Contents

1............ Short title............................................................................................. 2

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

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

Schedule 1--Testamentary trusts                                                                                 4

Income Tax Assessment Act 1936                                                                              4

Schedule 2--Deferring education and training standards for existing financial advisers            5

Corporations Act 2001                                                                                               5

Schedule 3--Miscellaneous amendments                                                                 6

Part 1--Amendments commencing day after Royal Assent                     6

Australian Securities and Investments Commission Act 2001                            6

Competition and Consumer Act 2010                                                                     8

Corporations Act 2001                                                                                             10

International Monetary Agreements Act 1947                                                    13

National Consumer Credit Protection Act 2009                                                 13

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009     14

Product Grants and Benefits Administration Act 2000                                     15

Superannuation Industry (Supervision) Act 1993                                              16

Superannuation (Unclaimed Money and Lost Members) Act 1999                 17

Treasury Laws Amendment (2018 Measures No. 4) Act 2019                           20

Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019           20

Part 2--Amendments commencing first day of the next quarter         21

Fringe Benefits Tax Assessment Act 1986                                                             21

Income Tax Assessment Act 1997                                                                            22

Income Tax (Transitional Provisions) Act 1997                                                  31

Taxation Administration Act 1953                                                                         31

Part 3--Amendments relating to instruments                                                 40

Division 1--Amendments                                                                                        40

A New Tax System (Goods and Services Tax) Act 1999                                      40

Australian Prudential Regulation Authority Act 1998                                      41

Banking Act 1959                                                                                                      41

Business Names Registration Act 2011                                                                 42

Business Names Registration (Transitional and Consequential Provisions) Act 2011     42

Census and Statistics Act 1905                                                                               42

Commonwealth Places (Mirror Taxes) Act 1998                                                 43

Export Finance and Insurance Corporation Act 1991                                      43

Federal Financial Relations Act 2009                                                                  43

Financial Sector (Shareholdings) Act 1998                                                        43

Fringe Benefits Tax Assessment Act 1986                                                             48

Income Tax Assessment Act 1936                                                                            48

Income Tax Assessment Act 1997                                                                            51

Insurance Acquisitions and Takeovers Act 1991                                                54

Insurance Contracts Act 1984                                                                                56

International Tax Agreements Act 1953                                                               56

Payment Systems and Netting Act 1998                                                                56

Payment Systems (Regulation) Act 1998                                                               57

Petroleum Excise (Prices) Act 1987                                                                       61

Reserve Bank Act 1959                                                                                             61

Tax Agent Services Act 2009                                                                                   61

Taxation Administration Act 1953                                                                         62

Terrorism Insurance Act 2003                                                                                 64

Division 2--Application and transitional provisions                                           65

Part 4--Superannuation                                                                                             68

Income Tax Assessment Act 1997                                                                            68

 

 

 

Treasury Laws Amendment (2019 Measures No. 3) Act 2020

No. 64, 2020

 

An Act to amend the law relating to taxation, corporations, competition, financial services, consumer credit, product grants and benefits, superannuation and legislative and other instruments, and for related purposes

[Assented to 22 June 2020]

The Parliament of Australia enacts: