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

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 Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Testamentary trusts Income Tax Assessment Act 1936 Schedule 2—Deferring education and training standards for existing financial advisers Corporations Act 2001 Schedule 3—Miscellaneous amendments Part 1—Amendments commencing day after Royal Assent Australian Securities and Investments Commission Act 2001 Competition and Consumer Act 2010 Corporations Act 2001 International Monetary Agreements Act 1947 National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 Product Grants and Benefits Administration Act 2000 Superannuation Industry (Supervision) Act 1993 Superannuation (Unclaimed Money and Lost Members) Act 1999 Treasury Laws Amendment (2018 Measures No. 4) Act 2019 Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 Part 2—Amendments commencing first day of the next quarter Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Taxation Administration Act 1953 Part 3—Amendments relating to instruments Division 1—Amendments A New Tax System (Goods and Services Tax) Act 1999 Australian Prudential Regulation Authority Act 1998 Banking Act 1959 Business Names Registration Act 2011 Business Names Registration (Transitional and Consequential Provisions) Act 2011 Census and Statistics Act 1905 Commonwealth Places (Mirror Taxes) Act 1998 Export Finance and Insurance Corporation Act 1991 Federal Financial Relations Act 2009 Financial Sector (Shareholdings) Act 1998 Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Insurance Acquisitions and Takeovers Act 1991 Insurance Contracts Act 1984 International Tax Agreements Act 1953 Payment Systems and Netting Act 1998 Payment Systems (Regulation) Act 1998 Petroleum Excise (Prices) Act 1987 Reserve Bank Act 1959 Tax Agent Services Act 2009 Taxation Administration Act 1953 Terrorism Insurance Act 2003 Division 2—Application and transitional provisions Part 4—Superannuation Income Tax Assessment Act 1997 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: 1 Short title This Act is the Treasury Laws Amendment (2019 Measures No. 3) Act 2020. 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. 22 June 2020 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 2020 3. Schedule 2 The day after this Act receives the Royal Assent. 23 June 2020 4. Schedule 3, Part 1 The day after this Act receives the Royal Assent. 23 June 2020 5. Schedule 3, Part 2 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 July 2020 6. Schedule 3, Part 3 The first 1 January, 1 April, 1 July or 1 October to occur after the end of the period of 60 days beginning on the day this Act receives the Royal Assent. 1 October 2020 7. Schedule 3, Part 4 1 July 2017. 1 July 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—Testamentary trusts Income Tax Assessment Act 1936 1 Paragraph 102AG(2)(a) After "is assessable income", insert ", of a kind covered by subsection (2AA),". 2 After subsection 102AG(2) Insert: (2AA) For the purposes of paragraph (2)(a), assessable income of a trust estate is of a kind covered by this subsection if: (a) the assessable income is derived by the trustee of the trust estate from property; and (b) the property satisfies any of the following requirements: (i) the property was transferred to the trustee of the trust estate to benefit the beneficiary from the estate of the deceased person concerned, as a result of the will, codicil, intestacy or order of a court mentioned in paragraph (2)(a); (ii) the property represents accumulations of income or capital from property that satisfies the requirement in subparagraph (i); (iii) the property represents accumulations of income or capital from property that satisfies the requirement in subparagraph (ii), or (because of a previous operation of this subparagraph) the requirement in this subparagraph. 3 Application The amendments made by this Schedule apply in relation to assets acquired by or transferred to the trustee of a trust estate on or after 1 July 2019. Schedule 2—Deferring education and training standards for existing financial advisers Corporations Act 2001 1 Subsection 1546B(1) Omit "1 January 2024", substitute "1 January 2026". 2 Subsection 1546B(3) Omit "1 January 2021", substitute "1 January 2022". 3 Subsection 1546B(4) Omit "1 January 2024", substitute "1 January 2026". 4 Subsection 1546B(5) Omit "1 January 2021", substitute "1 January 2022". 5 Subsection 1546C(2) Omit "1 January 2024", substitute "1 January 2026". 6 Subsection 1546C(3) Omit "1 January 2021", substitute "1 January 2022". Schedule 3—Miscellaneous amendments Part 1—Amendments commencing day after Royal Assent Australian Securities and Investments Commission Act 2001 1 Subsection 8(2) (note) Repeal the note. 2 Paragraph 12GBCA(1)(a) Repeal the paragraph, substitute: (a) 5,000 penalty units; and 3 Paragraph 12GBCA(2)(a) Repeal the paragraph, substitute: (a) 50,000 penalty units; and 4 After paragraph 127(4)(e) Insert: or (f) if the information relates to a relevant provider (within the meaning of Part 7.6 of the Corporations Act 2001)—will enable or assist a monitoring body (within the meaning of that Part) for a compliance scheme (within the meaning of that Part) that covers the relevant provider to perform its functions or exercise its powers under that Part; 5 Part 23 (the Part 23 inserted by item 2 of Schedule 2 to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017) Renumber as Part 24. 6 Section 302 (the section 302 inserted by item 2 of Schedule 2 to the Treasury Laws Amendment (2017 Measures No. 1) Act 2017) Renumber as section 308. 7 Section 315 (the section 315 inserted by item 9 of Schedule 1 to the Treasury Laws Amendment (ASIC Governance) Act 2018) Renumber as section 314A. 8 Part 26 (the Part 26 inserted by item 1 of Schedule 12 to the Treasury Laws Amendment (Australian Consumer Law Review) Act 2018) Renumber as Part 26A. 9 In the appropriate position Insert: Part 30—Application provisions relating to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 327 Application—amounts of pecuniary penalties The amendments made by items 2 and 3 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 apply in relation to the contravention of a civil penalty provision if the conduct constituting the contravention of the provision occurred or occurs wholly on or after the commencement of Schedule 2 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019. Note: Schedule 2 to the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Act 2019 commenced on 13 March 2019. 328 Application—authorised disclosure to monitoring body The amendment of section 127 of this Act made by item 4 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 applies in relation to disclosures of information made on or after the commencement of that item, whether ASIC obtained the information before, on or after that commencement. Competition and Consumer Act 2010 10 Paragraph 8A(6)(b) After "a matter", insert ", or a class of matters,". 