Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018

I, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 21 June 2018

Peter Cosgrove

Governor‑General

By His Excellency’s Command

Kelly O’Dwyer

Minister for Revenue and Financial Services

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Disclosure of information to the Black Economy Standing Taskforce and the Illicit Tobacco Taskforce

Taxation Administration Regulations 2017

Schedule 2—Tax Practitioners Board funding

Tax Agent Services Regulations 2009

Schedule 3—Approved Stock Exchanges

Income Tax Assessment Regulations 1997

1  Name

  This instrument is the Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the following:

 (a) the Income Tax Assessment Act 1997;

 (b) the Tax Agent Services Act 2009;

 (c) the Taxation Administration Act 1953.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Disclosure of information to the Black Economy Standing Taskforce and the Illicit Tobacco Taskforce

Taxation Administration Regulations 2017

1  Section 67 (at the end of the table)

Add:

2  Before section 71

Insert:

Division 1—Transitional matters relating to the repeal of the Taxation Administration Regulations 1976

3  In the appropriate position in Part 7

Insert:

Division 2—Transitional matters relating to the Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018

73  Disclosure of information to the Black Economy Standing Taskforce and the Illicit Tobacco Taskforce

  The amendment of section 67 of this instrument made by Schedule 1 to the Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018 applies in relation to disclosures of information made on or after the commencement of that Schedule (whether the information was obtained before, on or after that commencement).

Schedule 2—Tax Practitioners Board funding

Tax Agent Services Regulations 2009

1  Regulation 9

Repeal the regulation, substitute:

9  Application for registration—processing fees

 (1) For the purposes of paragraph 20‑20(2)(b) of the Act, the fee for an application to the Board for registration is set out in the following table.

Note: The period of registration is for at least 3 years: see subsection 20‑25(4) of the Act. Registration may be renewed with effect from when current registration expires: see section 20‑50 of the Act.

Annual indexation of fees

 (2) On 1 July 2019 and each 1 July following that day (an indexation day), the dollar amount mentioned in an item of the table in subregulation (1) is replaced by the amount worked out using the following formula:

 (3) The indexation factor for an indexation day is the number worked out using the following formula:

where:

index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter.

quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.

 (4) An indexation factor is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

 (5) If an indexation factor worked out under subregulations (3) and (4) would be less than 1, that indexation factor is to be increased to 1.

 (6) Amounts worked out under subregulation (2) are to be rounded to the nearest whole dollar (rounding 50 cents upwards).

2  After Part 5

Insert:

Part 6—Application and transitional provisions

Division 1—Amendments made by the Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018

14  Application—changes to application fees for registration

  The amendment of regulation 9 made by Schedule 2 to the Treasury Laws Amendment (2018 Measures No. 1) Regulations 2018 applies in relation to applications for registration, including renewal of registration, made on or after 1 July 2018.

Schedule 3—Approved Stock Exchanges

Income Tax Assessment Regulations 1997

1  Schedule 5

Repeal the Schedule, substitute:

Schedule 5—Approved Stock Exchanges

Note: See regulation 995‑1.05.