Treasury Laws Amendment (2020 Measures No. 6) Act 2020 (Cth)

Treasury Laws Amendment (2020 Measures No. 6) Act 2020 No. 141, 2020 Compilation No. 1 Compilation date: 17 December 2020 Includes amendments up to: Act No. 127, 2021 Registered: 14 December 2021 About this compilation This compilation This is a compilation of the Treasury Laws Amendment (2020 Measures No. 6) Act 2020 that shows the text of the law as amended and in force on 17 December 2020 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—Temporary full expensing of depreciating assets and other amendments Part 1—Main amendments Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Part 2—Technical amendments Income Tax (Transitional Provisions) Act 1997 Schedule 2—Amendments of the consumer data right Part 1—Initial amendments Competition and Consumer Act 2010 Part 2—Later amendments Competition and Consumer Act 2010 Schedule 3—Incentivising charities to join the National Redress Scheme Australian Charities and Not‑for‑profits Commission Act 2012 Schedule 4—Minor and technical amendments Part 1—Amendments commencing day after Royal Assent Division 1—Amendments Australian Charities and Not‑for‑profits Commission Act 2012 Australian Securities and Investments Commission Act 2001 Business Names Registration Act 2011 Commonwealth Grants Commission Act 1973 Competition and Consumer Act 2010 Corporations Act 2001 Life Insurance Act 1995 National Consumer Credit Protection Act 2009 National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 Superannuation Guarantee (Administration) Act 1992 Superannuation Industry (Supervision) Act 1993 Superannuation (Unclaimed Money and Lost Members) Act 1999 Taxation Administration Act 1953 Division 2—Repeals of Acts Bills of Exchange Act 1971 Census and Statistics Act 1920 Census and Statistics Act 1930 Commonwealth Grants Commission Act 1976 Commonwealth Inscribed Stock Act 1913 Excise Act 1962 Income Tax Assessment Act (No. 2) 1969 Income Tax (International Agreements) Act 1960 International Finance Corporation Act 1961 International Finance Corporation Act 1963 International Finance Corporation Act 1966 Sales Tax Assessment Act (No. 1A) 1930 Sales Tax (Exemptions and Classifications) Act 1960 States Grants (Coal Mining Industry Long Service Leave) Act 1961 States Grants (Coal Mining Industry Long Service Leave) Act 1968 States Grants (Petroleum Products) Act 1969 States Grants (Petroleum Products) Act (No. 2) 1965 Trade Practices Act 1975 Part 2—Amendments commencing first day of first quarter after Royal Assent Income Tax Assessment Act 1997 Tax Agent Services Act 2009 Part 3—Amendments with other commencements Corporations (Aboriginal and Torres Strait Islander) Act 2006 Corporations Act 2001 Income Tax Assessment Act 1936 Superannuation Industry (Supervision) Act 1993 Taxation Administration Act 1953 Part 4—Application of amendments Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to amend the law relating to taxation, competition and charities, to make various minor and technical amendments of the statute law in the Treasury portfolio, to repeal certain obsolete Acts, and for related purposes 1 Short title This Act is the Treasury Laws Amendment (2020 Measures No. 6) 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. 17 December 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 January 2021 3. Schedule 2, Part 1 The day after this Act receives the Royal Assent. 18 December 2020 4. Schedule 2, Part 2 The later of: 28 February 2021 (a) the day after this Act receives the Royal Assent; and (paragraph (b) applies) (b) 28 February 2021. 5. Schedule 3 The day after the end of the period of 3 months beginning on the day this Act receives the Royal Assent. 17 March 2021 6. Schedule 4, Part 1 The day after this Act receives the Royal Assent. 18 December 2020 7. Schedule 4, 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 January 2021 8. Schedule 4, items 112 and 113 The later of: 4 April 2021 (a) the day after this Act receives the Royal Assent; and (paragraph (b) applies) (b) immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. 9. Schedule 4, item 114 The later of: (a) the day after this Act receives the Royal Assent; and (b) immediately after the commencement of item 381 of Schedule 1 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. 10. Schedule 4, items 115 to 120 A day or days to be fixed by Proclamation. 1 July 2024 However, if any of the provisions do not commence before 1 July 2024, they commence on that day. 11. Schedule 4, item 121 The later of: 5 April 2021 (a) the day after this Act receives the Royal Assent; and (paragraph (b) applies) (b) immediately after the commencement of Schedule 1 to the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019. 