covered by section 1100K, means:

(a) an interest in the scheme that is of the same kind as an

interest in the scheme that is able to be traded on the financial

market; or

(b) a unit in an interest mentioned in paragraph (a); or

acquire, an interest mentioned in paragraph (a) (the

underlying ESS interest

); or

(d) any other interest in the scheme prescribed by the regulations

for the purposes of this paragraph.

Employee Share Schemes

Schedule 4

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Meaning of incentive right

(4)

Incentive right

, in relation to a security or financial product,

means:

(a) a conditional right to acquire the security or financial

product; or

(b) a conditional right to be paid a cash amount where the

amount is determined (wholly or in part) with reference to

any of the following:

(i) the price or value of the security or financial product at

a particular time;

(ii) the change in the price or value of the security or

financial product over a particular period;

(iii) the amount of dividends or distributions paid in respect

of the security or financial product at a particular time;

(iv) the change in the amount of dividends or distributions

paid in respect of the security or financial product over a

particular period; or

(i) acquire the security or financial product; and

(ii) be paid a cash amount where the amount is determined

(wholly or in part) with reference to any of the matters

mentioned in subparagraphs (b)(i) to (iv).

Subdivision C--Offers that are eligible to be made under this

Division

1100N Offers that are eligible to be made under this Division

An offer for the issue, sale or transfer of ESS interests of a body

corporate or registered scheme to ESS participants in connection

with an employee share scheme is eligible to be made under this

Division if:

(a) the offer is covered by any of the following:

(i) section 1100P (about offers for no monetary

consideration);

(ii) section 1100Q (about offers for monetary

consideration);

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(iii) section 1100R (about offers that would otherwise not

need disclosure); and

(b) the offer is expressed to be made under this Division.

1100P Offers for no monetary consideration

An offer for the issue or transfer of ESS interests of a body

corporate or registered scheme to ESS participants in connection

with an employee share scheme is covered by this section if:

(a) no monetary consideration is to be provided for the issue or

transfer of the interests; and

(b) if the offer is of options or incentive rights--no monetary

consideration is to be provided on the exercise of the options

or rights; and

scheme meets the requirements in section 1100S; and

(d) the offer meets any requirements prescribed in the

regulations for the purposes of this paragraph.

1100Q Offers for monetary consideration

(1) An offer for the issue, sale or transfer of ESS interests to ESS

participants in connection with an employee share scheme of a

body corporate or registered scheme is covered by this section if:

(a) either or both of the following apply:

(i) the interests are offered for issue or sale in return for

monetary consideration, and the interests will be

acquired by the ESS participant who pays for the

interests;

(ii) the interests are options or incentive rights and

monetary consideration is to be provided on the exercise

of the options or rights; and

(b) any trust that may issue or transfer ESS interests under the

scheme meets the requirements in section 1100S; and

interests by making regular payments, or having regular

deductions made from the participant's salary or wages, is an

ESS contribution plan for the offer (see section 1100T); and

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(d) any loan offered by the body corporate or relevant

responsible entity, or an associated entity of the body

corporate or responsible entity, in connection with the

scheme complies with section 1100U; and

(e) the offer complies with the issue cap (see section 1100V);

and

(f) the offer complies with section 1100W (about disclosure);

and

(g) the terms of the offer comply with sections 1100Y and

1100Z; and

(h) the offer meets any additional requirements prescribed in the

regulations for the purposes of this paragraph.

Additional requirements for unlisted bodies corporate

(2) However, if the offer is of ESS interests in a body corporate that is

not included in the official list of a financial market covered by

section 1100K, the offer is not eligible to be made under this

Division unless:

(a) if the interests are offered for issue or sale in return for

monetary consideration--the offer is accompanied by the

supporting information required by section 1100X; and

(b) the offer complies with section 1100ZA (about the monetary

cap); and

regulations for the purposes of this paragraph.

1100R Offers that would otherwise not need disclosure

Offers other than small scale offerings

(1) An offer for the issue, sale or transfer of ESS interests to ESS

participants in connection with an employee share scheme of a

body corporate or registered scheme is covered by this section if:

(a) the offer would not require disclosure to any investor under

Part 6D.2 (if that Part otherwise applied to the offer) because

of section 708 (apart from subsection 708(1) or (15)) or

708AA; or

(b) the offer would not require any person to be given a Product

Disclosure Statement under Part 7.9 (if that Part otherwise

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applied to the offer) because of section 1012D (apart from

subsection 1012D(5) or (6)), 1012DAA or 1012DA.

Note:

This subsection puts beyond doubt that the no consideration

exemptions from disclosure in subsections 708(15) and 1012D(5) and

(6) cannot be used to exempt an offer of ESS interests from disclosure

under Part 6D.2 or 7.9.

Small scale offerings

(2) An offer for the issue, sale or transfer of ESS interests to ESS

participants in connection with an employee share scheme of a

body corporate or registered scheme is covered by this section if:

(a) either:

(i) the offer would not require disclosure to any investor

under Part 6D.2 (if that Part otherwise applied to the

offer) because of subsection 708(1); or

(ii) the offer would not require any person to be given a

Product Disclosure Statement under Part 7.9 (if that Part

otherwise applied to the offer) because of

subsection 1012E(2); and

(b) any trust that may issue or transfer ESS interests under the

scheme meets the requirements in section 1100S; and

interests by making regular payments, or having regular

deductions made from the participant's salary or wages, is an

ESS contribution plan for the offer (see section 1100T); and

(d) any loan offered by the body corporate or relevant

responsible entity, or an associated entity of the body

corporate or responsible entity, in connection with the

scheme complies with section 1100U.

1100S Requirements for trusts

(1) A trust meets the requirements in this section for an employee

share scheme of a body corporate or registered scheme under

which an ESS interest may be issued or transferred by the trustee

of the trust if:

(a) the trust is covered by subsection (2); and

(b) either:

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(i) the trustee acquires the ESS interest in connection with

the employee share scheme for the purposes of the

trustee transferring the ESS interest to an ESS

participant; or

(ii) if the ESS interest is a unit in another ESS interest--the

trustee acquires the other ESS interest in connection

with the employee share scheme for the purposes of the

trustee issuing or transferring the unit to an ESS

participant.

(2) A trust is covered by this subsection if the trust deed of the trust:

(a) provides that, in its capacity as trustee of the trust, the

activities of the trustee are limited to managing employee

share schemes of the body corporate or registered scheme

referred to in subsection (1); and

(b) requires the trustee of the trust to keep written records on the

administration of the trust; and

for administering the trust, other than:

(i) reasonable disbursements charged to the trust; or

(ii) amounts charged to the body corporate or responsible

entity of the registered scheme; and

(d) if the trustee of the trust is an associated entity of the body

corporate or the relevant responsible entity--provides that

the trustee may only exercise voting rights associated with

the ESS interests in accordance with the instructions of the

holder of the interests or consistent with the trustee's

fiduciary duties; and

(e) contains terms that meet any requirements prescribed in the

regulations for the purposes of this paragraph.

1100T Meaning of ESS contribution plan

ESS contribution plan

, for an offer for the issue or sale of ESS

interests, means a plan with terms that:

(a) allow an ESS participant to make regular payments, or elect

to have regular deductions made from their wages or salary,

for the purpose of acquiring the ESS interests under the offer;

and

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(b) provide that, before the participant acquires the ESS interests

under the offer, the payments or deductions are held on trust

in an account with an Australian ADI that is kept solely for

that purpose; and

payments at any time; and

(d) provide that, if the participant so elects:

(i) any deductions from the participant's wages or salary

will cease, and any deductions made after the election

will be repaid to the participant, within 45 days of the

election; and

(ii) the amount of the deductions or payments standing, at

the time when the election is made, to the credit of the

account for the participant, and any interest on that

amount, will be repaid to the participant within 45 days

of the election; and

(e) require the participant to agree in writing to the terms of the

plan before participating in the plan; and

(f) meet any requirements prescribed in the regulations for the

purposes of this paragraph.

1100U Requirements for connected loans

(1) A loan offered by a body corporate or responsible entity, or an

associated entity of a body corporate or responsible entity, in

connection with an employee share scheme complies with this

section if:

(a) the loan is offered on the following terms:

(i) that the loan has no interest or fees payable;

(ii) that the rights of the body corporate, responsible entity

or associated entity as against the ESS participant, in the

event of default in payment of the loan, are wholly

limited to forfeiture of the ESS interests acquired using

the loan; and

(b) the borrower is the ESS participant who will acquire ESS

interests offered under the employee share scheme; and

regulations for the purposes of this paragraph.

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Additional requirement for unlisted bodies corporate

(2) However, if the offer is of ESS interests in a body corporate that is

not included in the official list of a financial market covered by

section 1100K, a loan does not comply with this section if it is

offered or made by the body corporate to any ESS participant who,

at the time the loan is offered or made (as the case may be), is a

shareholder of the body corporate.