11 Subsection 19(2) Repeal the subsection, substitute: (2) Without limiting subsection 33(3AB) of the Acts Interpretation Act 1901, a direction may: (a) specify a particular matter in relation to which the Division is to exercise the powers of the Commission; or (b) specify a class of matters in relation to which the Division is to exercise the powers of the Commission from time to time. (2A) The Chairperson may vary or revoke a direction: (a) if the direction specifies a particular matter under paragraph (2)(a)—at any time before the Division makes a determination in relation to the matter; or (b) otherwise—at any time. (2B) If a direction is varied to change the membership of the Division, the Division as constituted after the change may continue and complete the determination of any matter that the Division was dealing with before the change. 12 After subsection 19(3) Insert: (3A) However, a direction under subsection (1) specifying a matter, or a class of matters, in relation to which a Division is to exercise the powers of the Commission does not prevent the Commission dealing with that matter, or a matter in that class of matters, otherwise than in the Division. 13 At the end of section 19 Add: (8) A direction given under subsection (1) is not a legislative instrument. 14 Subsection 51ADE(2) Omit "The Commission", substitute "A member of the Commission". 15 At the end of section 51ADE Add: (3) Subsection (2) does not affect any operation that subsection 33(3) of the Acts Interpretation Act 1901 has in relation to a notice under section 51ADD of this Act. Delegation (4) A member of the Commission may, by writing, delegate the member's powers under subsection (2) to a member of the staff of the Commission who is an SES employee or an acting SES employee. Note 1: Section 2B of the Acts Interpretation Act 1901 contains the definitions of SES employee and acting SES employee. Note 2: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations. (5) In performing a function, or exercising a power, under a delegation, the delegate must comply with any directions of the member. 16 Subsection 93AB(9) After "subsection", insert "(1A) or". 17 After subsection 95ZK(3) Insert: (3A) A member of the Commission may vary a notice under subsection (1) to extend, or further extend, the period. (3B) Subsection (3A) does not affect any operation that subsection 33(3) of the Acts Interpretation Act 1901 has in relation to a notice under subsection (1) of this section. 18 At the end of section 95ZK Add: Delegation (10) A member of the Commission may, by writing, delegate the member's powers under subsection (3A) to a member of the staff of the Commission who is an SES employee or an acting SES employee. Note 1: Section 2B of the Acts Interpretation Act 1901 contains the definitions of SES employee and acting SES employee. Note 2: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations. (11) In performing a function, or exercising a power, under a delegation, the delegate must comply with any directions of the member. Corporations Act 2001 19 Paragraph 5.3 of the small business guide in Part 1.5 Omit "10 years", substitute "15 years". 20 Paragraph 422C(1)(c) Repeal the paragraph, substitute: (c) a registered liquidator (the new controller): (i) is appointed instead as the controller of that property of the corporation; or (ii) if the corporation is a company under external administration—is appointed instead as the external administrator of the company; or (iii) if subparagraphs (i) and (ii) do not apply and the corporation is a company under external administration—is the external administrator of the company. 21 Subsection 422C(2) Repeal the subsection, substitute: Transfer of books to new controller (2) The former controller must transfer to the new controller possession or control of any books relating to the control of the property that are in the former controller's possession or control. (2A) The transfer must be made: (a) if the new controller is appointed instead of the former controller—within 5 business days after the new controller is appointed; or (b) otherwise—within 5 business days after the former controller ceases to act. 22 Subsection 445HA(1) Omit "The notice must be in the prescribed form.". 23 Subsection 445HA(2) Omit "The notice must be in the prescribed form.", substitute "The notice must be lodged with ASIC and must be in the prescribed form (if any).". 24 Section 760B (after table item 10) Insert: 10A 7.10A authorisation and regulation of an external dispute resolution scheme for financial complaints additional provisions relating to superannuation complaints 25 Subsection 890C(3) Before "any", insert "all or". 26 Paragraphs 1053(4)(a), (b) and (c) Omit "self‑managed superannuation fund", substitute "self managed superannuation fund". 27 Subsection 1101J(1) Before "any", insert "all or". 28 Subsection 1345A(1) Omit "such of the Minister's functions and powers under this Act as are prescribed", substitute "all or any of the Minister's functions and powers under this Act that are prescribed by the regulations for the purposes of this subsection". 29 After subsection 1345A(1) Insert: (1AA) If: (a) under subsection (1), the Minister delegates to an officer of the Department all of the Minister's functions and powers that are prescribed for the purposes of that subsection; and (b) the regulations are amended to prescribe one or more additional functions or powers for the purposes of that subsection; and (c) the delegation is in force immediately before the amendment takes effect; then, on and after the amendment taking effect, the delegation is taken to include the additional functions or powers. 30 In the appropriate position in Chapter 10 Insert: Part 10.41—Transitional provisions relating to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 1668 Transitional—delegations (1) The amendments of sections 890C, 1101J and 1345A made by items 25, 27, 28 and 29 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 do not affect a delegation in effect for the purposes of any of those sections immediately before the commencement of those items. (2) Despite the amendment of subsection 1345A(1) made by item 28 of that Schedule, regulations in force for the purposes of that subsection immediately before the commencement of that item continue in force, on and after that commencement, for the purposes of that subsection. 31 Paragraph 90‑26(4)(c) of Schedule 2 After "Court under", insert "subsection 90‑23(6) or". International Monetary Agreements Act 1947 32 Section 3 (note to the definition of IMF loan agreement 2016) Repeal the note, substitute: Note: The Loan Agreement is in Australian Treaty Series 2017 No. 41 ([2017] ATS 41) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). 33 Section 3 (at the end of the definition of New Arrangements to Borrow) Add: Note: The decision referred to in paragraph (d) is in Australian Treaty Series 2017 No. 42 ([2017] ATS 42) and could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). National Consumer Credit Protection Act 2009 34 Paragraphs 100(6)(a) and (b) Repeal the paragraphs, substitute: (a) if the credit service licensee is a body corporate to which section 323D of the Corporations Act 2001 applies—a financial year of the body corporate (within the meaning of that section); and (b) in any other case—a year ending on 30 June. 35 Paragraph 151(d) Omit "section 130", substitute "section 153". 36 Paragraph 263(d) Omit "to a contravention", substitute "to an alleged or suspected contravention". 