12. Schedule 4, item 122 The later of: 28 September 2022 (a) the day after this Act receives the Royal Assent; and (paragraph (b) applies) (b) immediately after the commencement of the Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020. However, the provisions do not commence at all if the event mentioned in paragraph (b) does not occur. 13. Schedule 4, items 123, 124, 125 and 126 The later of: 4 April 2021 (a) the day after this Act receives the Royal Assent; and (paragraph (b) applies) (b) immediately after the commencement of Schedule 2 to the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020. 14. Schedule 4, items 127 to 142 A day or days to be fixed by Proclamation. 1 July 2024 However, if any of the provisions do not commence before 1 July 2024, they commence on that day. 15. Schedule 4, items 143 and 144 4 April 2021. 4 April 2021 16. Schedule 4, Part 4 The day after this Act receives the Royal Assent. 18 December 2020 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—Temporary full expensing of depreciating assets and other amendments Part 1—Main amendments Income Tax Assessment Act 1997 1 Paragraphs 160‑15(1)(a), (b) and (c) After "how much" (wherever occurring), insert "(expressed as a specified amount)". Income Tax (Transitional Provisions) Act 1997 2 At the end of subsection 40‑120(1) Add: ; and (d) you have not made a choice under section 40‑137 in relation to the income year. 3 At the end of Subdivision 40‑BA Add: 40‑137 Choice to not apply this Subdivision to an asset (1) You may choose that the decline in value of a particular depreciating asset for an income year, and subsequent income years, is not to be worked out under this Subdivision. (2) The choice must be in the approved form. (3) The choice cannot be revoked. (4) You must give the choice to the Commissioner by the day you lodge your income tax return for the first income year to which the choice relates. Note: The Commissioner may defer the time for giving the choice: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953. 4 After section 40‑155 Insert: 40‑157 Corporate tax entities with income under $5 billion (1) This section covers you for an income year if: (a) you are a corporate tax entity at any time in the income year; and (b) any of the following amounts is less than $5 billion: (i) the sum of your ordinary income (if any) and statutory income (if any) for the 2018‑19 income year; (ii) if the 2019‑20 income year ends on or before 6 October 2020—the sum of your ordinary income (if any) and statutory income (if any) for the 2019‑20 income year; and (c) the sum of the amounts worked out under subsection (3) for the 2016‑17, 2017‑18 and 2018‑19 income years exceeds $100 million. (2) For the purposes of paragraph (1)(b), disregard non‑assessable non‑exempt income. (3) The amount under this subsection for an income year is worked out as follows: (a) firstly, identify each depreciating asset (other than an intangible asset) that: (i) you hold at any time in the income year; and (ii) you started to use, or have installed ready for use, for a taxable purpose in the income year; (b) next, work out the cost of each of those assets (including any amounts included in the second element of the asset's cost at a time that is in the income year); (c) finally, work out the total of those costs. (4) For the purposes of subsection (3), disregard an asset if, at the time you first used the asset, or had it installed ready for use, for a taxable purpose: (a) it was not reasonable to conclude that you would use the asset principally in Australia for the principal purpose of carrying on a business; or (b) it was reasonable to conclude that the asset would never be located in Australia. 5 Paragraph 40‑160(1)(d) Repeal the paragraph, substitute: (d) you are covered for the current year by any of the following: (i) section 40‑155 (about businesses with turnover under $5 billion); (ii) section 40‑157 (about corporate tax entities with income under $5 billion); and 6 At the end of subsection 40‑160(1) Add: ; and (f) you have not made a choice under section 40‑190 in relation to the current year. 7 Subsection 40‑160(2) Repeal the subsection, substitute: Exclusions (2) However, this section does not apply if: (a) where section 40‑155 covers you for the current year (regardless whether section 40‑157 also covers you for the current year)—an exclusion applies to you and the asset for the current year under section 40‑165 (about exclusions for businesses with turnover of $50 million or more); or (b) where section 40‑157 covers you for the current year (but section 40‑155 does not): (i) an exclusion applies to you and the asset for the current year under section 40‑165; or (ii) an exclusion applies to you and the asset for the current year under section 40‑167 (about exclusions for corporate tax entities with income under $5 billion). 