1100V Issue cap for offers involving consideration

(1) An offer of ESS interests in a

body corporate or registered scheme

complies with the issue cap if, at the time the offer is made, the

body corporate or responsible entity of the registered scheme

reasonably believes:

(a) the total number of fully paid shares in the body corporate or

interests in the registered scheme that are, or are covered by,

the ESS interests of the body corporate or scheme that may

be issued under the offer; and

(b) the total number of fully paid shares in the body corporate or

interests in the registered scheme that are, or are covered by,

the ESS interests that have been issued, or could have been

issued, under offers made in connection with the employee

share scheme at any time during the 3 year period ending on

the day the offer is made;

does not exceed the percentage referred to in subsection (2) of the

number of those fully paid shares or interests actually issued by the

body corporate or scheme (whether in connection with the

employee share scheme or otherwise) as at the start of the day the

offer is made.

(2) The percentage is:

(a) if the constitution of the body corporate or registered scheme

specifies an issue cap percentage--that percentage; or

(b) if paragraph (a) does not apply--the greater of the following:

(i) for a body corporate or registered scheme that is

included in the official list of a financial market covered

by section 1100K--5%;

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(ii) for a body corporate that is not included in the official

list of a financial market covered by section 1100K--

20%;

(iii) the percentage (if any) prescribed by the regulations for

the purposes of this subparagraph.

Modification for stapled securities

(3) However, if the ESS interest is, or covers, a stapled security, then:

(a) each body corporate or registered scheme mentioned in

paragraph 1100M(1)(f) in relation to an interest that

comprises the stapled security is treated as offering that

interest; and

(b) to comply with the issue cap, subsection (1) must be satisfied

in relation to each of those offers.

1100W Disclosure requirements for offers involving consideration

(1) An offer of ESS interests in connection with an employee share

scheme complies with this section if the offer is made in, or

accompanied by, a document that meets the requirements of

subsections (2) and (3).

ESS offer document

(2) A document (an

ESS offer document

) meets the requirements of

this subsection for an offer of ESS interests in connection with an

employee share scheme if the document:

(a) includes the terms of the offer, or a summary of the terms of

the offer with a statement that, on request, a copy of the full

terms of the offer will be provided to the ESS participant;

and

(b) provides general information about the risks of acquiring and

holding the ESS interests being offered; and

into account the ESS participant's objectives, financial

situation and needs; and

(d) suggests that the ESS participant obtain personal advice in

relation to the offer; and

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(e) states the period (the

application period

) during which the

ESS participant may accept the offer; and

(f) for an employee share scheme of a body corporate that is

included in the official list of a financial market covered by

section 1100K:

(i) states either the acquisition price of the ESS interests or,

if the acquisition price will be determined at a future

date, how the acquisition price will be determined; and

(ii) explains how the ESS participant may ascertain the

market price of the shares or, if beneficial interests,

units, options or incentive rights are offered, how the

ESS participant may ascertain the market price of the

underlying ESS interest; and

(g) if ESS interests may be acquired under the offer using a loan

or ESS contribution plan--includes:

(i) the terms of the loan or plan; or

(ii) a summary of the terms of the loan or plan and a

statement that, on request, a copy of the terms of the

plan or loan will be provided to the ESS participant; and

(h) if ESS interests will be held on trust for ESS participants

(other than by a body corporate of the kind mentioned in

subparagraph 1100L(1)(b)(iii) (which is about self managed

superannuation funds))--includes:

(i) the trust deed; or

(ii) a summary of the trust deed and a statement that, on

request, a copy of the full deed will be provided to the

ESS participant; and

(i) includes, or directs the participant to, any of the following

documents (if they exist) that relate to the same class of ESS

interests as those being offered:

(i) a disclosure document prepared under Part 6D.2 in

relation to an offer of securities, where that offer was

made in the 12 months before the start of the application

period;

(ii) a Product Disclosure Statement prepared under Part 7.9

in relation to an offer of financial products for issue or

sale, where that offer was made in the 12 months before

the start of the application period; and

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(j) includes any other information prescribed by the regulations

for the purposes of this paragraph.

Additional requirement for unlisted bodies corporate

(3) If the offer is of ESS interests in a body corporate that is not

included in the official list of a financial market covered by

section 1100K, the ESS offer document must also include the

following:

(a) a statement that the ESS interests may not have any value

and that the value of the ESS interests will depend on future

events that may not occur;

(b) if the ESS interests are:

(i) shares that are not ordinary shares; or

(ii) units in, incentive rights granted in relation to, or

options to acquire, shares that are not ordinary shares;

a description of the rights that attach to the shares, and how

the shares differ from ordinary shares.

Regulations may provide other ways of complying with this section

(4) An offer also complies with this section if the offer is of a kind

prescribed by the regulations for the purposes of this subsection.

1100X Additional disclosure requirements for offers by unlisted

bodies corporate

Supporting information for offers by unlisted bodies corporate

(1) The supporting information required by this section is:

(a) the financial information mentioned in subsection (2),

accompanied by a statement as to whether that financial

information has been audited; and

(b) a document covered by subsection (3) (about valuations) in

relation to the ESS interests being offered; and

(d) any other financial information prescribed by the regulations

for the purposes of this paragraph.

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Financial information

(2) The financial information is:

(a) if the body corporate must lodge a report for a financial year

with ASIC under section 319--a copy of the most recent

report lodged with ASIC; or

(b) if the body corporate is a registered foreign company--a

copy of the most recent documents lodged with ASIC under

section 601CK; or

prepared in compliance with either the accounting standards

or the international accounting standards (within the meaning

of the

Australian Securities and Investments Commission Act

2001

Valuation information

(3) This subsection covers the following documents:

(a) a copy of a valuation of the ESS interest that has been

prepared consistently with an applicable method approved by

the Commissioner of Taxation under section 960-412 of the

Income Tax Assessment Act 1997

;

(b) if securities in the same class as the ESS interests are on offer

at the same time as the ESS interests--a disclosure document

for that offer that has been lodged with ASIC as mentioned in

section 727;

on offer at the same time as the ESS interests--a disclosure

document or statement (within the meaning of section 952B)

in relation to those financial products;

(d) a copy of an executed agreement under which ESS interests

in the same class as the ESS interests are to be acquired on

arm's length terms by a third party who is not an associate of

the person making the offer, where the agreement specifies

the amount of monetary consideration to be paid for an ESS

interest in that class;

(e) a copy of a draft agreement under which ESS interests in the

same class as the ESS interests are to be acquired on arm's

length terms by a third party who is not an associate of the

person making the offer, where the agreement specifies the

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amount of monetary consideration to be paid for an ESS

interest in that class;

(f) a document prescribed by the regulations for the purposes of

this paragraph.

1100Y Terms of the offer--disclosure etc.

(1) The terms of an offer of ESS interests in connection with an

employee share scheme comply with this section if, under those

terms:

(a) an ESS participant cannot acquire an ESS interest under the

offer until at least 14 days after receiving the ESS offer

document and any supporting information required under

section 1100X (if applicable) for the offer; and

(b) if the ESS offer document included only a summary of the

terms of the offer--the person who makes the offer must

provide an ESS participant with a copy of the full terms of

the offer within 10 business days of the ESS participant

requesting a copy of those full terms; and

terms of a loan or ESS contribution plan--the person who

makes the offer must provide an ESS participant with a copy

of the full terms of the loan or plan within 10 business days

of the ESS participant requesting a copy of those full terms;

and

(d) if the ESS offer document included only a summary of a trust

deed--the person who makes the offer must provide an ESS

participant with a copy of the full trust deed within 10

business days of the ESS participant requesting a copy of the

full trust deed; and

(e) if the offer is made by a trustee of a trust that meets the

requirements of section 1100S--the trustee must comply

with the trust deed.

Note:

If an offer contravenes a term mentioned in this subsection, or

subsection (3) or (4) (if applicable), regulatory relief for the offer is

revoked: see section 1100ZG.

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Additional requirements for unlisted bodies corporate

(2) Subsections (3) and (4) apply if the offer is of ESS interests in a

body corporate that is not included in the official list of a financial

market covered by section 1100K.

(3) The terms of the offer must also provide that, if the ESS participant

is given a draft sale agreement in satisfaction of

paragraph 1100X(3)(e) (about valuations), the ESS participant

cannot acquire an ESS interest until a sale agreement that is not

materially different from the draft sale agreement has been

executed.

