10 Sep 2020 Legislation
Received Royal Assent, 3 September 2020. The Bill revises the existing “prescribed period”, which otherwise ends on 31 December 2020, to facilitate the extension of the JobKeeper Payment scheme to 28 March 2021.
Rejected in September 2020 by the Senate Finance and Public Administration Legislation Committee.
Introduced by Senator Rex Patrick on 13 November 2019, the Bill proposes to amend the Taxation Administration Act 1953 (TAA) and reform the Commonwealth Procurement Rules to impose greater transparency for government agencies entering into contracts with companies linked to tax havens.
The Committee recommended that the Senate should not pass the Private Senator's Bill, considering the Bill would place a significant and unjustified regulatory burden on the ATO, accountable authorities, suppliers and grant applicants.
Received Royal Assent, 7 September 2020, having passed all stages without amendment. The Bill will enable certain current and former Commonwealth employees and statutory office holders to continue to be or to become contributory members of the Public Sector Superannuation Accumulation Plan (PSSAP). The Bill will commence on a day to be fixed by Proclamation.
Received Royal Assent, 3 September 2020. The Bill contains amendments related to the hybrid mismatch rules, Single Touch Payroll reporting, deductible gift recipient status and tax secrecy provisions.
Received Royal Assent, 3 September 2020. The Bill gives employees under workplace determinations or enterprise agreements the right to choose their superannuation fund, amongst other measures.
Reintroduced in the Senate, 2 September 2020. The Bill proposes to increase the maximum number of allowable members in SMSFs from 4 to 6, amongst other measures.
The SMSF Association has welcomed the reintroduction of the bill. SMSF Association CEO, John Maroney, said the increased maximum number of SMSF members will provide greater flexibility and choice to the SMSF sector. The SMSF Association also called on the Government to prioritise passage of the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020, which is currently before the Senate.
The Bill has been referred to the Senate Economics Legislation Committee for inquiry and report by 4 November 2020.
The Treasurer has announced the draft regulations are now open for consultation. These regulations are a remake of A New Tax System (Australian Business Number) Regulations 1999 which arescheduled to sunset on 1 April 2021. The draft regulations do not alter the substantive meaning or operation of the existing regulations. Minor technical changes have been made to reflect current drafting practice.
You can submit responses to this consultation up until 05 October 2020.
Submissions should be sent to Chadd.Gunton@Treasury.gov.au.
Read more here.
Registered 3 September 2020, date of effect 4 September 2020. Gives effect to the Government's extension of the COVID-19 early release of superannuation up to $10,000 until 31 December 2020, amongst other measures. As these changes relate to applications made in the 2020/21 financial year, the extension is not relevant to temporary residents.
Registered 4 September 2020. Extends until 31 December 2020 the COVID-19 early access to super by deferred members in the Parliamentary Contributory Superannuation Scheme (PCSS). The Regulations authorise eligible early release payments from the PCSS until 31 December 2020, amongst other measures.
The House of Representatives Standing Committee on Economics will conduct a public hearing on 10 September 2020 as part of its ongoing review of the 4 major banks and other financial institutions. The Committee will also review the groups' progress on implementing the recommendations of the Banking Royal Commission.