8 Section 40‑165 (heading) Repeal the heading, substitute: 40‑165 Exclusions—entities covered by section 40‑155 or 40‑157 9 Paragraph 40‑165(1)(a) Before "section 40‑155 would not cover you", insert "where paragraph 40‑160(2)(a) applies—". 10 After section 40‑165 Insert: 40‑167 Exclusions—entities covered by section 40‑157 (1) For the purposes of subsections 40‑160(2) and 40‑170(1A), an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset. Exclusion—intangible assets (2) This exclusion applies in relation to the asset if the asset is an intangible asset. Exclusion—assets previously held by associates (3) This exclusion applies in relation to the asset if it had been previously held by an associate of yours. Exclusion—assets available for use by associates or foreign residents (4) This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following: (a) an associate of yours; (b) an entity that is a foreign resident. 11 Paragraph 40‑170(1)(c) Repeal the paragraph, substitute: (c) you are covered for the current year by any of the following: (i) section 40‑155 (about businesses with turnover under $5 billion); (ii) section 40‑157 (about corporate tax entities with income under $5 billion); and 12 After subsection 40‑170(1) Insert: Exclusions (1A) However, this section does not apply if: (a) section 40‑157 covers you for the current year (but section 40‑155 does not); and (b) an exclusion applies to you and the asset for the current year under section 40‑167 (about exclusions for corporate tax entities with income under $5 billion). 13 At the end of subsection 40‑170(1) Add: ; and (f) you have not made a choice under section 40‑190 in relation to the current year. 14 At the end of Subdivision 40‑BB Add: 40‑185 Balancing adjustment for assets not used or located in Australia (1) This section applies if the decline in value for a depreciating asset for an income year is worked out under this Subdivision, and at a time (the balancing adjustment time) in a later income year: (a) either: (i) it becomes not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or (ii) it becomes reasonable to conclude that the asset will never be located in Australia; and (b) none of the requirements in paragraphs 40‑295(1)(a), (b) or (c) of the Income Tax Assessment Act 1997 are satisfied in relation to the asset. Balancing adjustment event and termination value (2) For the purposes of Subdivision 40‑D of the Income Tax Assessment Act 1997 assume that, at the balancing adjustment time, you stop using the asset, or having it installed ready for use, for any purpose and you expect never to use it, or have it installed ready for use, again. Cost resulting from balancing adjustment event (3) For the purposes of section 40‑180 of the Income Tax Assessment Act 1997 assume that the reference in item 3 of the table in subsection 40‑180(2) of that Act to "because you stop using it for any purpose expecting never to use it again" were instead a reference to "because of section 40‑185 of the Income Tax (Transitional Provisions) Act 1997". Subdivision does not apply for income year after balancing adjustment event (4) If a balancing adjustment event happens to a depreciating asset you hold because of this section, this Subdivision cannot apply to work out the decline in value of the asset for a later income year. 40‑190 Choice to not apply this Subdivision to an asset for an income year (1) You may choose that the decline in value of a particular depreciating asset for an income year is not to be worked out under this Subdivision. (2) The choice must be in the approved form. (3) The choice cannot be revoked. (4) You must give the choice to the Commissioner by the day you lodge your income tax return for the income year to which the choice relates. Note: The Commissioner may defer the time for giving the choice: see section 388‑55 in Schedule 1 to the Taxation Administration Act 1953. 15 Application To avoid doubt, section 40‑185 of the Income Tax (Transitional Provisions) Act 1997 (as inserted by this Schedule) can apply even if the balancing adjustment time mentioned in that section occurs before the commencement of this Schedule. Part 2—Technical amendments Income Tax (Transitional Provisions) Act 1997 16 Subsection 328‑181(5) (heading) Repeal the heading, substitute: Low pool value Schedule 2—Amendments of the consumer data right Part 1—Initial amendments Competition and Consumer Act 2010 1 Paragraph 56AC(2)(c) Omit "beginning to hold the designated information", substitute "holding the designated information". 