Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2019-2020-2021
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (2021
Measures No. 3) Bill 2021
No. , 2021
(Treasury)
A Bill for an Act to amend the law relating to
taxation, social security, veterans' entitlements and
the National Housing Finance and Investment
Corporation, and for related purposes
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Medicare levy and Medicare levy surcharge
income thresholds
3
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act
1999
3
Medicare Levy Act 1986
3
Schedule 2--Family Home Guarantee
5
National Housing Finance and Investment Corporation Act 2018
5
Schedule 3--Payments to Thalidomide survivors
6
Part 1--Tax exemption
6
Income Tax Assessment Act 1997
6
Part 2--Payments not treated as income under social security
and veterans' law
7
Social Security Act 1991
7
Veterans' Entitlements Act 1986
7
Schedule 4--Recovery grants for 2021 floods and storms
8
Income Tax Assessment Act 1997
8
Schedule 5--Deductible gift recipients--new specific recipients
9
Income Tax Assessment Act 1997
9
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
1
A Bill for an Act to amend the law relating to
1
taxation, social security, veterans' entitlements and
2
the National Housing Finance and Investment
3
Corporation, and for related purposes
4
The Parliament of Australia enacts:
5
1 Short title
6
This Act is the
Treasury Laws Amendment (2021 Measures No. 3)
7
Act 2021
.
8
2 Commencement
9
(1) Each provision of this Act specified in column 1 of the table
10
commences, or is taken to have commenced, in accordance with
11
2
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
No. , 2021
column 2 of the table. Any other statement in column 2 has effect
1
according to its terms.
2
3
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.
2. Schedule 1
The day after this Act receives the Royal
Assent.
3. Schedule 2
The later of:
(a) 1 July 2021; and
(b) the day after this Act receives the Royal
Assent.
4. Schedule 3,
Part 1
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
5. Schedule 3,
Part 2
The day after this Act receives the Royal
Assent.
6. Schedules 4
and 5
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
4
enacted. It will not be amended to deal with any later amendments of
5
this Act.
6
(2) Any information in column 3 of the table is not part of this Act.
7
Information may be inserted in this column, or information in it
8
may be edited, in any published version of this Act.
9
3 Schedules
10
Legislation that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
concerned, and any other item in a Schedule to this Act has effect
13
according to its terms.
14
Medicare levy and Medicare levy surcharge income thresholds
Schedule 1
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
3
Schedule 1--Medicare levy and Medicare levy
1
surcharge income thresholds
2
3
A New Tax System (Medicare Levy Surcharge--Fringe
4
Benefits) Act 1999
5
1 Paragraphs 15(1)(c) and 16(2)(c)
6
Omit "$22,801", substitute "$23,226".
7
Medicare Levy Act 1986
8
2 Subsection 3(1) (paragraph (a) of the definition of
phase-in
9
limit
)
10
Omit "$45,069", substitute "$45,881".
11
3 Subsection 3(1) (paragraph (c) of the definition of
phase-in
12
limit
)
13
Omit "$28,501", substitute "$29,032".
14
4 Subsection 3(1) (paragraph (a) of the definition of
threshold
15
amount
)
16
Omit "$36,056", substitute "$36,705".
17
5 Subsection 3(1) (paragraph (c) of the definition of
threshold
18
amount
)
19
Omit "$22,801", substitute "$23,226".
20
6 Subsection 8(5) (definition of
family income threshold
)
21
Omit "$38,474", substitute "$39,167".
22
7 Subsection 8(5) (definition of
family income threshold
)
23
Omit "$3,533", substitute "$3,597".
24
8 Subsections 8(6) and (7)
25
Omit "$38,474", substitute "39,167".
26
Schedule 1
Medicare levy and Medicare levy surcharge income thresholds
4
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
No. , 2021
9 Subsection 8(7)
1
Omit "$50,191", substitute "$51,094".
2
10 Paragraph 8D(3)(c)
3
Omit "$22,801", substitute "$23,226".
4
11 Subparagraph 8D(4)(a)(ii)
5
Omit "$22,801", substitute "$23,226".
6
12 Paragraph 8G(2)(c)
7
Omit "$22,801", substitute "$23,226".
8
13 Subparagraph 8G(3)(a)(ii)
9
Omit "$22,801", substitute "$23,226".
10
14 Application of amendments
11
The amendments made by this Schedule apply to assessments for the
12
2020-21 year of income and later years of income.
13
Family Home Guarantee
Schedule 2
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
5
Schedule 2--Family Home Guarantee
1
2
National Housing Finance and Investment Corporation Act
3
2018
4
1 At the end of section 3
5
Add:
6
; and (f) assisting earlier access to the housing market by single
7
parents with dependants.
8
Schedule 3
Payments to Thalidomide survivors
Part 1
Tax exemption
6
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
No. , 2021
Schedule 3--Payments to Thalidomide
1
survivors
2
Part 1--Tax exemption
3
Income Tax Assessment Act 1997
4
1 Section 11-
15 (table item headed "welfare")
5
After:
6
maintenance payment .........................................................