(4) If the offer is of options or incentive rights, and monetary

consideration is to be provided on the exercise of the options or

incentive rights, the terms of the offer must also be such that:

(a) the options cannot be exercised, or the incentive rights cannot

vest, unless the following documents are provided to the ESS

participant at least 14 days before the exercise of the option

or vesting of the incentive right:

(i) the financial information mentioned in

subsection 1100X(2), accompanied by a statement as to

whether that financial information has been audited;

(ii) a document covered by subsection 1100X(3) (about

valuations) in relation to the underlying ESS interest;

(iii) a statement that the body corporate is solvent;

(iv) any other information prescribed by the regulations for

the purposes of this subparagraph; and

(b) the person who made the offer must provide the ESS

participant with the information mentioned in paragraph (a)

at least 14 days before the option becomes exercisable or the

incentive right vests; and

satisfaction of subparagraph (a)(ii)--the ESS participant

cannot exercise the option or right until a sale agreement that

is not materially different from the draft sale agreement has

been executed.

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Regulations may provide other ways of complying with this section

(5) An offer also complies with this section if the offer is of a kind

prescribed by the regulations for the purposes of this subsection.

1100Z Terms of the offer--misleading statements and omissions

(1) The terms of an offer of ESS interests in connection with an

employee share scheme comply with this section if, under those

terms:

(a) the ESS offer document, any supporting information required

under section 1100X (if applicable), and the terms of the

offer:

(i) must not include a misleading or deceptive statement;

and

(ii) must not omit any information that would result in the

ESS offer document, supporting information or terms of

the offer being misleading or deceptive; and

(b) the person who makes the offer (the

offeror

) must provide

each ESS participant with an updated ESS offer document as

soon as practicable after becoming aware that the document

that was provided has become out of date, or is otherwise not

correct, in a material respect; and

consideration is to be provided on the exercise of the options

or incentive rights--the offeror must provide each ESS

participant with updated documents in satisfaction of

paragraph 1100Y(4)(a) as soon as practicable after becoming

aware that the information that was provided has become out

of date, or is otherwise not correct, in a material respect; and

(d) each person mentioned in items 2, 3 and 4 of the table in

subsection (2) must notify, in writing, the offeror as soon as

practicable if, during the application period for the offer

mentioned in paragraph 1100W(2)(e), the person becomes

aware that:

(i) a material statement in the documents mentioned in

paragraph (a) is misleading or deceptive; or

(ii) information was omitted from any of those documents

that has resulted in one or more of those documents

being misleading or deceptive; or

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(iii) a new circumstance has arisen during the application

period which means the ESS offer document is out of

date, or otherwise not correct, in a material respect; and

(e) if the offer is of options or incentive rights and monetary

consideration is to be provided on the exercise of the options

or incentive rights--each person mentioned in items 2, 3 and

4 of the table in subsection (2) must notify, in writing, the

offeror as soon as practicable if, after the documents

mentioned in paragraph 1100Y(4)(a) have been provided to

an ESS participant in accordance with that paragraph, the

person becomes aware that:

(i) a material statement in the documents is misleading or

deceptive; or

(ii) information was omitted from any of the documents that

has resulted in one or more of those documents being

misleading or deceptive; or

(iii) a new circumstance has arisen since the documents were

provided to an ESS participant which means the

documents are out of date, or otherwise not correct, in a

material respect; and

(f) an ESS participant who suffers loss or damage because of a

contravention of a term of the offer covered by paragraph (a),

(b), (c), (d) or (e) of this subsection can recover the amount

of loss or damage in accordance with the table in

subsection (2).

(2) For the purposes of paragraph (1)(f), an ESS participant must be

able to recover loss or damage in accordance with the following

table:

Item

An ESS participant may

recover loss or damage suffered

as a result of a contravention of

...

from these people ...

a term of the offer covered by any

of the following paragraphs:

(a) paragraph (1)(a) (misleading

or deceptive statements and

omissions);

the body corporate or responsible entity

making the offer

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Item

An ESS participant may

recover loss or damage suffered

as a result of a contravention of

...

from these people ...

(b) paragraph (1)(b) (out of date

ESS offer document);

option or incentive right

information)

a term of the offer covered by any

of the following paragraphs:

(a) paragraph (1)(a) (misleading

or deceptive statements and

omissions);

(b) paragraph (1)(b) (out of date

ESS offer document);

option or incentive right

information)

each director of the body corporate or

responsible entity making the offer

a term of the offer covered by any

of the following paragraphs:

(a) paragraph (1)(a) (misleading

or deceptive statements and

omissions);

(b) paragraph (1)(b) (out of date

ESS offer document);

option or incentive right

information)

a person named, with their consent, in an

ESS offer document, any supporting

information required under

section 1100X (if applicable) or the

terms of the offer as a proposed director

of the body corporate or responsible

entity of a registered scheme whose ESS

interests are being offered

a term of the offer covered by

paragraph (1)(a) (misleading or

deceptive statements and

omissions)

a person named, with their consent, in

the ESS offer document, any supporting

information required under

section 1100X (if applicable) or the

terms of the offer as having made:

(a) the misleading or deceptive

statement; or

(b) a statement on which the misleading

or deceptive statement is based

a term of the offer covered by

paragraph (1)(d) or (e) (failure to

the person mentioned in item 2, 3 or 4 of

this table who failed to notify the body

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Item

An ESS participant may

recover loss or damage suffered

as a result of a contravention of

...

from these people ...

notify body corporate or

responsible entity of misleading

or deceptive statement and

omissions or new circumstances)

corporate or responsible entity in

accordance with the term covered by

paragraph (1)(d) or (e)

Note:

Item 2--

director

includes a shadow director (see section 9).

Additional terms of the offer--no liability terms

(3) The terms of the offer may also include terms to the effect that a

person mentioned in the table in subsection (2) is not liable for any

loss or damage suffered by an ESS participant because of a

contravention of a term of the offer covered by paragraph (1)(a),

(b) or (c) if:

(a) the person:

(i) made all inquiries (if any) that were reasonable in the

circumstances; and

(ii) after doing so, believed on reasonable grounds that the

statement was not misleading or deceptive; or

(b) the person did not know that the statement was misleading or

deceptive; or

the person by:

(i) if the person is a body corporate or a responsible entity

of a registered scheme--someone other than a director,

employee or agent of the body corporate or responsible

entity; or

(ii) if the person is an individual--someone other than an

employee or agent of the individual; or

(d) for a person mentioned in column 2 of item 3 or 4 of the table

in subsection (2)--the person proves that they publicly

withdrew their consent to being named in the document in

that way; or

(e) the contravention arose because of a new circumstance that

has arisen since the ESS offer document was prepared and

the person proves that they were not aware of the matter.

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(4) The terms of the offer must not limit liability of a person

mentioned in the table in subsection (2) in any way other than as

required by subsection (3).

1100ZA Monetary cap for offers by unlisted bodies corporate

(1) An offer complies with this section if it is made on terms that could

not result in a breach of the monetary cap for any primary

participant in relation to the scheme for:

(a) the 12-month period starting on the day that an offer was first

accepted by the participant or a related person of the

participant in connection with the scheme; or

(b) any subsequent 12-month period starting immediately after

the end of the previous 12-month period.

Note 1:

For who is a primary participant in an employee share scheme, see

paragraph 1100L(1)(a).

Note 2:

For who is a related person of a primary participant, see

paragraph 1100L(1)(b).

(2) The offer breaches the monetary cap for a 12-month period if the

amount worked out under subsection (3) for the participant for the

period exceeds the monetary cap worked out under subsection (5)

for the participant for the period.

Amounts that use up the cap

(3) The amount worked out under this subsection for a 12-month

period is the sum of the following amounts, worked out in

accordance with subsection (4):

(a) the maximum amount the participant could pay in the

12-month period under the terms of any offer made in

connection with any employee share scheme operated by the

body corporate or an associate of the body corporate;

(b) the maximum amount that could be paid by related persons

of the participant in the 12-month period under the terms of

any offer made in connection with any employee share

scheme operated by the body corporate or an associate of the

body corporate.

(4) In working out amounts under subsection (3):

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(a) subject to paragraph (b), include amounts payable on the

exercise of options and incentive rights, and amounts paid

out of any related ESS contribution plan; and

(b) do not include any amounts that are excluded from the

monetary cap under section 1100ZB.

Amount of the monetary cap

(5) The monetary cap for a primary participant for a 12-month period

(the

current period

) is the sum of:

(a) the amount referred to in subsection (6); and

(b) 70 per cent of the amount of any distributions received in the

current period by the participant or a related person on an

ESS interest acquired under the scheme (whether under the

offer mentioned in subsection (1) or under another offer); and

in the current period by the participant, to the extent the

remuneration was conditional on the achievement of

objectives; and

(d) if the current period is not the first 12-month period--the

sum of any amount carried forward under subsection (7) for

each previous 12-month period that started:

(i) at or after the start of the first 12-month period; and

(ii) not earlier than 4 years before the start of the current

period.