37 Subsection 50(8) of the National Credit Code (definition of relevant limit) Omit "the Bankruptcy Regulations 1966 for the purposes of subparagraph 116(2)(c)(i) of the Bankruptcy Act 1966", substitute "regulations made under the Bankruptcy Act 1966 for the purposes of subparagraph 116(2)(c)(i) of that Act". 38 Paragraph 150(1)(b) of the National Credit Code After "is included", insert "or required to be included". 39 After subsection 150(3) of the National Credit Code Insert: (3A) Subsection (3) does not apply if the credit would, if provided as advertised, be provided under a small amount credit contract. National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 40 Subsection 2(1) (table item 4) Repeal the item. 41 Subsection 6(4) Repeal the subsection, substitute: (4) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to regulations made under this section. 42 Paragraph 6(5)(a) Repeal the paragraph, substitute: (a) regulations are expressed to commence on a date (the registration date) before the regulations are registered under the Legislation Act 2003; and 43 Subitem 41(6) of Schedule 2 Omit "Legislative Instruments Act 2003", substitute "Legislation Act 2003". 44 Subitem 43(2) of Schedule 2 Omit "one‑fourtieth", substitute "one‑fortieth". 45 Schedule 3 Repeal the Schedule. 46 In the appropriate position Insert: Schedule 11—Application provisions for the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 1 Application—exercise of information‑gathering powers The amendment made by item 36 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 applies on and after the commencement of that item in relation to a contravention that is alleged or suspected to have occurred before, on or after that commencement. Product Grants and Benefits Administration Act 2000 47 Subparagraph 9(3A)(b)(i) Before "recycling", insert "oil". 48 After paragraph 9(3A)(b) Insert: (ba) except in relation to registration for entitlement only to product stewardship (oil) benefits under subsection 9(3) of the Product Stewardship (Oil) Act 2000—satisfy the following conditions: (i) you comply with relevant Commonwealth, State or Territory legislation relating to oil recycling operations or enterprises; (ii) the Commissioner has not been informed by a Department, agency or authority of the Commonwealth, a State or a Territory that is responsible for the administration of any such legislation that you do not comply with the legislation; and 49 Application—registration for grants and benefits (1) The amendments made by items 47 and 48 apply in relation to applications made under section 9 of the Product Grants and Benefits Administration Act 2000 on or after the commencement of this Part. (2) Regulations made for the purposes of paragraph 9(3A)(b) of that Act and in force immediately before the commencement of this Part continue to apply in relation to applications made under section 9 of that Act before the commencement of this Part. Superannuation Industry (Supervision) Act 1993 50 After section 16 Insert: 17 Persons involved in a contravention For a contravention that is not an offence, a person is involved in the contravention if, and only if, the person: (a) has aided, abetted, counselled or procured the contravention; or (b) has induced, whether by threats or promises or otherwise, the contravention; or (c) has been in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the contravention; or (d) has conspired with others to effect the contravention. 51 Application—persons involved in a contravention The amendment made by item 50 applies in relation to contraventions happening on or after the commencement of this Part. 52 Paragraph 99G(1)(b) Repeal the paragraph, substitute: (b) a member of the fund: (i) holds the product on the last day of a year of income of the fund and, on that day, has an account balance with the fund that relates to the product that is less than $6,000; or (ii) holds the product on one or more days during a year of income of the fund and, on the last of those days, has an account balance with the fund that relates to the product that is less than $6,000. 53 Section 194 After "this Act", insert "that is not an offence". Superannuation (Unclaimed Money and Lost Members) Act 1999 54 Subsections 16(1A), (2) and (2A) Repeal the subsections, substitute: (2) The statement is not required to contain information relevant to unclaimed money that ceases to be unclaimed money during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (2A) If, at the end of the unclaimed money day: (a) there is no unclaimed money, the statement must say so; or (b) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (2B). (2B) Subsection (1) does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has fewer than 5 members; and (b) either: (i) there is no unclaimed money; or (ii) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2). 55 Subparagraph 20QA(1)(a)(viii) Omit "68AAA(7)", substitute "68AAA(2), (7)". 56 Application—unclaimed money days The amendment of subparagraph 20QA(1)(a)(viii) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 made by item 55 applies in relation to unclaimed money days that occur on or after 30 June 2019. 57 Subparagraphs 20QA(1A)(b)(iv) and (v) Repeal the subparagraphs, substitute: (iv) the member, by written notice given to the superannuation provider, made an election that the account was not an inactive low‑balance account. 58 Application—inactive low‑balance accounts A declaration given to the Commissioner in relation to an account under subparagraph 20QA(1A)(b)(iv) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and in effect immediately before the commencement of this item continues in effect and may be dealt with, on and after that commencement, as if it were an election in relation to the account under that subparagraph as amended by item 57 of this Schedule. 59 Subsections 20QB(2), (3) and (4) Repeal the subsections, substitute: (2) The statement is not required to contain information relevant to inactive low‑balance accounts that cease to be inactive low‑balance accounts during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (3) If, at the end of the unclaimed money day: (a) there are no balances held in inactive low‑balance accounts, the statement must say so; or (b) the only inactive low‑balance accounts that hold balances cease to be inactive low‑balance accounts during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (4). (4) This section does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has fewer than 5 members; and (b) either: (i) there are no balances held in inactive low‑balance accounts; or (ii) the only inactive low‑balance accounts that hold balances cease to be inactive low‑balance accounts during the period mentioned in subsection (2). 