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09 Sep 2021 Legislation

Bills awaiting Royal Assent

Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

The Treasury Laws Amendment (2021 Measures No. 2) Bill 2021 passed both Houses on 2 September 2021 and now awaits Royal Assent.

Deductible gift recipients (DGRs)

Schedule 1 to the Bill amends the Income Tax Assessment Act 1997 to require a fund, authority or institution to, as a precondition for deductible gift recipient (DGR) endorsement, be:

  • a registered charity; or
  • an Australian government agency; or
  • operated by a registered charity or an Australian government agency.

Date of effect: This Schedule generally applies to funds, authorities and institutions three months after the Bill receives Royal Assent. However, existing DGRs and existing DGR applicants will have an additional 12 months (and in some cases, four years) after that time before the amendments in this Schedule apply.

Offshore Banking Units (OBUs)

Schedule 2 to the Bill amends Australia’s Offshore Banking Unit (OBU) rules to:

  • remove the concessional tax treatment for OBUs;
  • remove the interest withholding tax exemption; and
  • close the regime to new entrants by removing the Minister’s ability to declare or determine an entity to be an OBU.

Date of effect: The changes to the concessional tax treatment is removed from the 2023–24 income year and the withholding tax changes apply from 1 January 2024.

The changes to the Minister’s ability to make a declaration or determination regarding new OBUs apply from the day after the amendments receive Royal Assent. These changes apply to all applications, irrespective of when they were made.

Treasury Laws Amendment (2021 Measures No. 6) Bill 2021

The Treasury Laws Amendment (2021 Measures No. 6) Bill 2021 passed both Houses on 2 September 2021 and now awaits Royal Assent.

Refund of large-scale generation shortfall charge

Schedule 1 to the Bill amends the Income Tax Assessment Act 1997 to make refunds of large scale generation shortfall charges non-assessable non-exempt (NANE) income for income tax purposes.

Date of effect: Schedule 1 will apply to refunds of large-scale generation shortfall charges made on or after 1 January 2019.

Industry code penalties under Part IVB of the Competition and Consumer Act 2010

Schedule 2 to the Bill amends the Competition and Consumer Act 2010 by increasing the maximum amount of penalty units that can be included in regulations that prescribe an industry code, with specific amendments for industry codes relating to the industry of franchising.

Date of effect: Schedule 2 will commence on the day after the Bill receives Royal Assent.

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