(6) The amount (the

basic cap amount

) is:

(a) unless paragraph (b) applies--$30,000; or

(b) if an amount is prescribed in the regulations for the purposes

of this paragraph--that amount.

Carry-forward of unused cap

(7) If the amount worked out for a 12-month period by:

(a) starting with the lesser of:

(i) the basic cap amount; and

(ii) the amount that would be worked out under

subsection (3) and in accordance with subsection (4), if

the only amounts included were amounts payable on the

exercise of options and incentive rights; and

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(b) subtracting the total amount paid in the 12-month period by

the participant and each related person under the terms of any

offer made in connection with any employee share scheme

operated by the body corporate or an associate of the body

corporate on the exercise of options and incentive rights;

is greater than nil, then that amount is carried forward for the

purposes of paragraph (5)(d).

Regulations may provide other ways of complying with this section

(8) An offer also complies with this section if the offer is of a kind

prescribed by the regulations for the purposes of this subsection.

1100ZB Amounts that are excluded from the monetary cap

(1) Each amount mentioned in a subsection of this section is not

included in working out under section 1100ZA whether an offer

breaches the monetary cap.

(2) An amount paid into an ESS contribution plan for the offer.

(3) An amount payable by a participant or related person for the issue

or sale of ESS interests to the extent that, under the terms of the

offer, the amount can only become payable during a liquidity

period for the ESS interests.

(4) An amount payable on the exercise of options or incentive rights to

the extent that, under the terms of the offer, the amount can only

become payable during a liquidity period for the underlying ESS

interests.

(5) An amount payable by an ESS participant for the issue or sale of

ESS interests to the extent that, under the terms of the offer:

(a) the amount can only become payable no longer than 7 days

before the start of a liquidity period for the ESS interests; and

(b) all application money received from ESS participants before

the start of a liquidity period must be held on trust for the

ESS participants until:

(i) the start of the liquidity period; or

(ii) the money is returned to the ESS participants; and

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participant, it must be returned as soon as practicable.

(6) An amount payable by an ESS participant on the exercise of

options or incentive rights to the extent that, under the terms of the

offer:

(a) the amount can only become payable no longer than 7 days

before the start of a liquidity period for the underlying ESS

interests; and

(b) all application money received from ESS participants before

the start of a liquidity period must be held in trust for the ESS

participants until:

(i) the start of the liquidity period; or

(ii) the money is returned to the ESS participants; and

participant, it must be returned as soon as practicable.

Liquidity period for ESS interests

(7) A

liquidity period

for an ESS interest is a period during which:

(a) the ESS interest is in a class of interests that is able to be

traded on the official list of a financial market covered by

section 1100K; or

(b) an executed sale agreement constituting an offer to acquire

ESS interests in the same class as the ESS interest is open for

acceptance; or

of this paragraph exists.

Regulations may prescribe other amounts

(8) The regulations may prescribe an amount for the purposes of this

subsection.

Subdivision D--Making offers under this Division

1100ZC Making offers under this Division

(1) This section applies (subject to section 1100ZG) in relation to an

offer for the issue, sale or transfer of ESS interests in connection

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with an employee share scheme if the offer is eligible to be made

under this Division (see Subdivision C).

Relief relating to disclosure

(2) Parts 6D.2 and 6D.3 do not apply in relation to the offer.

(3) Part 7.9 does not apply in relation to the offer, or any issue or sale

of the interest to an ESS participant under the offer.

(4) Unless the issue or sale is eligible to be made under this Division

only because of subsection 1100R(2), issues and sales of securities

or financial products that result from the offer are to be disregarded

when counting issues and sales, and the amount raised from issues

and sales, for the purposes of subsection 708(1) (for securities) and

1012E(2) (for financial products).

(5) Section 1012A (about disclosure in relation to personal advice)

does not apply in relation to financial product advice relating to the

offer.

(6) Part 7.8A (about the design and distribution requirements relating

to financial products for retail clients) does not apply in relation to

the issue, sale or transfer of a security that is an ESS interest under

the offer.

Relief relating to Australian financial services licensing

(7) A person is exempt from the requirement under

subsection 911A(1) to hold an Australian financial services licence

for a financial service they provide if:

(a) the service:

(i) is the provision of general advice by the person in

connection with the offer; or

(ii) is, or is provided incidentally to, a custodial or

depository service that is provided by the person in

connection with the offer; or

(iii) the service is issuing or dealing in a financial product by

the person in connection with the offer; or

(iv) is dealing in an interest in an ESS contribution plan for

the offer; and

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(b) the person is:

(i) the body corporate or the responsible entity of the

registered scheme to which the offer relates; or

(ii) an associated entity of that body corporate or

responsible entity.

Relief relating to hawking of financial products

(8) Subsection 992A(1) does not apply in relation to the offer.

1100ZD Regulatory relief for certain subsequent sale offers of ESS

interests

The provisions of Part 6D.2, 6D.3 and 7.9 do not apply in relation

to an offer of ESS interests in a body corporate or registered

scheme for sale if:

(a) the body corporate or scheme operates an employee share

scheme; and

(b) the person making the offer reasonably believes that:

(i) the person acquired the interests under the employee

share scheme; and

(ii) the person is making the offer only to persons who are

ESS participants in relation to the body corporate or

registered scheme.

1100ZE Dealing with money received before ESS interest is issued

(1) If a person offers ESS interests for issue or sale to an ESS

participant in connection with an employee share scheme, the

person must hold:

(a) all application money received from ESS participants

applying for ESS interests in connection with the employee

share scheme; and

(b) all other money paid by them on account of the ESS interests

before they are issued or transferred;

in trust under this section for the ESS participants until:

(d) the money is returned to the ESS participants.

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(2) If the application money needs to be returned to an ESS

participant, the person must return the money as soon as

practicable.

(3) An offence based on subsection (1) or (2) is an offence of strict

liability.

1100ZF Dealing with money received before liquidity period

(1) If a person is required by the terms of an offer of ESS interests in a

body corporate that is not included in the official list of a financial

market covered by section 1100K to hold application money

received from ESS participants in trust until the start of a liquidity

period, the person must hold the application money in trust under

this section until:

(a) the start of the liquidity period; or

(b) the money is returned to the ESS participants.

(2) If the application money needs to be returned to an ESS

participant, the person must return the money as soon as

practicable.

(3) An offence based on subsection (1) or (2) is an offence of strict

liability.

1100ZG Revocation of regulatory relief in certain circumstances

Revocation of regulatory relief--general case

(1) Section 1100ZC does not apply, and is taken never to have applied,

to an offer for the issue, sale or transfer of ESS interests in

connection with an employee share scheme of a body corporate or

registered scheme if:

(a) at the time the offer was made, it was eligible to be made

under this Division because of the operation of

section 1100Q (offers for monetary consideration); and

(b) at any time after the offer is made, an ESS participant makes

a payment to acquire ESS interests under the offer, or makes

a payment to exercise options or incentive rights that were

acquired under the offer; and

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occur:

(i) for an offer under which an ESS interest of the body

corporate or registered scheme may be issued or

transferred by the trustee of a trust--the trust ceases to

meet the requirements in section 1100S or the trustee of

the trust does not comply with a term of the trust deed;

(ii) the offer results in a breach of the issue cap (see

section 1100V);

(iii) the offer results in a breach of the monetary cap (if

applicable) for a primary participant (see

section 1100ZA);

(iv) any plan under which an ESS participant may acquire

the ESS interests by making regular payments, or

having regular deductions made from the participant's

salary or wages, ceases to be an ESS contribution plan

for the offer (see section 1100T);

(v) any loan offered by the body corporate or relevant

responsible entity, or an associated entity of the body

corporate or responsible entity, in connection with the

scheme ceases to comply with section 1100U;

(vi) the person who makes the offer contravenes a term of

the offer mentioned in section 1100Y (terms of the

offer--disclosure).

Note:

The terms of an offer for the issue or sale of ESS interests for

monetary consideration (or a summary of those terms) must be set out

in the offer document for the offer: see section 1100W.

Revocation of regulatory relief--no monetary consideration offers

using trusts

(2) Section 1100ZC does not apply, and is taken never to have applied,

to an offer for the issue, sale or transfer of ESS interests in

connection with an employee share scheme of a body corporate or

registered scheme if:

(a) at the time the offer was made, it was eligible to be made

under this Division because of the operation of section 1100P

(offers for no monetary consideration); and

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(b) under the offer, an ESS interest of the body corporate or

registered scheme may be issued or transferred by the trustee

of a trust; and

acquires ESS interests under the offer; and

(d) at any time after the offer is made, the trust ceases to meet

the requirements in section 1100S or the trustee of the trust

does not comply with a term of the trust deed.