2 Paragraph 56AJ(1)(b) Repeal the paragraph, substitute: (b) the CDR data is held by (or on behalf of) the person on or after the earliest holding day specified in the designation instrument; and (ba) in the case of the CDR data beginning to be held by (or on behalf of) the person before that earliest holding day, the CDR data: (i) is of continuing use and relevance; and (ii) is not about the provision before that earliest holding day of a product or service by (or on behalf of) the person; and 3 Subsection 56AJ(1) (note 2) Repeal the note, substitute: Note 2: For a product or service that the person began providing before the earliest holding day and continued providing after that day: (a) subparagraph (ba)(ii) means the person will not be the data holder of CDR data about the person's provision of the product or service before that day; but (b) the person will be the data holder of CDR data about the person's provision of the product or service on or after that day. 4 Subsection 56AM(4) Omit "if it is not chargeable CDR data.", substitute: if: (a) the consumer data rules require it to be disclosed; and (b) it is not chargeable CDR data. 5 At the end of section 56AR Add: (5) If the CDR provisions so apply to an entity covered by subsection (1): (a) as a data holder of CDR data, the entity is conferred such functions as are necessary to enable the entity to operate as a data holder in accordance with the CDR provisions; or (b) as a designated gateway for CDR data, the entity is conferred such functions as are necessary to enable the entity to operate as a designated gateway in accordance with the CDR provisions. 6 At the end of Division 1 of Part IVD Add: Subdivision F—Application to acts done by or in relation to agents etc. of CDR entities 56AU Acts done by or in relation to agents etc. of CDR entities Conduct of agents etc. of a CDR entity attributable to the CDR entity (1) For the purposes of this Part and the consumer data rules, each of the following provisions applies to a CDR entity who is not a body corporate in a corresponding way to the way that provision applies to a CDR entity who is a body corporate: (a) section 84 of this Act; (b) section 97 of the Regulatory Powers Act (to the extent that it applies in relation to a provision of this Part). Acts done in relation to an agent of a CDR entity taken to be done in relation to the CDR entity (2) For the purposes of this Part and the consumer data rules, if an act is done by a person in relation to another person (the agent) who: (a) is acting on behalf of a CDR entity; and (b) is so acting within the agent's actual or apparent authority; the act is taken to have also been done in relation to the CDR entity. Definitions (3) In this section: CDR entity means any of the following: (a) a data holder of CDR data; (b) an accredited person; (c) a designated gateway for CDR data. 7 At the end of paragraph 56BD(1)(b) Add: ; or (iv) a data holder of the CDR data by a designated gateway for the CDR data; or (v) a person acting on behalf a person referred to in subparagraph (ii), (iii) or (iv). 8 After paragraph 56BJ(i) Insert: (ia) rules requiring agents of any of the following entities (a CDR entity): (i) a data holder of CDR data; (ii) an accredited person; (iii) a designated gateway for CDR data; to do or not to do specified things when acting on behalf of the CDR entity and within the agent's actual or apparent authority; 9 Section 56EA Omit: The privacy safeguards apply mainly to accredited data recipients, but also to data holders and designated gateways, in relation to their handling of the CDR data. substitute: The privacy safeguards apply mainly to accredited persons, but also to data holders and designated gateways, in relation to their handling or future handling of the CDR data. 10 After paragraph 56EC(4)(a) Insert: (aa) if section 56ED, 56EE, 56EF or 56EG applies to an accredited person in relation to CDR data—the corresponding Australian Privacy Principle does not apply to the accredited person in relation to the CDR data; and 11 Subsection 56EC(5) Omit "paragraphs (4)(b) to (d)", substitute "paragraphs (4)(aa) to (d)". 12 Before paragraph 56EC(5)(a) Insert: (aa) an accredited person who does not become an accredited data recipient of the CDR data; or 13 Paragraph 56ED(1)(b) Before "an accredited data recipient", insert "an accredited person who is or who may become". 14 Subsection 56ED(5) After "If the CDR entity is", insert "an accredited person who is or who may become". 15 Paragraph 56ED(5)(a) Before "held by", insert "that is or may become". 16 Paragraph 56ED(5)(a) After "is held", insert "or is to be held". 17 Subsection 56EE(1) Repeal the subsection, substitute: (1) A person who is: (a) an accredited data recipient of CDR data; or (b) an accredited person who may become an accredited data recipient of CDR data; must give each CDR consumer for that CDR data the option of using a pseudonym, or not identifying themselves, when dealing with the person in relation to that CDR data. Note: The CDR participant from whom the person acquired (or may acquire) the CDR data may be subject to a similar obligation under Australian Privacy Principle 2. 