Commonwealth: Treasury Laws Amendment (2017 Measures No. 1) Act 2017 (Cth)

Treasury Laws Amendment (2017 Measures No. 1) Act 2017 No. 26, 2017 An Act to amend the law relating to taxation, and for related purposes Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Amendments to innovation measures Income Tax Assessment Act 1997 Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001 Australian Securities and Investments Commission Act 2001 Treasury Laws Amendment (2017 Measures No. 1) Act 2017 No. 26, 2017 An Act to amend the law relating to taxation, and for related purposes [Assented to 4 April 2017] The Parliament of Australia enacts: 1 Short title This Act is the Treasury Laws Amendment (2017 Measures No. 1) Act 2017. 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. 4 April 2017 2. Schedule 1 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 July 2017 3. Schedule 2 The day after this Act receives the Royal Assent. 5 April 2017 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedules Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Amendments to innovation measures Income Tax Assessment Act 1997 1 Paragraph 104‑71(3)(aa) Omit "*ESVCLP because of", substitute "entity because of section 51‑52 or". 2 Paragraph 104‑71(3)(b) Omit "proceeds", substitute "*capital proceeds". 3 Paragraphs 104‑71(3)(c) and (d) Omit "proceeds", substitute "capital proceeds". 4 At the end of subsection 104‑71(3) Add: ; or (e) capital proceeds from a CGT event if a capital gain made from the event may be disregarded under subsection 360‑50(4). 5 Application of amendments (1) The amendment made by item 1 of this Schedule applies in relation to payments made, in respect of a unit or interest in a trust, in an income year starting on or after 1 July 2016. (2) The amendment made by item 4 of this Schedule applies to a CGT event that happens on or after 1 July 2017. Schedule 2—Amendment of the Australian Securities and Investments Commission Act 2001 Australian Securities and Investments Commission Act 2001 1 At the end of subsection 127(2A) Add: ; (g) the Commissioner of Taxation. 2 In the appropriate position Insert: Part 23—Application provision relating to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017 302 Application The amendment of section 127 of this Act made by Schedule 2 to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017 applies in relation to disclosures of information made on or after the commencement of that Schedule, whether ASIC obtained the information before, on or after that commencement. [Minister's second reading speech made in— House of Representatives on 16 February 2017 Senate on 20 March 2017] (22/17)