Revocation of regulatory relief--small scale offers using trusts,

contribution plans or loans

(3) Section 1100ZC does not apply, and is taken never to have applied,

to an offer for the issue, sale or transfer of ESS interests in

connection with an employee share scheme of a body corporate or

registered scheme if:

(a) at the time the offer was made, it was eligible to be made

under this Division because of the operation of

subsection 1100R(2) (small scale offers); and

(b) at any time after the offer is made, an ESS participant makes

a payment to acquire ESS interests under the offer, or makes

a payment to exercise options or incentive rights that were

acquired under the offer; and

occur:

(i) for an offer under which an ESS interest of the body

corporate or registered scheme may be issued or

transferred by the trustee of a trust--the trust ceases to

meet the requirements in section 1100S or the trustee of

the trust does not comply with a term of the trust deed;

(ii) any plan under which an ESS participant may acquire

the ESS interests by making regular payments, or

having regular deductions made from the participant's

salary or wages, ceases to be an ESS contribution plan

for the offer (see section 1100T);

(iii) any loan offered by the body corporate or relevant

responsible entity, or an associated entity of the body

corporate or responsible entity, in connection with the

scheme ceases to comply with section 1100U.

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When contravention occurs

(4) Subsection (5) applies if subsection (1), (2) or (3) operates to treat

section 1100ZC as never having applied to an offer of ESS

interests because of an event (a

revocation event

) occurring as

described in any of the following provisions of this section:

(a) subparagraphs (1)(c)(i) to (vi);

(b) paragraph (2)(d);

(5) For the purposes of determining:

(a) under section 1316 when proceedings for an offence against

this Act may be instituted; and

(b) under section 1317K when proceedings for a declaration of a

contravention of a provision of this Act may be started;

the act or omission alleged to constitute the offence or the

contravention (as the case requires) is taken to have occurred when

the revocation event occurs.

Subdivision E--Prohibitions and defences

1100ZH Misstatement in, or omission from, disclosure information

(1) A person must not make an offer that is expressed to be made

under this Division, or distribute an application form for such an

offer

to ESS participants if paragraph 1100Q(1)(a) applies to the

offer and there is:

(a) a misleading or deceptive statement in:

(i) a document that purports to be an ESS offer document

required by section 1100W for the offer; or

(ii) information that purports to be supporting information

required under section 1100X for the offer; or

(b) an omission of information from a document mentioned in

subparagraph (a)(i) or (ii) that would result in the document

or information being misleading or deceptive; or

(i) has arisen during the application period for the offer

mentioned in paragraph 1100W(2)(e); and

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(ii) if the new circumstance had occurred before the offer

was made, would have been required to be included in

any of the documents mentioned in paragraph (a).

(2) For the purposes of subsection (1), a person is taken to offer ESS

interests to ESS participants at all times during which the

participants may accept the offer.

Forecasts and other forward-looking statements

(3) A person is taken to make a misleading statement about a future

matter (including the doing of, or refusing to do, an act) if they do

not have reasonable grounds for making the statement. This

subsection does not limit the meaning of a reference to a

misleading statement or a statement that is misleading in a material

particular.

Offence if statement or new circumstance is materially adverse

(4) A person commits an offence if:

(a) the person contravenes subsection (1); and

(b) the misleading or deceptive statement or omission, or the

new circumstance, is materially adverse from the point of

view of an ESS participant.

Defence--due diligence

(5) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in, or an omission

from, a document mentioned in paragraph (1)(a) if the person

proves that the person:

(a) made all inquiries (if any) that were reasonable in the

circumstances; and

(b) after doing so, believed on reasonable grounds that the

statement was not misleading or deceptive.

Defence--lack of knowledge

(6) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in a document

mentioned in paragraph (1)(a) if the person proves that the person

did not know that the statement was misleading or deceptive.

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(7) A person does not commit an offence against subsection (4)

because of an omission from a document mentioned in

paragraph (1)(a) in relation to a particular matter if the person

proves that the person did not know that there was an omission

from the document in relation to that matter.

(8) A person does not commit an offence against subsection (4)

because of a new circumstance that had arisen as mentioned in

paragraph (1)(c) if the person did not know that the new

circumstance had arisen.

Defence--reasonable reliance on information given by someone

else

(9) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in a document

mentioned in paragraph (1)(a) if the person proves that the person

placed reasonable reliance on information given to them by:

(a) if the person is a body corporate or a responsible entity of a

registered scheme--someone other than a director, employee

or agent of the body corporate or responsible entity; or

(b) if the person is an individual--someone other than an

employee or agent of the individual.

(10) For the purposes of subsection (9), a person is not the agent of a

body corporate or responsible entity merely because the person

performs a particular professional or advisory function for the body

corporate or responsible entity.

Defence--provision of updated information

(11) A person does not commit an offence against subsection (4)

because of a new circumstance that has arisen as mentioned in

paragraph (1)(c) if the person proves that, as soon as reasonably

practicable after the circumstance arose:

(a) the documents mentioned in paragraph (1)(a) were updated to

include all relevant information about the new circumstance;

and

(b) copies of those updated documents were given to the ESS

participants.

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1100ZI Misstatement in, or omission from, financial information for

options and incentive rights

(1) A person must not offer ESS interests that are options or incentive

rights to ESS participants if subparagraph 1100Q(1)(a)(ii) and

subsection 1100Y(4) apply to the offer and there is:

(a) a misleading or deceptive statement in any information

provided to the ESS participants in purported satisfaction of

the term of the offer mentioned in paragraph 1100Y(4)(a)

(about the provision of valuations and financial information);

(b) an omission from information provided as mentioned in

paragraph (a) that would result in the information provided

being misleading or deceptive; or

(i) has arisen during the period that the option is

exercisable or the incentive right is vested; and

(ii) if the new circumstance had occurred before the option

became exercisable or the incentive right vested, would

have been required to be included in the information

mentioned in paragraph (a).

(2) For the purposes of subsection (1), a person is taken to offer

options and incentive rights to ESS participants at all times during

which the options are exercisable or the incentive rights are vested.

Forecasts and other forward-looking statements

(3) A person is taken to make a misleading statement about a future

matter (including the doing of, or refusing to do, an act) if they do

not have reasonable grounds for making the statement. This

subsection does not limit the meaning of a reference to a

misleading statement or a statement that is misleading in a material

particular.

Offence if statement or new circumstance is materially adverse

(4) A person commits an offence if:

(a) the person contravenes subsection (1); and

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(b) the misleading or deceptive statement or omission, or the

new circumstance, is materially adverse from the point of

view of an ESS participant.

Defence--due diligence

(5) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in, or an omission

from, information mentioned in paragraph (1)(a) if the person

proves that the person:

(a) made all inquiries (if any) that were reasonable in the

circumstances; and

(b) after doing so, believed on reasonable grounds that the

statement was not misleading or deceptive.

Defence--lack of knowledge

(6) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in information

mentioned in paragraph (1)(a) if the person proves that the person

did not know that the statement was misleading or deceptive.

(7) A person does not commit an offence against subsection (4)

because of an omission from information mentioned in

paragraph (1)(a) in relation to a particular matter if the person

proves that the person did not know that there was an omission

from the information in relation to that matter.

(8) A person does not commit an offence against subsection (4)

because of a new circumstance that had arisen as mentioned in

paragraph (1)(c) if the person did not know that the new

circumstance had arisen.

Defence--reasonable reliance on information given by someone

else

(9) A person does not commit an offence against subsection (4)

because of a misleading or deceptive statement in information

mentioned in paragraph (1)(a) if the person proves that the person

placed reasonable reliance on information given to them by:

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(a) if the person is a body corporate or a responsible entity of a

registered scheme--someone other than a director, employee

or agent of the body corporate or responsible entity; or

(b) if the person is an individual--someone other than an

employee or agent of the individual.

(10) For the purposes of subsection (9), a person is not the agent of a

body corporate or responsible entity merely because the person

performs a particular professional or advisory function for the body

corporate or responsible entity.

Defence--provision of updated information

(11) A person does not commit an offence against subsection (4)

because of a new circumstance that has arisen as mentioned in

paragraph (1)(c) if the person proves that, as soon as reasonably

practicable after the circumstance arose:

(a) the information mentioned in paragraph (1)(a) was updated to

include all relevant information about the new circumstance;

and

(b) the updated information was given to the ESS participants.

1100ZJ Obligation to inform person about deficiencies in disclosure

documents

(1) This section applies to offers of ESS interests that are expressed to

be made under this Division, if:

(a) paragraph 1100Q(1)(a) applies to the offer; and

(b) the offer is made in, or accompanied by, a document that

purports to be an ESS offer document required by

section 1100W for the offer.

