On 24 September 2021, Treasury has released exposure draft legislation proposing a second round of miscellaneous and technical amendments to Treasury portfolio laws, covering income tax, superannuation, corporations, foreign takeovers and consumer credit laws. Although the intent of the Exposure Draft – Treasury Laws Amendment (Measures for Consultation) Bill 2021: Miscellaneous and Technical Amendments (No 2) is to make “minor and technical changes”, such amendments often reveal sleeper issues.
- For example, the Draft Bill will amend the ITAA 1997 to ensure the Seasonal Labour Mobility Program tax regime functions despite disruptions from COVID-19. Currently, this issue has been addressed by the Commissioner via Instrument CRP 2020/3. This amendment will apply to income derived on or after 1 July 2019.
- The Draft Bill will also amend s 160ZZZA of the ITAA 1936 to replace LIBOR with a “qualified rate”.
- TheIncome Tax Rates Act 1986 will be amended so that a “working holiday maker” includes holders of a subclass 408 visa if that visa was granted to allow the holder to remain in Australia following the expiry of certain visas.
The same is the case for amendments to various regulations
- The Draft Regs will amend the Corporations Regulations 2001 to incorporate the long-term performance superannuation disclosure requirements for periodic statements currently contained in ASIC Class Order CO 10/630.
- TheSuperannuation (Unclaimed Money and Lost Members) Regulations 2019 will also be amended to enable the Commissioner to recover overpayments of amounts transferred to a super fund.
- In addition, the Draft Bill will update certain references in theCorporations Act 2001 from “days” to “business days”.
SUBMISSIONS are due by 19 October 2021.
[Treasury website: Consultation Page, Draft Bill, Draft Regs; LTN 186, 27/9/21]
[Tax Month – September 2021] 28.9.21