60 Subsections 24C(2), (3) and (4) Repeal the subsections, substitute: (2) The statement is not required to contain information relevant to lost member accounts that cease to be lost member accounts during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (3) If, at the end of the unclaimed money day: (a) there are no lost member accounts, the statement must say so; or (b) there are only lost member accounts that cease to be lost member accounts during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has fewer than 5 members, see subsection (4). (4) This section does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has fewer than 5 members; and (b) either: (i) there are no lost member accounts; or (ii) there are only lost member accounts that cease to be lost member accounts during the period mentioned in subsection (2). Treasury Laws Amendment (2018 Measures No. 4) Act 2019 61 Subsection 2(1) (table item 4) Repeal the item, substitute: 4. Schedule 3, Part 2 The later of: (a) immediately after the commencement of Part 1 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020; and (b) immediately after the commencement of Schedule 7 to the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act 2019. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 62 Subitem 38(2) of Schedule 3 Omit "paragraph 20QA(1)(a) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, as inserted by item 8", substitute "paragraphs 20QA(1)(a) and (b) and subsection (1A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999, as inserted by item 30". Part 2—Amendments commencing first day of the next quarter Fringe Benefits Tax Assessment Act 1986 63 Paragraph 7(7)(a) Omit "a taxi", substitute "a car used for taxi travel (other than a limousine)". 64 Subparagraph 8(2)(a)(i) Omit "taxi,". 65 After subparagraph 8(2)(a)(i) Insert: (ia) used for taxi travel, designed to carry a load of less than 1 tonne, and not a limousine; or 66 Subparagraph 47(6)(aa)(i) Omit "a taxi", substitute "a vehicle used for taxi travel (other than a limousine)". 67 Subsections 58Z(1) and (2) After "taxi travel", insert "(otherwise than by limousine)". 68 Subsection 136(1) (paragraph (p) of the definition of fringe benefit) Repeal the paragraph, substitute: (p) a payment made, or liability incurred, to a person to the extent that the payment or liability is non‑assessable non‑exempt income (within the meaning of the Income Tax Assessment Act 1997) of the person because of subsection 26‑35(4) of that Act; or 69 Subsection 136(1) (definition of taxi) Repeal the definition. 70 Subsection 136(1) Insert: taxi travel has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999. 71 Application—fringe benefits tax (1) The amendments of the Fringe Benefits Tax Assessment Act 1986 made by items 63, 64, 65, 66, 67, 69 and 70 apply, and are taken to have applied, to the FBT year starting on 1 April 2019 and to later FBT years. (2) The amendment of paragraph (p) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 made by item 68 applies, and is taken to have applied, to the FBT year starting on 1 April 2014 and to later FBT years. Income Tax Assessment Act 1997 72 Subsection 30‑45(2) (table item 4.2.10) Omit "the Royal Society for the Prevention of Cruelty to Animals Western Australia (Incorporated)", substitute "the Royal Society for the Prevention of Cruelty to Animals, Western Australia". 73 Application—welfare and rights recipients The amendment made by item 72 applies in relation to gifts or contributions made on or after 24 July 2018. 74 Subsection 30‑248(5) Omit "section 30‑249A, 30‑249B or 30‑249C", substitute "section 30‑249A or 30‑249B". 75 Subsection 30‑248(5) (note) Omit "Sections 30‑249A, 30‑249B and 30‑249C", substitute "Sections 30‑249A and 30‑249B". 76 Section 30‑249C Repeal the section. 77 Subparagraph 70‑10(2)(b)(i) Omit "*complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust", substitute "*complying superannuation entity". 78 Section 109‑60 (table item 12) Omit "complying superannuation fund, complying approved deposit fund or pooled superannuation trust", substitute "a complying superannuation entity". 79 Section 112‑97 (table item 14) Omit "complying superannuation fund, complying approved deposit fund or pooled superannuation trust", substitute "a complying superannuation entity". 80 Paragraph 166‑230(3)(d) After "the same proportion", insert ", or a reasonably equivalent proportion,". 81 At the end of section 166‑230 Add: Acquisition of tested company by new interposed entity (5) If: (a) a new entity (the new interposed entity) that is a company acquires all the *shares in the tested company; and (b) assuming that the time immediately before the acquisition had been an *ownership test time, section 166‑225 would have applied the tests to the tested company as if there were a single notional entity as described in subsection 166‑225(2) in respect of some or all of the *voting stakes, *dividend stakes or *capital stakes in the tested company; and (c) the new interposed entity has the same classes of shares as the tested company; and (d) the shares are not *redeemable shares; and (e) each entity that held a proportion of the voting stakes, dividend stakes or capital stakes in the tested company immediately before the acquisition (disregarding section 166‑225) holds the same proportion, or a reasonably equivalent proportion, of that kind of stake in the new interposed entity immediately after the acquisition; then, at all times that the single notional entity mentioned in paragraph (b) held or is taken to have held a stake in the tested company, the new interposed entity is taken to have held that stake. (6) Except for the purposes of determining whether a time is an alteration time (within the meaning of section 165‑115L), section 166‑272 (which is about the same shares or interests) is to be disregarded when applying subsection (5) of this section. 82 At the end of section 166‑270 Add: Acquisition of tested company by new interposed entity—minimum control of voting power (3) If: (a) the *ownership test time is after the start of the *test period; and (b) at the start of the test period, a single notional entity mentioned in section 166‑225 had voting power in a company (disregarding subsection 166‑230(5)); and (c) under subsection 166‑230(5), a new interposed entity is taken to have held that voting power at the start of the test period; and (d) at the ownership test time, the voting power in the company held indirectly by stakeholders covered by subsection 166‑230(1) is greater than the voting power that the single notional entity had at the start of the test period; then the stakeholders referred to in paragraph (d) are, collectively, taken to have indirect voting power in the company at the ownership test time only to the extent that the single notional entity had it at the start of the test period. Acquisition of tested company by new interposed entity—minimum percentage of rights to dividends and capital (4) If: (a) the *ownership test time is after the start of the *test period; and (b) at the start of the test period, a single notional entity mentioned in section 166‑225 had a percentage of rights to the *dividends or distributions of capital of a company (disregarding subsection 166‑230(5)); and (c) under subsection 166‑230(5), a new interposed entity is taken to have had those rights at the start of the test period; and (d) the percentage that stakeholders covered by subsection 166‑230(1) have rights to indirectly at the ownership test time is greater than the percentage (the lower percentage) of the dividends or distributions of capital of the company that the single notional entity had rights to at the start of the test period; then the stakeholders referred to in paragraph (d) are, collectively, taken to have indirect rights to the lower percentage of the dividends or distributions of capital at the ownership test time. 83 Application—acquisition of tested company by interposed entity (1) The amendment made by item 81 applies to an acquisition referred to in subsection 166‑230(3) or (5) of the Income Tax Assessment Act 1997 that occurs, or occurred, on or after 1 July 2018. (2) The amendment made by item 82 applies to an acquisition referred to in subsection 166‑230(5) of the Income Tax Assessment Act 1997 that occurs, or occurred, on or after 1 July 2018. 