51-30 and 51-50
insert:
7
thalidomide payment--payment under the Support for
Australia's Thalidomide Survivors program ......................
51-30
2 Section 51-30 (before table item 5.6)
8
Insert:
9
10
5.5
an individual in
receipt of a payment
under the program
established by the
Commonwealth and
known as the Support
for Australia's
Thalidomide
Survivors program
the payment
none
3 Application of amendments
11
The amendments of the
Income Tax Assessment Act 1997
made by this
12
Part apply to assessments for the 2021-22 income year and later income
13
years.
14
Payments to Thalidomide survivors
Schedule 3
Payments not treated as income under social security and veterans' law
Part 2
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
7
Part 2--Payments not treated as income under social
1
security and veterans' law
2
Social Security Act 1991
3
4 After paragraph 8(8)(vc)
4
Insert:
5
(vd) a payment under the program established by the
6
Commonwealth and known as the Support for Australia's
7
Thalidomide Survivors program;
8
Veterans' Entitlements Act 1986
9
5 After paragraph 5H(8)(xb)
10
Insert:
11
(xc) a payment under the program established by the
12
Commonwealth and known as the Support for Australia's
13
Thalidomide Survivors program;
14
6 Application of amendments
15
The amendments of the
Social Security Act 1991
and the
Veterans'
16
Entitlements Act 1986
made by this Part apply in relation to payments
17
under the Support for Australia's Thalidomide Survivors program made
18
on or after the commencement of this item.
19
Schedule 4
Recovery grants for 2021 floods and storms
8
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
No. , 2021
Schedule 4--Recovery grants for 2021 floods
1
and storms
2
3
Income Tax Assessment Act 1997
4
1 Section 11-55 (at the end of the table item headed
5
"disasters")
6
Add:
7
2021 floods and storms--recovery grants ..........................
59-99
2 After section 59-97
8
Insert:
9
59-99 2021 floods and storms--recovery grants
10
A payment is not assessable income and is not
*
exempt income if:
11
(a) for the purposes of the Disaster Recovery Funding
12
Arrangements 2018 (set out in a determination made by the
13
Minister for Law Enforcement and Cyber Security on 5 June
14
2018), the payment is a recovery grant made to a small
15
business or primary producer as part of a Category D
16
measure; and
17
(b) the payment relates to:
18
(i) floods commencing in Australia as a consequence of
19
rainfall events occurring in the period between
20
19 February 2021 and 31 March 2021; or
21
(ii) storms occurring in Australia in that period.
22
3 Application of amendments
23
The amendments made by this Schedule apply to assessments for the
24
2020-2021 income year and later income years.
25
Deductible gift recipients--new specific recipients
Schedule 5
No. , 2021
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
9
Schedule 5--Deductible gift recipients--new
1
specific recipients
2
3
Income Tax Assessment Act 1997
4
1 In the appropriate position in subsection 30-25(2) (table)
5
Insert:
6
2.2.51
The Andy Thomas Space Foundation
Limited
the gift must be made after
30 June 2020
2.2.52
The Judith Neilson Institute for Journalism
and Ideas
the gift must be made after
30 June 2020
2 Subsection 30-40(2) (cell at table item 3.2.15, column
7
headed "Special conditions")
8
Repeal the cell, substitute:
9
the gift must be made after 1 January 2017
3 In the appropriate position in subsection 30-45(2) (table)
10
Insert:
11
4.2.49
Alliance for Journalists' Freedom Ltd
the gift must be made after
30 June 2020
4.2.50
Youthsafe
the gift must be made after
30 June 2020
4 Subsection 30-100(2) (cell at table item 12.2.5, column
12
headed "Special conditions")
13
Repeal the cell, substitute:
14
the gift must be made after 31 December
2017 and before 1 July 2022
5 In the appropriate position in section 30-105 (table)
15
Insert:
16
13.2.27
RAS Foundation Limited
the gift must be made after
30 June 2020
13.2.28
The Great Synagogue Foundation
the gift must be made after
30 June 2020 and before
Schedule 5
Deductible gift recipients--new specific recipients
10
Treasury Laws Amendment (2021 Measures No. 3) Bill 2021
No. , 2021
1 July 2025
6 Section 30-315 (before table item 2AD)
1
Insert:
2
2ACB
Alliance for Journalists' Freedom
Ltd
item 4.2.49
7 Section 30-315 (after table item 4)
3
Insert:
4
4AA
Andy Thomas Space Foundation
Limited
item 2.2.51
8 Section 30-315 (before table item 53)
5
Insert:
6
52B
Great Synagogue Foundation
item 13.2.28
9 Section 30-315 (after table item 64)
7
Insert:
8
64AA
Judith Neilson Institute for
Journalism and Ideas
item 2.2.52
10 Section 30-315 (after table item 94AB)
9
Insert:
10
94AC
RAS Foundation Limited
item 13.2.27
11 Section 30-315 (at the end of the table)
11
Add:
12
129
Youthsafe
item 4.2.50
13