23 Oct 1414 Omnibus Repeal Day (Spring 2014) Bill 2014 introduced into House
On 22 October 2014, Omnibus Repeal Day (Spring 2014) Bill 2014 was introduced into the House of Representatives.
The Bill is a whole of government initiative to amend or repeal legislation across nine portfolios, including Social Services, Treasury and Veteran Affairs. The Bill also includes measures that repeal redundant and spent Acts and provisions in Commonwealth Acts, and complements the measures included in the Statute Law Revision Bill (No 2) 2014 and the Amending Acts 1970-1979 Bill 2014, both of which were also introduced into the House on the same day. In total, this Bill, the Statute Law Revision Bill (No 2) 2014 and the Amending Acts 1970 -1979 Bill 2014 will repeal over 666 Commonwealths Acts.
The following is extracted from the Explanatory Memorandum to the Bill.
Items 151 and 152 of Schedule 7 will make amendments to ITAA1936 consequential to the removal of the mature age allowance and the Northern Territory Community Development Employment Projects (CDEP) transition payment ("the spent social security payments"). These amendments are required as the provisions in the ITAA 1936 providing that the mature age allowance and the Northern Territory CDEP transition payment are a rebatable benefit and are now redundant.
Items 153 to 171 and items 198 to 204 of Schedule 7 will make amendments to ITAA1997 which are also consequential to the removal of the spent social security payments.
Items 2 and 3 of Schedule 8 will repeal the Termination Payments Tax (Assessment and Collection) Act 1997 and the Termination Payments Tax Imposition Act 1997. The termination payments tax was introduced in 1997 and formed part of a package of legislation designed to provide a framework for the introduction of a superannuation contributions surcharge for high income earners. The termination payments tax Acts have become inoperative and are therefore being repealed. Consequential amendments are being made to the First Home Saver Accounts Act 2008, ITAA 1997, the Retirement Savings Accounts Act 1997, the Superannuation Industry (Supervision) Act 1993, the Taxation Administration Act 1953 and the Taxation (Interest on Overpayments and Early Payments) Act 1983.
Schedule 9 makes amendments to ITAA 1997 consequential upon amendments that repeal redundant and spent provisions of the Veterans’ Entitlements Act 1986 and the Military Rehabilitation and Compensation Act 2004.
The Bill also contains certain consequential saving provisions.