84 Paragraph 207‑45(d) Repeal the paragraph (not including the note), substitute: (d) the trustee of a *complying superannuation entity, a *non‑complying superannuation fund or a *non‑complying approved deposit fund in relation to that income year. 85 Subparagraphs 210‑70(1)(b)(i) to (iii) Repeal the subparagraphs, substitute: (i) the trustee of an entity that is a *complying superannuation entity in relation to the income year in which the distribution is made and is not a *self managed superannuation fund; or 86 Subparagraph 210‑170(1)(b)(ii) Repeal the subparagraph, substitute: (ii) a trustee (other than the trustee of a *complying superannuation entity, a *non‑complying superannuation fund or a *non‑complying approved deposit fund); and 87 Paragraphs 210‑170(2)(a) to (c) Repeal the paragraphs, substitute: (a) the trustee of an entity that is a *complying superannuation entity in relation to the income year in which the *distribution is made and is not a *self managed superannuation fund; 88 Paragraph 230‑460(11)(b) Repeal the paragraph, substitute: (b) a right or obligation arising from an interest in: (i) a *complying superannuation entity; or (ii) a *non‑complying superannuation fund or *non‑complying approved deposit fund; or (iii) an *RSA. 89 Subparagraph 292‑102(1)(d)(ii) Omit "had you held the old interest", substitute "had you *acquired the old interest on or after 20 September 1985 and held it". 90 Paragraph 292‑102(3)(b) After "already covered under this section", insert ", in relation to the disposal of the old interest or any related spousal interest to the old interest,". 91 Application—downsizer contributions The amendments made by items 89 and 90 apply in relation to a disposal of an ownership interest in a dwelling if the contract for the disposal is or was entered into on or after 1 July 2018. 92 After subsection 292‑102(3) Insert: Market value substitution rule (3A) In working out *capital proceeds for the purposes of paragraph (1)(b) or (3)(b), disregard section 116‑30 to the extent that it has the effect of increasing those capital proceeds. 93 Application—capital proceeds for downsizer contributions The amendment made by item 92 applies in relation to a disposal of an ownership interest in a dwelling if the contract for the disposal is entered into on or after the day this Act receives the Royal Assent. 94 Subsection 295‑10(1) (method statement, steps 4 and 5) Repeal the steps, substitute: Step 4. For a *complying superannuation entity, work out the *low tax component and *non‑arm's length component of the entity's taxable income. Step 5. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to: (a) if step 4 applies to the entity—the components worked out under that step; or (b) otherwise—the entity's taxable income. 95 Subsection 295‑25(1) Omit "*complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust", substitute "*complying superannuation entity". 96 Subsection 295‑85(1) Repeal the subsection, substitute: (1) The modifications in subsection (2) apply if a *CGT event happens involving a *CGT asset that was owned by a *complying superannuation entity just before the time of the event. 97 Subsection 295‑90(1) Repeal the subsection, substitute: (1) This section applies to the trustee of a *complying superannuation entity. 98 Section 295‑105 Omit "*complying superannuation fund, *complying approved deposit fund or *pooled superannuation trust", substitute "*complying superannuation entity". 99 Section 295‑105 (note) Omit "These entities will not be subject to any tax liability when they dispose", substitute "The entity will not be subject to any tax liability when it disposes". 100 Paragraph 295‑173(a) Omit "*complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust", substitute "*complying superannuation entity". 101 Subsection 295‑545(1) Repeal the subsection, substitute: (1) The taxable income of a *complying superannuation entity is split into a *non‑arm's length component and a *low tax component. Note: A concessional rate applies to the low tax component, while the non‑arm's length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986. 102 Subsection 295‑550(1) Omit "*complying superannuation fund, a *complying approved deposit fund or a *pooled superannuation trust", substitute "*complying superannuation entity". 103 Subsection 295‑555(1) (note) Omit "complying superannuation funds, complying approved deposit funds and pooled superannuation trusts", substitute "complying superannuation entities". 104 Subparagraph 328‑430(1)(d)(ii) After "income year", insert ", or would be satisfied in that income year if paragraph 152‑10(1AA)(b) were disregarded". 105 Application—small business roll‑over The amendment made by item 104 applies to: (a) the transfer of a depreciating asset if the balancing adjustment event arising from the transfer occurs or occurred on or after 1 July 2016; or (b) the transfer of trading stock or a revenue asset if the transfer occurs or occurred on or after 1 July 2016; or (c) the transfer of a CGT asset (other than a depreciating asset, trading stock or a revenue asset) if the CGT event arising from the transfer occurs or occurred on or after 1 July 2016. 106 Section 705‑55 Omit "705‑50", substitute "705‑47". 107 Subsection 705‑75(1A) (heading) Repeal the heading, substitute: Reduction for future deduction 108 Subsection 705‑75(1A) Omit "This section", substitute "Subsection (1)". 109 Subsection 705‑75(1) (heading) Repeal the heading. 110 Application—liabilities of joining entity The amendments made by items 107, 108 and 109 apply in relation to an entity that becomes a subsidiary member of a consolidated group or MEC group if the arrangement under which the entity becomes a subsidiary member of the group commences on or after 1 July 2016. Note: For the commencement of these arrangements, see Part 8 of Schedule 1 to the Treasury Laws Amendment (Income Tax Consolidation Integrity) Act 2018. 111 Paragraph 716‑440(1)(e) Omit "subsection (2)", substitute "subsection (3)". 112 Section 727‑125 Repeal the section, substitute: 727‑125 No consequences if losing entity is a complying superannuation entity etc. An *indirect value shift has no consequences under this Division if the *losing entity is one of the following in relation to the income year in which the indirect value shift happens: (a) a *complying superannuation entity; (b) a *non‑complying superannuation fund; (c) a *non‑complying approved deposit fund. 113 Section 768‑10 Omit "a foreign resident", substitute "not a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936)". 114 Application—foreign equity distributions The amendment made by item 113 applies to distributions or non‑share dividends made on or after the commencement of Schedule 2 to the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014. Note: Schedule 2 to the Tax and Superannuation Laws Amendment (2014 Measures No. 4) Act 2014 commenced on 17 October 2014. 