Commonwealth Numbered Acts Commonwealth Numbered ActsPart 1 -- Amendments commencing day after Royal Assent
Division 1--Definition of year of income in the Superannuation Industry (Supervision) Act 1993
Superannuation Industry (Supervision) Act 1993
1 Subsection 10(1) (definition of year of income )
Repeal the definition, substitute:
"year of income " has the same meaning as in the Income Tax Assessment Act 1936 .
Division 2--Measures relating to the Companies Auditors Disciplinary Board
Australian Securities and Investments Commission Act 2001
2 Subsection 5(1) (definition of Deputy Chairperson )
Repeal the definition, substitute:
"Deputy Chairperson " means:
(a) in relation to the Disciplinary Board--the Deputy Chairperson of the Disciplinary Board; and
(b) in any other case--a Deputy Chairperson of ASIC.
3 Subsection 5(1)
Insert:
"Panel Chairperson " has the meaning given by subsection 210A(3A) (about constituting a Panel of the Disciplinary Board).
4 Subsections 210A(3) to (5)
Repeal the subsections, substitute:
(3) Without limiting subsection (2), the Chairperson may constitute the Panel in a particular manner to hear matters of a specified kind, or matters that satisfy specified criteria.
(3A) The Chairperson must, under subsection (2), constitute the Panel so that one of the following members is the Panel Chairperson of the Panel:
(a) the Chairperson;
(b) the Deputy Chairperson;
(c) another member who:
(i) is enrolled as a barrister, as a solicitor, as a barrister and solicitor or as a legal practitioner of the High Court, of any federal court or of the Supreme Court of a State or Territory; and
(ii) has been so enrolled for a period of at least 5 years.
(4) The Chairperson must, under subsection (2), constitute the Panel:
(a) if the Chairperson is satisfied that it is practicable and appropriate to do so--as a 5 person Panel consisting of:
(i) the Panel Chairperson; and
(ii) 2 accounting members; and
(iii) 2 business members; or
(b) otherwise--as a 3 person Panel consisting of:
(i) the Panel Chairperson; and
(ii) 1 accounting member; and
(iii) 1 business member.
5 Subsection 216(7)
Repeal the subsection, substitute:
(7) A person contravenes this subsection if:
(a) the person is present at a hearing of a Panel of the Disciplinary Board; and
(b) the person is present while the hearing is taking place in private; and
(c) a direction of the Panel under this section does not specify that the person may be present while the hearing is taking place in private; and
(d) the person is not:
(i) the Panel Chairperson; or
(ii) a member of the Panel; or
(iii) any other member of the Disciplinary Board approved by the Panel to be present while the hearing is taking place in private; or
(iv) a member of the staff of the Disciplinary Board approved by the Panel to be present while the hearing is taking place in private; or
(v) a person referred to in subsection (6).
Note: This subsection can apply while only a part of the hearing is taking place in private (see paragraph (5)(a)).
Penalty: 30 penalty units.
6 In the appropriate position
Insert:
345 Application--hearings held by a Panel of the Disciplinary Board
Subsection 216(7), as amended by Division 2 of Part 1 of Schedule 6 to the Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 , applies in relation to a hearing of a Panel of the Disciplinary Board that is constituted on or after the commencement of that Division.
Division 3--Claims handling and settling services
Australian Securities and Investments Commission Act 2001
7 After paragraph 12BAB(1)(ea)
Insert:
(eb) provide a claims handling and settling service; or
Add:
346 Application--claims handling and settling services
Paragraph 12BAB(1)(eb) applies in relation to providing a claims handling and settling service on or after the commencement of this section.
9 GST-free cars
The amendments made by Division 2 of Part 2 of Schedule 3 to the Treasury Laws Amendment (2021 Measures No. 5) Act 2021 (the amending law ) do not apply, and are taken never to have applied, in relation to:
(a) a disability certificate that:
(i) was issued before the commencement of the amending law; and
(ii) met the requirements of paragraph 38-510(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 , as in force immediately before the commencement of the amending law; or
(b) a certificate of medical eligibility that:
(i) was issued before the commencement of the amending law; and
(ii) met the requirements of paragraph 38-510(1)(a) of the A New Tax System (Goods and Services Tax) Act 1999 , as it operated immediately before the commencement of the amending law because of the modification determined b y the Taxation Administration (Remedial Power - Certificate for GST-free supplies of Cars for Disabled People) Determination 2020 .
Division 5--Regulation of financial benchmarks
10 Section 760B (after table item 5A)
Insert:
| 5B | 7.5B | regulation of financial benchmarks |
Competition and Consumer Act 2010
11 The whole of the Act
Omit every occurrence of "authorization", substitute "authorisation".