18 Section 56EH Omit "If a person collects CDR data in accordance with section 56EF, the person must:", substitute "If an accredited data recipient of CDR data collected the CDR data in accordance with section 56EF, the accredited data recipient must:". 19 Paragraph 56EN(4)(b) After "requests", insert ", in accordance with the consumer data rules,". 20 Subsection 56EN(4) After "request by disclosing the corrected CDR data", insert ", in accordance with the consumer data rules,". 21 After subsection 56EN(4) Insert: (4A) Subsection (4) does not apply in the circumstances specified in the consumer data rules. 22 After subsection 56ER(1) Insert: (1A) The Information Commissioner may assess whether an accredited person who may become an accredited data recipient of CDR data is complying with: (a) section 56ED (about privacy safeguard 1); or (b) the consumer data rules to the extent that those rules relate to that section. 23 Subsections 56ER(2) and (3) Omit "the assessment", substitute "an assessment under subsection (1) or (1A)". 24 Paragraph 56ET(3)(a) Omit "or designated gateway", substitute ", designated gateway or accredited person". 25 Subsection 56ET(3) Omit "act of practice", substitute "act or practice". 26 After paragraph 56ET(4)(b) Insert: or (c) an accredited person who may become an accredited data recipient of CDR data; 27 Subparagraph 56ET(5)(b)(ii) Omit "respondent; and", substitute "respondent; or". 28 At the end of paragraph 56ET(5)(b) Add: (iii) in the case of a complaint about an act or practice of an accredited person who may become an accredited data recipient of CDR data—the accredited person is the respondent; and 29 At the end of paragraph 56ET(5)(d) Add: (iii) a paragraph that states that an act or practice of an accredited person who may become an accredited data recipient of CDR data has breached a privacy safeguard; and Part 2—Later amendments Competition and Consumer Act 2010 30 Subsection 56AD(2) Repeal the subsection, substitute: (2) Before making an instrument under subsection 56AC(2), the Minister must: (a) be satisfied that the Secretary of the Department has complied with section 56AE in relation to the making of the instrument; and (b) wait at least 60 days after the day the Secretary publishes the report relating to the making of the instrument (see section 56AE). 31 Section 56AE Repeal the section, substitute: 56AE Secretary must arrange for analysis, consultation and report about an instrument proposing to designate a sector (1) The Secretary of the Department complies with this section in relation to the making of an instrument under subsection 56AC(2) if the Secretary arranges for all of the following: (a) an analysis of the matters in paragraphs 56AD(1)(a) to (e) in relation to the instrument; (b) public consultation about those matters in relation to the instrument: (i) for at least 28 days; and (ii) in one or more ways that includes making information available on the Department's website and inviting the public to comment; (c) consultation with each of the following about those matters in relation to the instrument: (i) the Commission; (ii) the Information Commissioner; (iii) the person or body (if any) that the Secretary believes to be the primary regulator of the sector that the instrument would designate; (iv) any person or body prescribed by the regulations; (d) the preparation of a report for the Minister about that analysis and consultation. (2) The Secretary must publish the report on the Department's website. 56AEA Commission must analyse an instrument proposing to designate a sector When the Commission is consulted under subparagraph 56AE(1)(c)(i), the Commission must analyse the matters in paragraphs 56AD(1)(a) to (e) in relation to the instrument. 32 Section 56AG Repeal the section. 33 Section 56AH Omit "56AE, 56AF or 56AG", substitute "56AE, 56AEA or 56AF". 34 Section 56BA (heading) Omit "Commission", substitute "Minister". 35 Subsection 56BA(1) Omit "Commission", substitute "Minister". 36 Subdivision C of Division 2 of Part IVD Repeal the Subdivision, substitute: Subdivision C—Process for making consumer data rules etc. 56BP Minister's tasks before making the rules Before making consumer data rules under subsection 56BA(1), the Minister must: (a) consider the kinds of matters referred to in paragraphs 56AD(1)(a) and (b) in relation to the making of the rules; and (b) be satisfied that the Secretary of the Department has complied with section 56BQ in relation to the making of the rules; and (c) wait at least 60 days after the day public consultation begins under paragraph 56BQ(b) about the making of the rules. 56BQ Secretary must arrange for consultation and report before the rules are made The Secretary of the Department complies with this section in relation to the making of consumer data rules if the Secretary arranges for all of the following: (a) an analysis of the kinds of matters referred to in paragraphs 56AD(1)(a) and (b) in relati