115 Paragraph 815‑135(2)(a) Omit "subject to paragraph (aa),". 116 Paragraph 815‑135(2)(a) Omit "22 July 2010", substitute "19 May 2017". 117 Paragraph 815‑135(2)(aa) Repeal the paragraph. 118 Subsection 815‑135(3) Omit "or (aa)". 119 Application—guidance for identifying arm's length conditions The amendments made by items 115, 116, 117 and 118 apply: (a) in respect of tax other than withholding tax—in relation to income years starting on or after 1 July 2017; and (b) in respect of withholding tax—in relation to income derived, or taken to be derived, in income years starting on or after 1 July 2017. 120 Subsection 995‑1(1) (paragraph (a) of the definition of complying superannuation life insurance policy) Repeal the paragraph, substitute: (a) is held by the trustee of a *complying superannuation entity; or 121 Subsection 995‑1(1) (definition of Employment Secretary) Omit "administered by the Minister administering the Fair Work (State Referral and Consequential and Other Amendments) Act 2009", substitute "responsible for employment policy". 122 Subsection 995‑1(1) Insert: foreign service of document request has the meaning given by section 263‑60 in Schedule 1 to the Taxation Administration Act 1953. Income Tax (Transitional Provisions) Act 1997 123 Section 40‑830 Renumber as section 40‑840. Taxation Administration Act 1953 124 Subsection 8AAZLGB(4) (note) Omit "and subsection 14ZW(4)". 125 After paragraph 12‑395(3)(ab) in Schedule 1 Insert: (ac) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income if the following provisions were disregarded: (i) subsection 12‑437(5); (ii) sections 12‑440, 12‑447, 12‑449 and 12‑451; and 126 After paragraph 12‑395(6)(ab) in Schedule 1 Insert: (ac) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non‑concessional MIT income if the following provisions were disregarded: (i) subsection 12‑437(5); (ii) sections 12‑440, 12‑447, 12‑449 and 12‑451; and 127 Application—non‑concessional MIT income The amendments made by items 125 and 126 apply in relation to notices given under paragraph 12‑395(2)(a) or (5)(a) in Schedule 1 to the Taxation Administration Act 1953, or details made available under paragraph 12‑395(2)(b) or (5)(b) of that Schedule, on or after the day after this Act receives the Royal Assent. 128 Subdivision 255‑C in Schedule 1 (heading) Repeal the heading, substitute: Subdivision 255‑C—Service of documents if person absent from Australia or cannot be found 129 Section 255‑35 in Schedule 1 Omit "procedural and evidentiary matters relating to proceedings to recover an amount of a tax‑related liability", substitute "the service of documents on people who are absent from Australia or cannot be found". 130 Subsection 255‑40(3) in Schedule 1 Repeal the subsection, substitute: (3) If the Commissioner, after making reasonable inquiries, is satisfied that the person has an address in a foreign country, a constituent part of a foreign country or a foreign territory (an overseas address), the Commissioner may, without the court's leave, serve the document on the person at that overseas address in accordance with an agreement between Australia and: (a) a foreign country or a constituent part of a foreign country; or (b) a foreign territory; that deals with the service of documents on tax matters. 131 Sections 255‑45, 255‑50 and 255‑55 in Schedule 1 Repeal the sections. 132 Division 263 in Schedule 1 (heading) Omit "collection of foreign tax debts", substitute "the administration of foreign tax laws". 133 Paragraph 263‑10(a) in Schedule 1 Repeal the paragraph, substitute: (a) in accordance with an agreement (the international agreement) between Australia and: (i) a foreign country or a constituent part of a foreign country; or (ii) a foreign territory; and 134 At the end of Division 263 in Schedule 1 Add: Subdivision 263‑B—Service of documents in Australia on behalf of foreign revenue authorities Guide to Subdivision 263‑B 263‑55 What this Subdivision is about This Subdivision can be activated if there is in force an agreement between Australia and a foreign country or foreign territory that deals with service of documents on tax matters. If a foreign government agency asks the Commissioner to serve a document relating to foreign taxes on an entity in Australia in accordance with the agreement, the Commissioner may serve the document in the same way as a similar document under an Australian taxation law may be served. Table of sections Operative provisions 263‑60 Meaning of foreign service of document request 263‑65 Service of document subject to foreign service of document request Operative provisions 263‑60 Meaning of foreign service of document request A foreign service of document request is a request made to the Commissioner: (a) in accordance with an agreement (the international agreement) between Australia and: (i) a foreign country or a constituent part of a foreign country; or (ii) a foreign territory; that deals with service of documents on tax matters; and (b) by a *foreign government agency; and (c) for the service of one or more documents on an entity in Australia in relation to taxes imposed otherwise than by an *Australian law. 263‑65 Service of document subject to foreign service of document request (1) If a *foreign service of document request is made to the Commissioner, the Commissioner may serve a document covered by the request in the same way that a similar document under a *taxation law may be served. (2) The Commissioner must also serve a translation of the document into English, or a summary of the document in English, if: (a) the document is in a language other than English; and (b) the Commissioner is satisfied that the entity being served would not understand the language of the document. (3) Before serving a translation of the document into English, or a summary of the document in English, the Commissioner must be satisfied that the translation or summary is accurate. 135 Subparagraph 284‑90(1A)(a)(iii) in Schedule 1 Omit "period; and", substitute "period; or". 136 At the end of paragraph 284‑90(1A)(a) in Schedule 1 Add: (iv) you were a *subsidiary member of a *consolidated group or a *MEC group for one or more income years, and the Commissioner has made an assessment of the income tax of another entity that was a *member of the group for one or more of those income years; and 137 Paragraph 284‑90(1B)(a) in Schedule 1 Repeal the paragraph, substitute: (a) the Commissioner makes an assessment of: (i) your income tax for the income year that includes your trigger day; or (ii) if you were a *subsidiary member of a *consolidated group or a *MEC group for the income year that includes your trigger day—the income tax, for that income year, of another *member of that group; and 138 Subparagraph 286‑80(4A)(b)(iii) in Schedule 1 Omit "period; and", substitute "period; or". 