12 The whole of the Act
Omit every occurrence of "authorizations", substitute "authorisations".
13 The whole of the Act
Omit every occurrence of "authorize", substitute "authorise".
14 The whole of the Act
Omit every occurrence of "authorized", substitute "authorised".
Australian Prudential Regulation Authority Act 1998
15 Paragraph 58(4)(a)
Omit "52A, 52B,".
16 Paragraph 58(4)(b)
Omit "62ZOK, 38A, 38B", substitute "38A, 38B, 62ZOK".
17 Paragraph 58(4)(c)
Omit "179AK, 156A, 156B", substitute "156A, 156B, 179AK".
Australian Securities and Investments Commission Act 2001
18 Paragraph 244(2)(d) (the paragraph (d) inserted by item 13 of Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response--Better Advice) Act 2021 )
Reletter as paragraph (g).
19 Subsection 285(4)
Omit " Legislative Instruments Act 2003 ", substitute " Legislation Act 2003 ".
Competition and Consumer Act 2010
20 Section 60A (paragraph (e) of the definition of electricity retailer )
Omit " Electricity Reform Act ", substitute " Electricity Reform Act 2000 ".
21 Paragraph 151BU(4B)(a)
Omit "publically", substitute "publicly".
22 Subsections 151DB(2A), (2B) and (2C)
Repeal the subsections.
23 Division 1A of Part 5.4B (the Division 1A inserted by item 171 of Schedule 1 to the Personal Property Securities (Corporations and Other Amendments) Act 2010 )
Renumber as Division 1AA.
24 Subparagraph 911A(2)(en)(v)
After "that could reasonably", insert "be".
25 Subparagraph 1292(1)(a)(ia) (second occurring)
Omit "(ia) failed", substitute "(iaa) failed".
26 Paragraphs 1301(1)(a) and (b)
Omit " the " (wherever occurring), substitute "the".
27 Subsection 1409(4)
Omit " Legislative Instruments Act 2003 ", substitute " Legislation Act 2003 ".
28 Section 1 of Part 10.33
Renumber as section 1645.
29 Section 2 of Part 10.33
Renumber as section 1646.
30 At the end of paragraphs 1678B(6)(a) and (b)
Add "and".
31 Subclause 37(4) of Schedule 4 (paragraph (h) of the definition of unclaimed money law )
Repeal the paragraph, substitute:
(h) the Companies (Unclaimed Assets and Moneys) Act 1963 (NT).
Income Tax Assessment Act 1997
32 Section 976-1 (formula)
Repeal the formula, substitute:
33 Before paragraph 127D(a)
Insert:
(aa) section 62ZM;
34 Paragraphs 127D(b), (c) and (f)
Repeal the paragraphs.
35 Paragraphs 246C(a), (e) and (f)
Repeal the paragraphs.
36 After paragraph 246C(g)
Insert:
(ga) section 179AK;
Superannuation Industry (Supervision) Act 1993
37 Paragraph 131FD(a)
Repeal the paragraph.
38 Application of amendments
Despite the repeal of paragraph 131FD(a) of the Superannuation Industry (Supervision) Act 1993 by this Division, that paragraph continues to apply, at and after the commencement of this item, in relation to disclosures of information made before the commencement of item 32 of Schedule 1 to the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 .
Taxation Administration Act 1953
39 Subsection 12-390(4) in Schedule 1 (note 1)
Omit "managed investment trust", substitute "withholding MIT".
40 Subsection 12-390(4) in Schedule 1 (note 1)
Omit "managed investment trusts" (wherever occurring), substitute "withholding MITs".
A New Tax System (Goods and Services Tax) Act 1999
41 Section 33-1 (note 4)
Omit "supplier", substitute "entity liable for the GST on the supply".
42 Subsection 40-65(2) (note)
Omit "supplier", substitute "entity liable for the GST on the supply".
Taxation Administration Act 1953
43 Paragraph 18-60(1)(a) in Schedule 1
Omit "made", substitute "is liable for * GST on".
44 Application of amendments
The amendments made by this Part apply in relation to supplies to which subsection 14-250(2) in Schedule 1 to the Taxation Administration Act 1953 applies, whether those supplies were made before, on or after the commencement of this item.
Note: Generally, subsection 14-250(2) in Schedule 1 to the Taxation Administration Act 1953 applies in relation to supplies for which any of the consideration (other than consideration provided as a deposit) was first provided on or after 1 July 2018 (see Part 3 of Schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Act 2018 ).