(2) A person covered by subsection (3) must notify, in writing, the

body corporate or responsible entity of a registered scheme making

the offer as soon as practicable if, during the application period for

the offer mentioned in paragraph 1100W(2)(e), the person becomes

aware that:

(a) a material statement in any of the following documents is

misleading or deceptive:

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(i) a document that purports to be an ESS offer document

required by section 1100W for the offer;

(ii) information that purports to be supporting information

required under section 1100X for the offer; or

(b) there is a material omission of information from any of the

documents mentioned in paragraph (a) that would result in

any of those documents being misleading or deceptive; or

(i) has arisen during the application period for the offer

mentioned in paragraph 1100W(2)(e); and

(ii) if the new circumstance had occurred before the offer

was made, would have been required to be included in

any of the documents mentioned in paragraph (a).

(3) The following persons are covered by this subsection:

(a) each director of the body corporate or responsible entity;

(b) a person named, with the person's consent, in any document

mentioned in paragraph (2)(a) as a proposed director of the

body corporate or responsible entity;

mentioned in paragraph (2)(a) as having made a statement:

(i) that is included in any such document; or

(ii) on which a statement made in any such document is

based.

(4) An offence based on subsection (2) is an offence of strict liability.

Defence--withdrawal of consent

(5) A person does not commit an offence against subsection (2) if:

(a) the person is named, with the person's consent, in any

document mentioned in paragraph (2)(a):

(i) as a director or proposed director of the body corporate

or responsible entity; or

(ii) as having made a statement that is included in any such

document or on which a statement made in any such

document is based; and

(b) at any time, the person publicly withdraws the person's

consent to being named in the document in that way.

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Subdivision F--ASIC powers

1100ZK ASIC's power to make exemptions and declare

modifications etc. in relation to this Division

Application

(1) This section applies in relation to Chapters 2L, 5, 5C, 6D and 7

(the

covered Chapters

) and this Division.

Exemptions and declarations on application of this Division

(2) ASIC may do either or both of the following:

(a) exempt a person from all or specified provisions of the

covered Chapters or this Division;

(b) declare that the covered Chapters or this Division apply in

relation to a person, as if specified provisions were omitted,

modified or varied as specified in the declaration.

(3) The exemption or declaration may do all or any of the following:

(a) relate to all persons, specified persons or a specified class of

persons;

(b) relate to any other matter generally or as specified.

Imposition of conditions on exemption

(4) An exemption may apply unconditionally or subject to specified

conditions.

(5) An entity to whom a condition specified in an exemption applies

must comply with the condition.

(6) The Court may order the entity to comply with the condition in a

specified way. Only ASIC may apply to the Court for the order.

Exemptions and declarations relating to all or a class of persons

(7) An exemption or declaration that relates to all persons, or a

specified class of persons, must be made by legislative instrument.

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Exemptions and declarations relating to specified persons

(8) An exemption or declaration that relates to a specified person must

be made by notifiable instrument.

(9) ASIC must give a copy of an exemption or declaration that relates

to a specified person to the person as soon as is reasonably

practicable after the exemption or declaration is made.

1100ZL ASIC stop orders

(1) This section applies if, in relation to an offer of ESS interests that

is purportedly made under this Division, ASIC is satisfied that:

(a) information in any of the following is not worded and

presented in a clear, concise and effective manner:

(i) an application form for the offer;

(ii) a document that purports to be an ESS offer document

for the offer;

(iii) a document that purports to be supporting information

required under section 1100X for the offer;

(iv) if the offer is not in a document mentioned in

subparagraph (i) or (ii)--the document that contains the

offer; or

(b) a document that purports to be an ESS offer document for the

offer does not meet the requirements of

subsection 1100W(2); or

1100Z; or

(d) a document that purports to be supporting information

required under section 1100X for the offer does not meet the

relevant requirements under that section for that document;

(e) the document that purports to be the ESS offer document,

information that purports to be supporting information

required under section 1100X, or the terms of the offer:

(i) include a misleading or deceptive statement; or

(ii) omit information in such a way that results in any of

those documents being misleading or deceptive; or

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(f) a person has contravened, or is likely to contravene, a term of

the offer covered by section 1100Y or 1100Z.

(2) ASIC may order that no offers, issues, sales or transfers of the ESS

interests be made while the order is in force.

(3) Before making an order under subsection (2), ASIC must:

(a) hold a hearing; and

(b) give a reasonable opportunity to any interested people to

make oral or written submissions to ASIC on whether an

order should be made.

(4) If ASIC considers that any delay in making an order under

subsection (2) pending the holding of a hearing would be

prejudicial to the public interest, ASIC may make an interim order

that no offers, issues, sales or transfers of the ESS interests be

made while the interim order is in force. The interim order may be

made without holding a hearing and lasts for 21 days after the day

on which it is made unless revoked before then.

(5) At any time during the hearing, ASIC may make an interim order

that no offers, issues, sales or transfers of the ESS interests be

made while the interim order is in force. The interim order lasts

until:

(a) ASIC makes an order under subsection (2) after the

conclusion of the hearing; or

(b) the interim order is revoked;

whichever happens first.

(6) An order under subsection (2), (4) or (5) must be in writing and

must be served on the person who is ordered not to offer, issue, sell

or transfer ESS interests.

1100ZM ASIC's power to request documents

(1) ASIC may require a person who makes, or purports to make, an

offer of ESS interests to produce to ASIC such documents, or to

give to ASIC such information, as ASIC thinks necessary in order

to form an opinion about whether the provisions of this Division

have been complied with.

Employee Share Schemes

Schedule 4

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

(2) The person must provide the information within such reasonable

period, and in such form, as are specified by ASIC.

(3) An offence based on subsection (2) is an offence of strict liability.

34 Subparagraph 1274(2)(a)(iva)

Repeal the subparagraph, substitute:

(iva) an ESS offer document, an application form or any

supporting information required under section 1100X

lodged with ASIC in relation to an offer of ESS interests

in a body corporate (the

issuing body corporate

), if the

conditions set out in subsection (2AA) are satisfied; or

35 Subsection 1274(2AA)

Repeal the subsection, substitute:

(2AA) For the purposes of subparagraph (2)(a)(iva), the conditions are the

following:

(a) no equity interests in any of the following companies are

listed for quotation in the official list of any approved stock

exchange at the end of the issuing body corporate's most

recent income year (the

pre-lodgement year

) before the

income year in which the relevant document mentioned in

subparagraph (2)(a)(iva) is lodged with ASIC:

(i) the issuing body corporate;

(ii) any subsidiary of the issuing body corporate at the end

of the pre-lodgement year;

(iii) any holding company of the issuing body corporate at

the end of the pre-lodgement year;

(iv) any subsidiary of a holding company of the issuing

body corporate at the end of the pre-lodgement year;

and

(b) the issuing body corporate had an aggregated turnover not

exceeding $50 million for the pre-lodgement year.

36 At the end of Chapter 10

Add:

Schedule 4

Employee Share Schemes

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Part 10.66--Transitional provisions relating to

Schedule 4 of the Treasury Laws

Amendment (Cost of Living Support and

Other Measures) Act 2022

1696 Employee share schemes--recognised foreign markets

(1) If, immediately after the commencement of this section, there is no

legislative instrument in force under subsection 1100K(2), then an

approved foreign market, within the meaning of the

ASIC

Corporations (Definition of Approved Foreign Market) Instrument

2017/669

, is taken to be a foreign market determined by ASIC for

the purposes of that section.

(2) This section ceases to apply when ASIC determines a foreign

market under subsection 1100K(2).

37 In the appropriate position in Schedule 3

Insert:

Subsection 1100ZE(1)

60 penalty units

Subsection 1100ZE(2)

20 penalty units

Subsection 1100ZF(1)

60 penalty units

Subsection 1100ZF(2)

20 penalty units

Subsection 1100ZH(4)

5 years imprisonment

Subsection 1100ZI(4)

5 years imprisonment

Subsection 1100ZJ(2)

50 penalty units

Subsection 1100ZM(2)

60 penalty units

Varying the GDP uplift factor for tax instalments

Schedule 5

Amendments

Part 1

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Schedule 5--Varying the GDP uplift factor for

tax instalments

Part 1--Amendments

Taxation Administration Act 1953

1 At the end of section 45-405 in Schedule 1

Add:

Reduced GDP adjustment for 2022-23 income year

(9) Despite subsections (3) and (6), if the current year is the 2022-23

income year, then for the purposes of the formula in subsection (2)

the

GDP adjustment

is 2%.

Note:

This subsection will be repealed on 1 July 2027: see Part 2 of

Schedule 5 to the

Treasury Laws Amendment (Cost of Living Support

and Other Measures) Act 2022

2 Application

The amendment made by this Part applies for the purposes of working

out the amount of an instalment for an instalment quarter for the

2022-23 income year.