139 At the end of paragraph 286‑80(4A)(b) in Schedule 1 Add: (iv) the entity was a *subsidiary member of a *consolidated group or a *MEC group for one or more income years, and the Commissioner has made an assessment of the income tax of another entity that was a *member of the group for one or more of those income years; and 140 Paragraph 286‑80(4B)(a) in Schedule 1 Repeal the paragraph, substitute: (a) the Commissioner makes an assessment of: (i) the entity's income tax for the income year that includes that day; or (ii) if the entity was a *subsidiary member of a *consolidated group or a *MEC group for the income year that includes that day—the income tax, for that income year, of another *member of that group; and 141 Application—penalty amounts for members of groups (1) The amendments made by items 135, 136 and 137 apply in relation to trigger days (within the meaning of paragraph 284‑90(1A)(a) in Schedule 1 to the Taxation Administration Act 1953) that occur on or after the start of the day on which the Bill that became this Act was introduced into the House of Representatives. (2) The amendments made by items 138, 139 and 140 apply in relation to a failure to give a return, notice or other document as mentioned in paragraph 286‑80(4A)(a) in Schedule 1 to the Taxation Administration Act 1953 if the return, notice or document was due on or after the start of the day on which the Bill that became this Act was introduced into the House of Representatives. 142 At the end of section 350‑1 in Schedule 1 Add: This Division also deals with procedural and evidentiary matters relating to proceedings to recover an amount of a tax‑related liability. 143 After section 350‑10 in Schedule 1 Insert: 350‑12 Prima facie evidence—particulars stated in evidentiary certificate (1) Without limiting subsection 350‑10(3), the particulars that may be stated in a certificate under that subsection include the matters in subsections (2) and (3) of this section. (2) The certificate may state: (a) that a person named in the certificate has a *tax‑related liability; or (b) that an *assessment relating to a tax‑related liability has been made, or is taken to have been made, under a *taxation law; or (c) that notice of an assessment, or any other notice required to be served on a person in respect of an amount of a tax‑related liability, was, or is taken to have been, served on the person under a *taxation law; or (d) that the particulars of a notice covered by paragraph (c) are as stated in the certificate; or (e) that a sum specified in the certificate is, as at the date specified in the certificate, a debt due and payable by a person to the Commonwealth. (3) The certificate may state: (a) that a *foreign revenue claim for an amount specified in the certificate has been made by the competent authority under the relevant international agreement; or (b) that the relevant requirements of the relevant international agreement have been complied with in relation to the foreign revenue claim; or (c) that the claim was registered under Division 263 on the date specified in the certificate; or (d) that, as at the date of the certificate, the Commissioner has or has not received advice from the competent authority under the relevant international agreement about the reduction or discharge of an amount to be recovered under the claim; or (e) that the particulars of any reduction or discharge of an amount to be recovered under the claim are as specified in the certificate. 144 At the end of Division 350 in Schedule 1 Add: 350‑20 Certain statements or averments in proceedings to recover tax‑related liabilities (1) In a proceeding to recover an amount of a *tax‑related liability, a statement or averment about a matter in the plaintiff's complaint, claim or declaration is prima facie evidence of the matter. (2) This section applies even if the matter is a mixed question of law and fact. However, the statement or averment is prima facie evidence of the fact only. (3) This section applies even if evidence is given in support or rebuttal of the matter or of any other matter. (4) Any evidence given in support or rebuttal of the matter stated or averred must be considered on its merits. This section does not increase or diminish the credibility or probative value of the evidence. (5) This section does not lessen or affect any onus of proof otherwise falling on a defendant. 350‑25 Evidence by affidavit in proceedings to recover tax‑related liabilities In a proceeding to recover an amount of a *tax‑related liability: (a) a person may give evidence by affidavit; and (b) the court may require the person to attend before it: (i) to be cross‑examined on that evidence; or (ii) to give other evidence relating to the proceedings. 145 Subsection 355‑65(2) in Schedule 1 (table item 4) Repeal the item, substitute: 4 the *Student Assistance Secretary is for the purpose of administering any *Commonwealth law relating to pensions, allowances or benefits. 4A the Secretary of the Department administered by the Minister administering the Fair Entitlements Guarantee Act 2012 is for the purpose of administering the Fair Entitlements Guarantee Act 2012. 4B the *Employment Secretary is for the purpose of administering any *Commonwealth law relating to pensions, allowances or benefits, other than the Fair Entitlements Guarantee Act 2012. Part 3—Amendments relating to instruments Division 1—Amendments A New Tax System (Goods and Services Tax) Act 1999 146 Subsection 79‑100(1) Omit all the words after "third party scheme for a *financial year", substitute: is: (a) if paragraph (b) does not apply—the same fraction as the average input tax credit fraction for the scheme for the preceding financial year; or (b) if, under subsection (3), the Minister determines the average input tax credit fraction for the scheme for the financial year—that fraction. Note: The average input tax credit fraction for financial years beginning on or before 1 July 2006 was worked out under this section as in force before the commencement of item 146 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020. 147 Subsection 79‑100(2) Repeal the subsection. 148 Subsection 79‑100(3) (heading) Repeal the heading, substitute: Minister to use statistical information to determine whether average input tax credit fraction is to be varied 149 Paragraph 79‑100(3)(e) Omit "subparagraph (1)(c)(i)", substitute "paragraph (1)(a)". 150 Paragraph 79‑100(3)(e) Omit "in writing", substitute "by legislative instrument". 151 Subsection 79‑100(6) Repeal the subsection. 152 Subsection 131‑60(1) (method statement, step 3) Omit "notice published in the Gazette", substitute "instrument made". 153 Subparagraph 151‑45(1)(a)(i) Omit "notice published in the Gazette", substitute "instrument made". 154 Paragraph 162‑60(1)(a) Omit "notice published in the Gazette", substitute "instrument made". Australian Prudential Regulation Authority Act 1998 155 Subsection 12(1) Omit "may give APRA a written direction", substitute "may, by legislative instrument, give APRA a direction". 156 Subsection 12(5) Repeal the subsection. Banking Act 1959 157 Section 6A Omit "notice published in the Gazette", substitute "legislative instrument". 158 Section 6A Omit "the notice" (wherever occurring), substitute "the instrument". 159 Section 6A Omit "a notice", substitute "an instrument". Business Names Registration Act 2011 160 Subsection 64(1) Omit "may give ASIC a written direction", substitute "may, by legislative instrument, give ASIC a direction". 161 Subsection 64(1) Omit "The direction is not a legislative instrument.". 