Source: https://www.legislation.gov.au/Details/C2018B00014
Timestamp: 2018-10-19 11:10:00
Document Index: 386775652

Matched Legal Cases: ['art 2', 'art 1', 'art 2', 'art 3', 'art 4', 'art 2', 'art 2', 'art 3', 'art 4']

Details: C2018B00014
- C2018B00014
A Bill for an Act to amend the law relating to corporations, consumer credit and taxation, and for related purposes
C2018B00014
Schedule 1—FinTech Sandbox Regulatory Licensing Exemptions 3
Part 2—Amendment of the National Consumer Credit Protection Act 2009 4
National Consumer Credit Protection Act 2009 4
Schedule 2—Innovation measures 5
Part 1—Venture capital investments 5
Part 2—Early stage investor tax offsets 6
Part 3—Managed investment trusts 9
Part 4—Public trading trusts 10
This Act is the Treasury Laws Amendment (2018 Measures No. 2) Act 2018.
1 Paragraph 911B(1)(e)
2 At the end of section 926B
(3) An exemption that:
(a) is made for the purposes of paragraph (1)(a); and
(b) exempts a person or class of persons from subsection 911A(1) to enable testing of particular financial services;
may apply unconditionally or subject to specified conditions.
(4) A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
(5) An exemption described in subsection (3) may empower ASIC to make decisions relating to how the exemption starts or ceases to apply to a person or class of persons.
Part 2—Amendment of the National Consumer Credit Protection Act 2009
3 Paragraph 29(4)(d)
Omit “110(a)”, substitute “110(1)(a)”.
5 At the end of section 110
(2) An exemption that:
(b) exempts a person or class of persons from subsection 29(1) to enable testing of particular credit activities;
(3) A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.
(4) An exemption described in subsection (2) may empower ASIC to make decisions relating to how the exemption starts or ceases to apply to a person or class of persons.
6 Subsection 160C(2)
7 Paragraph 160C(3)(c)
1 Subsection 118‑408(2) (at the end of the definition of valuation year capital gain)
Work out the capital gain based on what the *capital proceeds would have been, and on other matters relating to the amount of the gain being determined on a reasonable basis, if the CGT event resulting in the gain had happened at the end of that period.
2 Subparagraph 118‑428(1)(c)(ii)
After “other”, insert “pre‑owned”.
(1) The amendment made by item 1 of this Part applies in relation to CGT events happening on or after 1 July 2018.
(2) The amendment made by item 2 of this Part applies in relation to investments made on or after 1 July 2018.
Part 2—Early stage investor tax offsets
4 Subsection 61‑770(3)
(3) If, under the terms and conditions under which the trust or partnership operates, the *member would be entitled to a fixed proportion of any *capital gain from a *disposal:
(a) relating to the trust or partnership; and
(b) of investments made as a result of the contributions that gave rise to the notional tax offset; and
(c) happening at the end of the income year to which the notional tax offset relates;
the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect.
5 After subparagraph 360‑15(1)(a)(i)
(ia) an *ESVCLP;
6 Paragraph 360‑15(1)(f)
(f) immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity *connected with the company, that carry the right to:
(i) receive more than 30% of any distribution of income by the company or the entity; or
(ii) receive more than 30% of any distribution of capital by the company or the entity; or
(iii) exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity.
7 Subsection 360‑15(2)
(2) A *member of a trust or partnership (other than a partnership that is an *ESVCLP) at the end of an income year is entitled to a *tax offset for the income year if:
(a) the trust or partnership would be entitled to a tax offset, under this section, for the income year if the trust or partnership were an individual; and
(b) the member is not a *widely held company or a *100% subsidiary of a widely held company.
8 Subsection 360‑25(1)
(1) If subsection 360‑15(1) applies, the amount of your *tax offset is 20% of the sum of the following:
(a) an amount equal to any money received, or entitled to be received, by the company referred to in paragraph 360‑15(1)(b) for the issue to you of the *shares as described in that paragraph;
(b) an amount equal to the *market value of any *non‑cash benefit received, or entitled to be received, by the company referred to in paragraph 360‑15(1)(b) for the issue to you of the shares as described in that paragraph, as at the time the shares were issued to you.
9 After subsection 360‑30(1)
(1A) However, reduce the amount worked out under subsection (1) to the extent necessary to ensure that the sum of the following does not exceed $200,000:
(a) the sum of the *tax offsets under this Subdivision for the income year for which the member and the member’s *affiliates (if any) are entitled;
(b) the sum of the tax offsets under this Subdivision that the member and the member’s affiliates (if any) carry forward to the income year.
10 Subsection 360‑30(3)
(b) of the *shares that gave rise to the notional tax offset; and
11 Paragraph 360‑35(b)
Omit all the words after “the sum of”, substitute “the amounts worked out under section 360‑30 (disregarding any reductions under subsection 360‑30(1A)) for those tax offsets”.
12 Subparagraph 360‑40(1)(a)(ii)
After “those income years”, insert “before the current year”.
13 At the end of subsection 360‑40(1)
; and (f) at the test time, the company is not a foreign company (within the meaning of the Corporations Act 2001).
Note: For the purposes of paragraph (e), one way a company can demonstrate something is by engaging the services of another entity.
The amendments made by this Part apply in relation to income years commencing on or after 1 July 2018.
Part 3—Managed investment trusts
15 Subsection 275‑10(4A)
Omit “a *VCLP or an *ESVCLP”, substitute “an *AFOF, an *ESVCLP or a *VCLP”.
16 Paragraph 275‑10(4A)(a)
Omit “VCLP or ESVCLP”, substitute “AFOF, ESVCLP or VCLP”.
Part 4—Public trading trusts
18 At the end of section 102R
(5) In determining whether a unit trust is a public trading trust under this section, disregard any interest that the trust has that is disregarded under subsection 275‑10(4A) of the Income Tax Assessment Act 1997.
The amendment made by this Part applies in relation to years of income commencing on or after 1 July 2016.