Schedule 5

Varying the GDP uplift factor for tax instalments

Part 2

Sunsetting

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Part 2--Sunsetting

Taxation Administration Act 1953

3 Subsection 45-405(9) in Schedule 1

Repeal the subsection.

Low and Middle Income tax offset

Schedule 6

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Schedule 6--Low and Middle Income tax

offset

Income Tax Assessment Act 1997

1 Subsection 61-105(3) (note)

Repeal the note, substitute:

Note:

This section will be repealed on 1 July 2022 by the

Treasury Laws

Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act

2020

2 Subsection 61-107(1) (note)

Repeal the note, substitute:

Note:

This section will be repealed on 1 July 2022 by the

Treasury Laws

Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act

2020

3 After subsection 61-107(1)

Insert:

(1A) The amount of your

tax offset is increased by $420 if:

(a) the income year is the 2021-22 income year; and

(b) your relevant income is not $126,000.

4 Subsections 61-107(2) and (4)

Omit "Despite subsection (1)", substitute "Despite subsections (1) and

(1A)".

Schedule 7

Safety net thresholds

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Schedule 7--Safety net thresholds

National Health Act 1953

1 Section 99F (definition of concessional beneficiary safety

net)

Omit "48", substitute "36".

2 Section 99F (definition of general patient safety net)

Omit "$1,486.80", substitute "$1,457.10".

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Schedule 8--2022 cost of living payment

Income Tax Assessment Act 1997

1 Section 11-

15 (table item headed "social security or like

payments")

After:

Commonwealth education or training payment ................. Subdivision 52-F

insert:

cost of living payment 2022 under the

Social Security

Act 1991

.......................................................................

52-10

cost of living payment 2022 under the

Veterans'

Entitlements Act 1986

...................................................

52-65

2 After paragraph 52-10(1)(zb)

Insert:

; or (zc) 2022 cost of living payment under the

Social Security Act

1991

3 After subsection 52-10(1C)

Insert:

(1CA) 2022 cost of living payment under Division 1 of Part 2.6D of the

Social Security Act 1991

is exempt from income tax.

4 Section 52-40 (after table item 1A)

Insert:

1AA

2022 cost of

living payment

Part 2.6D

Not applicable

5 After paragraph 52-65(1)(e)

Insert:

; or (f) a 2022 cost of living payment under the

Veterans'

Entitlements Act 1986

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

6 After subsection 52-65(1K)

Insert:

(1L) 2022 cost of living payment under Division 1 of Part IIIK of the

Veterans' Entitlements Act 1986

is exempt from income tax.

7 Section 52-75 (after table item 1A)

Insert:

1AA

2022 cost of living payment

Part IIIK

Not applicable

8 At the end of subsection 52-131(2)

Add:

; (e) a 2022 cost of living payment.

9 After paragraph 52-131(8)(ac)

Insert:

(ad) a 2022 cost of living payment; or

Social Security Act 1991

10 After paragraph 8(8)(yp)

Insert:

(yq) a 2022 cost of living payment under Division 1 of Part IIIK

of the Veterans' Entitlements Act;

11 Before paragraph 23(4AA)(b)

Insert:

(af) Part 2.6D (2022 cost of living payment);

12 After Part 2.6C

Insert:

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Part 2.6D--2022 cost of living payment

Division 1--2022 cost of living payment

314 2022 cost of living payment

Qualification for payment

(1) A person is qualified for a 2022 cost of living payment if:

(a) subsection 316(2), (3) or (4) applies to the person on

29 March 2022; and

(b) the person is residing in Australia on 29 March 2022.

More than one entitlement

(2) A person may receive one payment only under this Division,

regardless of how many times the person qualifies under this

section.

(3) If:

(a) a 2022 cost of living payment under the ABSTUDY Scheme;

(b) a 2022 cost of living payment under Division 1 of Part IIIK

of the Veterans' Entitlements Act;

is paid to a person, no payment under this section can be paid to

the person.

315 Amount of 2022 cost of living payment

The amount of a person's 2022 cost of living payment under this

Division is $250.

Division 2--Eligibility

316 Eligibility

(1) This section applies for the purposes of subsection 314(1).

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

Receipt of certain benefits

(2) This subsection applies to a person on a day if the person receives

one of the following benefits in respect of that day:

(a) age pension;

(b) disability support pension;

(d) parenting payment;

(e) youth allowance;

(f) austudy payment;

(g) jobseeker payment;

(h) special benefit;

(i) carer allowance;

(j) double orphan pension.

Note:

References to youth allowance and jobseeker payment include

references to farm household allowance: see section 93 of the

Farm

Household Support Act 2014

Qualified for seniors health card

(3) This subsection applies to a person on a day if:

(a) the person makes a claim for a seniors health card under

Division 1 of Part 3 of the Administration Act on or before

that day; and

(b) the person does not withdraw that claim on or before that

day; and

Qualified for pensioner concession card

(4) This subsection applies to a person on a day if the person is

qualified for a pensioner concession card on that day.

13 Subsection 1222(2) (after table item 4L)

Insert:

1223ABM

(debts in respect of 2022

cost of living payment)

deductions

legal proceedings

garnishee notice

repayment by instalments

1231, 1234A

1232

1233

1234

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

14 After section 1223ABL

Insert:

1223ABM Debts in respect of 2022 cost of living payment

(1) If:

(a) a 2022 cost of living payment under Division 1 of Part 2.6D

is paid to a person; and

(b) after the 2022 cost of living payment is paid to the person, an

underlying determination in relation to the person, at least so

far as it relates to:

(i) 29 March 2022; or

(ii) a period that includes 29 March 2022;

is or was (however described) changed, revoked, set aside, or

superseded by another determination; and

underlying determination is or was made for the reason, or

for reasons including the reason, that the person knowingly

made a false or misleading statement, or knowingly provided

false information; and

(d) had the change, revocation, setting aside or superseding

occurred on or before 29 March 2022, the 2022 cost of living

payment would not have been paid;

the amount of the 2022 cost of living payment is a debt due to the

Commonwealth by the person.

(2) For the purposes of this section, an

underlying determination

relation to a person is a determination made under Part 3 of the

Administration Act because of which a benefit mentioned in

subsection 316(2) of this Act was payable to the person.

(3) If:

(a) a 2022 cost of living payment under Division 1 of Part 2.6D

is paid to a person; and

(b) the person qualified for the payment because of

subsection 316(3) applying to the person in relation to having

made a claim for a seniors health card; and

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

or knowingly provided false information, in relation to the

claim; and

(d) the 2022 cost of living payment would not have been paid to

the person but for that statement or information;

the amount of the 2022 cost of living payment is a debt due to the

Commonwealth by the person.

(4) Apart from section 1224AA, the other provisions of this Part under

which debts arise do not apply in relation to a 2022 cost of living

payment under Division 1 of Part 2.6D.

Social Security (Administration) Act 1999

15 Before section 12B

Insert:

12AH 2022 cost of living payment

A claim is not required for a 2022 cost of living payment under

Division 1 of Part 2.6D of the 1991 Act.

16 Subsection 47(1) (after paragraph (gj) of the definition of

lump sum benefit)

Insert:

(gk) 2022 cost of living payment under Division 1 of Part 2.6D of

the 1991 Act; or

17 After section 47AH

Insert:

47AI Payment of 2022 cost of living payment

(1) If a person is qualified for a 2022 cost of living payment under

Division 1 of Part 2.6D of the 1991 Act, the Secretary must,

subject to subsection (2), pay the payment to the person in a single

lump sum:

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

(a) on the date, occurring on or after 29 March 2022, that the

Secretary considers to be the earliest date on which it is

reasonably practicable for the payment to be paid; and

(b) in such manner as the Secretary considers appropriate.

(2) The Secretary must not pay the payment on or after 1 July 2023.

18 Section 123TC

Insert:

2022 cost of living payment

means:

(a) a 2022 cost of living payment under Division 1 of Part 2.6D

of the 1991 Act; or

(b) a 2022 cost of living payment under the ABSTUDY Scheme.

19 Subdivision DB of Division 5 of Part 3B (heading)

Omit "

and household stimulus payments

", substitute "

, household

stimulus payments and cost of living payments

20 At the end of Subdivision DB of Division 5 of Part 3B

Add:

123XPE Deductions from 2022 cost of living payment

Scope

(1) This section applies if:

(a) a person is subject to the income management regime; and

(b) a 2022 cost of living payment is payable to the person.

Deductions from 2022 cost of living payment

(2) The following provisions have effect:

(a) the Secretary must deduct from the 2022 cost of living

payment the deductible portion of the payment;

(b) an amount equal to the deductible portion of the payment is

credited to the Income Management Record;

credited to the person's income management account.

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

(3) For the purposes of subsection (2), the

deductible portion

of a

2022 cost of living payment is 100% of the amount of the payment.

21 Subsection 124PD(1) (after subparagraph (a)(viik) of the

definition of restrictable payment)

Insert:

(viil) a 2022 cost of living payment under Division 1 of

Part 2.6D of the 1991 Act; or

(viim) a 2022 cost of living payment under the ABSTUDY

Scheme; or

Veterans' Entitlements Act 1986

22 After paragraph 5H(8)(zzao)

Insert:

(zzap) a 2022 cost of living payment under Division 1 of Part IIIK;

23 After Part IIIJ

Insert:

Part IIIK--2022 cost of living payment

Division 1--2022 cost of living payment

67ZP 2022 cost of living payment

(1) A person is eligible for a 2022 cost of living payment if Division 2

applies to the person on 29 March 2022.

(2) The amount of a person's 2022 cost of living payment under this

Division is $250.

67ZQ More than one entitlement

(1) A person may receive one payment only under this Division,

regardless of how many times the person becomes eligible under

section 67ZP.

(2) If:

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

(a) a 2022 cost of living payment under the ABSTUDY Scheme;

(b) a 2022 cost of living payment under Division 1 of Part 2.6D

of the Social Security Act;

is paid to a person, no payment under this Division can be paid to

the person.

67ZR Claim not required for 2022 cost of living payment

A claim is not required for a 2022 cost of living payment under this

Division.

67ZS Payment of 2022 cost of living payment

(1) If a person is eligible for a 2022 cost of living payment under this

Division, the Commission must, subject to subsection (2), pay the

payment to the person in a single lump sum:

(a) on the date, occurring on or after 29 March 2022, that the

Commission considers to be the earliest date on which it is

reasonably practicable for the payment to be paid; and

(b) in such manner as the Commission considers appropriate.

(2) The Commission must not pay the payment on or after 1 July 2023.

Division 2--Eligibility

67ZT Purpose of this Division

This Division applies for the purposes of subsection 67ZP(1).

Note:

Sections 67ZU to 67ZZ are subject to section 67ZZA (residence

requirement).

67ZU Payments under this Act

Service pension or income support supplement

(1) This Division applies to a person on a day if service pension or

income support supplement is payable to the person on that day.

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

(2) For the purposes of subsection (1), and without limiting that

subsection, service pension or income support supplement is taken

to be payable to a person on a day (the

test day

) if:

(a) service pension or income support supplement ceases to be

payable to the person on a day (the

cessation day

) occurring

on or before the test day; and

(b) that cessation occurs because of employment income the

person or the person's partner earns, derives or receives

(either alone or in combination with any other ordinary

income earned, derived or received by the person or the

person's partner); and

income, referred to in paragraph (b), the pension or

supplement would be payable to the person throughout the

period:

(i) starting on the cessation day; and

(ii) ending on the test day; and

(d) the cessation day occurs no earlier than 12 weeks before the

test day.

Pensions by way of compensation under Part II or IV

(3) This Division applies to a person on a day if:

(a) the person receives for that day a pension under Part II or IV

at a rate determined under or by reference to section 22, 23,

24, 25 or 27; and

(b) the person's rate of the pension is greater than nil for that

day.

(4) This Division applies to a person on a day if:

(a) the person receives for that day a pension under Part II or IV

at a rate determined under or by reference to

subsection 30(1); and

(b) the person's rate of the pension is greater than nil for that

day.

(5) For the purposes of subsections (3) and (4), a person is taken to

receive a pension under Part II or IV at a rate greater than nil even

if the person's rate would be nil, or pension would not be payable,

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

merely because the rate is reduced, or pension is not payable, under

Division 4, 5 or 5A of Part II or section 74.

Veteran payment

(6) This Division applies to a person on a day if:

(a) veteran payment is payable to the person on that day; and

(b) veteran payment is so payable because of a claim made on or

before that day.

67ZV Veterans' Children Education Scheme

This Division applies to a person on a day if:

(a) a payment under the Veterans' Children Education Scheme is

payable to the person on that day; and

(b) the payment is so payable because of a claim the person

makes on or before that day; and

67ZW Seniors health card, gold card etc.

Seniors health card

(1) This Division applies to a person on a day if:

(a) the person makes a claim for a seniors health card under

Division 2 of Part VIIC on or before that day; and

(b) the person does not withdraw that claim on or before that

day; and

(2) This Division applies to a person on a day if:

(a) the person is the holder of a seniors health card on that day

because of subsection 118XA(3); and

(b) the person is eligible for the card on that day.

Gold card

(3) This Division applies to a person on a day if:

(a) the person is, on that day, the holder of a card, known as the

Repatriation Health Card--For All Conditions, that

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

evidences the person's eligibility under this Act or the

MRCA to be provided with treatment for all injuries or

diseases; and

(b) the person is eligible for the card on that day.

(4) This Division applies to a person on a day if:

(a) the person makes a claim, on or before that day, under:

(i) section 8 of the

Australian Participants in British

Nuclear Tests and British Commonwealth Occupation

Force (Treatment) Act 2006

; or

(ii) section 9 of the

Treatment Benefits (Special Access) Act

2019

;

for a determination that the person is an eligible person; and

(b) the person does not withdraw that claim on or before that

day; and

Act) on that day.

Fringe benefits

(5) This Division applies to a person on a day if the person is eligible

for fringe benefits under subsection 53A(1A) of this Act on that

day.

67ZX MRCA

Compensation for permanent impairment

(1) This Division applies to a person on a day if either or both of the

following apply:

(a) weekly compensation under Part 2 of Chapter 4 of the

MRCA:

(i) is payable to the person for that day; or

(ii) would be payable to the person for that day apart from

paragraph 398(3)(b) of the MRCA and offsetting

described in subsection 13(4) of the

Military

Rehabilitation and Compensation (Consequential and

Transitional Provisions) Act 2004

;

(b) the person receives lump sum compensation under Part 2 of

Chapter 4 of the MRCA on or before that day.

2022 cost of living payment

Schedule 8

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Special Rate Disability Pension

(2) This Division applies to a person on a day if Special Rate

Disability Pension under the MRCA:

(a) is payable to the person for that day; or

(b) would be payable to the person for that day apart from

section 204, and paragraph 398(3)(b), of the MRCA.

Compensation for wholly dependent partners

(3) This Division applies to a person on a day if either or both of the

following apply:

(a) weekly compensation under Division 2 of Part 2 of Chapter 5

of the MRCA either:

(i) is payable to the person for that day; or

(ii) would be payable to the person for that day apart from

paragraph 398(3)(b) of the MRCA;

(b) both:

(i) the person receives lump sum compensation under

Division 2 of Part 2 of Chapter 5 of the MRCA on or

before that day; and

(ii) subsection 388(6) of the MRCA does not apply to the

person before that day.

67ZY Education scheme under MRCA

This Division applies to a person on a day if:

(a) a payment under the scheme determined under section 258 of

the MRCA is payable to the person on that day; and

(b) the payment is so payable because of a claim the person

makes on or before that day; and

67ZZ Safety, Rehabilitation and Compensation (Defence-related

Claims) Act 1988

This Division applies to a person on a day if:

Schedule 8

2022 cost of living payment

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

No. , 2022

(a) at any time, the person receives a payment of compensation

under section 24 of the

Safety, Rehabilitation and

Compensation (Defence-related Claims) Act 1988

; and

(b) the payment is paid because of a claim the person makes on

or before that day.

67ZZA Residence requirement

Despite sections 67ZU to 67ZZ, this Division does not apply to a

person on a day if the person does not reside in Australia on that

day.

Fuel duty consequential amendments

Schedule 9

No. , 2022

Treasury Laws Amendment (Cost of Living Support and Other

Measures) Bill 2022

Schedule 9--Fuel duty consequential

amendments

Product Stewardship (Oil) Regulations 2000

1 Paragraph 4(1)(b)

Omit "mentioned in", substitute "covered by".

2 Subregulation 4(1) (cell at table item 8, column headed

"Amount (cents/l)")

Repeal the cell, substitute:

the amount worked out under

subregulation (1A)

3 After subregulation 4(1)

Insert:

(1A) For the purposes of column 3 of item 8 in the table in subregulation

(1), the amount is:

(a) in relation to the consumption of gazetted oil for a gazetted

use during the period beginning on 30 March 2022 and

ending at the end of 28 September 2022--4.3 cents per litre;

(b) in relation to the consumption of gazetted oil for a gazetted

use during any other period--8.5 cents per litre.

Commonwealth of Australia Bills

TREASURY LAWS AMENDMENT (COST OF LIVING SUPPORT AND OTHER MEASURES) BILL 2022