162 Subsection 64(5) Repeal the subsection. Business Names Registration (Transitional and Consequential Provisions) Act 2011 163 At the end of the Act Add: Schedule 3—Transitional provisions for the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 1 Transitional—directions by Minister A direction given under subsection 64(1) of the Business Names Registration Act 2011 that is in force immediately before the commencement of items 160, 161 and 162 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 continues in force (and may be dealt with) as if it had been given under that subsection as amended by those items. Census and Statistics Act 1905 164 Paragraph 9(1)(b) Omit "by notice in writing", substitute "by legislative instrument". 165 Paragraph 9(1)(b) Omit "the notice", substitute "the instrument". 166 Subsection 10(2) Omit "notice published in the Gazette", substitute "notifiable instrument". Commonwealth Places (Mirror Taxes) Act 1998 167 Paragraph 8(5)(a) Omit "the modifications are notified in the Gazette", substitute "the instrument prescribing the modifications is registered on the Federal Register of Legislation under the Legislation Act 2003". 168 Subsection 9(4) Repeal the subsection, substitute: (4) The Minister must, by notifiable instrument, publish a copy of an arrangement, variation or revocation under this section. Export Finance and Insurance Corporation Act 1991 169 Subsection 63(5) Repeal the subsection. Federal Financial Relations Act 2009 170 Subsection 6(1) After "The Minister must", insert ", by notifiable instrument,". 171 Subsection 6(6) Repeal the subsection. Financial Sector (Shareholdings) Act 1998 172 Subsection 14(1) After "The Treasurer may", insert ", by notifiable instrument,". 173 After subsection 14(1) Insert: (1A) The instrument of approval must: (a) specify the percentage of the stake the Treasurer approves the applicant holding in the company (which may or may not be the percentage the applicant applied for); and (b) if the application is granted under paragraph (1)(a)—either: (i) specify the period during which the approval remains in force; or (ii) specify that the approval remains in force indefinitely; and (c) if the application is granted under paragraph (1)(b)—specify that the approval remains in force for the period worked out under section 15A. 174 Subsection 14(2) Repeal the subsection (not including the heading), substitute: (2) If the Treasurer grants the application, the Treasurer must give written notice of the approval (including a copy of the instrument of approval) to: (a) the applicant; and (b) the company concerned; and (c) in the case of an approval granted under paragraph (1)(b), if the company concerned is not the relevant licensed company for the approval—the relevant licensed company for the approval. 175 Subsection 14(4) Repeal the subsection. 176 Paragraph 15(1)(a) Omit "notice of approval", substitute "instrument of approval". 177 Subsection 15(4) Omit "the Treasurer may grant the application", substitute "the Treasurer may, by notifiable instrument, grant the application by amending the instrument of approval to specify the extended period during which the approval remains in force (which may or may not be the period the applicant applied for)". 178 Subsection 15(5) Repeal the subsection, substitute: (5) If the Treasurer grants the application, the Treasurer must give written notice of the extension (including a copy of the instrument made under subsection (4)) to: (a) the applicant; and (b) the financial sector company concerned. 179 Subsection 15(7) Repeal the subsection. 180 Subsection 15A(5) Omit all the words after "the Treasurer", substitute: must: (a) by notifiable instrument, publish notice of the cessation of the approval; and (b) give written notice of the cessation to the financial sector company concerned. 181 Subsection 16(1) Omit "notice of approval", substitute "instrument of approval". 182 Subsection 16(2) Omit "by written notice given to a person who holds an approval under section 14", substitute "by notifiable instrument, amend an instrument of approval under section 14 to". 183 Paragraph 16(2)(a) Omit "impose", substitute "specify". 184 Subparagraph 16(2)(b)(i) Repeal the subparagraph. 185 Subparagraph 16(2)(b)(ii) Omit "notice of approval", substitute "instrument of approval". 186 After subsection 16(2) Insert: (2A) If, because of an approval under section 14, another approval is taken to be in force under section 19 or 19A, the other approval is subject to such conditions (if any) as: (a) are specified in the instrument of approval under section 14; and (b) are expressed to apply to approvals taken to be in force under section 19 or 19A. 187 Subsection 16(6) Repeal the subsection (not including the heading), substitute: (6) If the Treasurer makes an amendment under subsection (2), the Treasurer must give written notice of the amendment (including a copy of the instrument made under that subsection) to: (a) the person who holds the approval; and (b) the financial sector company concerned. 188 Subsection 17(3) Omit "the Treasurer may grant the application", substitute "the Treasurer may, by notifiable instrument, grant the application by varying the percentage specified in the approval (which may or may not be the percentage the applicant applied for)". 189 Subsection 17(4) Repeal the subsection. 190 Subsection 17(6) Omit "written notice given to a person who holds an approval under section 14", substitute "notifiable instrument". 191 Subsection 17(6) Omit "the approval", substitute "an instrument of approval under subsection 14(1)". 192 Subsection 17(7) Omit "the notice of variation is given", substitute "the instrument under subsection (3) or (6) is registered on the Federal Register of Legislation under the Legislation Act 2003". 193 Subsection 17(8) Omit "notice of variation", substitute "instrument under subsection (3) or (6)". 194 Subsection 17(8) Omit "the day on which the notice is given", substitute "the day the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003". 195 Subsection 17(9) Repeal the subsection (not including the heading), substitute: (9) If the Treasurer makes a variation under this section, the Treasurer must give written notice of the variation (including a copy of the instrument made under subsection (3) or (6)) to: (a) the applicant; and (b) the financial sector company concerned. 196 Subsection 18(1) Omit "by written notice given to a person who holds an approval under section 14 in relation to a financial sector company, revoke the approval", substitute "by notifiable instrument, revoke an approval that a person holds under section 14 in relation to a financial sector company". 197 Subsection 18(2) Omit "notice of revocation", substitute "instrument of revocation". 198 Subsection 18(2) Omit "the day on which the notice is given", substitute "the day the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003". 199 Subsection 18(3) Omit "written notice given to the person", substitute "notifiable instrument". 200 Subsection 18(3) Omit "The revocation takes effect on the day specified in the notice of revocation.". 201 Subsection 18(4) Repeal the subsection (not including the heading), substitute: (4) If the Treasurer revokes an approval under this section, the Treasu