Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022

I, General the Honourable David Hurley AC DSC (Retd), GovernorGeneral of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated   8 December 2022

David Hurley

GovernorGeneral

By His Excellency’s Command

Stephen Jones

Assistant Treasurer
Minister for Financial Services

 

 

 

 

 

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

Part 1—Amendments commencing day after registration

Division 1—Takeovers

Corporations Regulations 2001

Division 2—Trustee companies

Corporations Regulations 2001

Division 3—Service of contravention notice

Superannuation Industry (Supervision) Regulations 1994

Division 4—Payment to a KiwiSaver scheme provider

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

Division 5—Prescribing public sector superannuation schemes

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

Division 6—Continuous disclosure

Corporations Regulations 2001

Division 7—Foreign Acquisitions and Takeovers Regulation 2015

Foreign Acquisitions and Takeovers Regulation 2015

Division 8—Correcting crossreference in the Income Tax Assessment (1997 Act) Regulations 2021

Income Tax Assessment (1997 Act) Regulations 2021

Division 9—Renumbering regulation of the Corporations Regulations 2001

Corporations Regulations 2001

Division 10—Court order copies

Corporations Regulations 2001

Division 11—Repealing a subregulation of the Corporations Regulations 2001

Corporations Regulations 2001

Division 12—Consideration for acquisitions

Foreign Acquisitions and Takeovers Regulation 2015

Division 13—Employee share schemes

Corporations Regulations 2001

Part 2—Amendments with other commencements

National Consumer Credit Protection Regulations 2010

1  Name

  This instrument is the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022.

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.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

13 December 2022

2.  Schedule 1, Part 1

The day after this instrument is registered.

13 December 2022

3.  Schedule 1, Part 2.

The day after the end of the period of 3 months beginning on the day this instrument is registered.

12 March 2023

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 Corporations Act 2001;

 (b) the Foreign Acquisitions and Takeovers Act 1975;

 (c) the Income Tax Assessment Act 1997;

 (d) the National Consumer Credit Protection Act 2009;

 (e) the Superannuation Industry (Supervision) Act 1993;

 (f) the Superannuation (Unclaimed Money and Lost Members) Act 1999.

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 1Amendments

Part 1Amendments commencing day after registration

Division 1—Takeovers

Corporations Regulations 2001

1  Part 6.5

Repeal the Part.

2  Division 40 of Part 10.2

Repeal the Division.

Division 2—Trustee companies

Corporations Regulations 2001

3  Schedule 8AA (note to Schedule heading)

Repeal the note, substitute:

(regulation 5D.1.01A)

Division 3—Service of contravention notice

Superannuation Industry (Supervision) Regulations 1994

4  Regulation 11.02A

Repeal the regulation.

Division 4—Payment to a KiwiSaver scheme provider

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

5  Subsection 20(1)

After “21E(2)(aa)(iii)”, insert “, 22B(2)(aa)(iii)”.

Division 5—Prescribing public sector superannuation schemes

Superannuation (Unclaimed Money and Lost Members) Regulations 2019

6  Section 15 (after table item 10)

Insert:

 

10A

Gold State Super Scheme

State Superannuation Act 2000 (WA)

7  Section 16 (after table item 9)

Insert:

 

9A

Gold State Super Scheme

State Superannuation Act 2000 (WA)

8  Section 16 (at the end of the table)

Add:

 

11

Electricity Industry Superannuation Scheme

Electricity Corporations Act 1994 (SA)

9  After section 17

Insert:

17A  Voluntary payments to the Commissioner—prescribed schemes

  For the purposes of section 22D of the Act, each public sector superannuation scheme mentioned in the table is prescribed.

 

Prescribed public sector superannuation schemes

Item

Scheme

Act or governing rules under which scheme is established

1

Electricity Industry Superannuation Scheme

Electricity Corporations Act 1994 (SA)

2

Tasmanian Ambulance Service Superannuation Scheme

Public Sector Superannuation Reform Act 2016 (Tas.)

3

State Fire Commission Superannuation Scheme

Public Sector Superannuation Reform Act 2016 (Tas.)

4

Retirement Benefits Fund Contributory Scheme

Public Sector Superannuation Reform Act 2016 (Tas.)

5

Northern Territory Government and Public Authorities’ Superannuation Scheme

Superannuation Act 1986 (NT)

6

Northern Territory Supplementary Superannuation Scheme

Northern Territory Supplementary Superannuation Scheme Instrument, dated 4 January 1989 (NT)

7

Northern Territory Police Supplementary Benefit Scheme

Northern Territory Police Supplementary Benefit Scheme Trust Deed and Rules

Division 6—Continuous disclosure

Corporations Regulations 2001

10  Regulation 1.0.10

Omit “section 1001B”, substitute “section 675 or 675A”.

Division 7—Foreign Acquisitions and Takeovers Regulation 2015

Foreign Acquisitions and Takeovers Regulation 2015

11  Section 5 (note to the definition of tenement)

Omit “in this section, and”, substitute “,”.

12  Section 16 (note)

Repeal the note, substitute:

Note: Section 16A of the Act defines interest of a specified percentage in a business. Section 17 of the Act defines interest of a specified percentage in an entity.

Division 8—Correcting crossreference in the Income Tax Assessment (1997 Act) Regulations 2021

Income Tax Assessment (1997 Act) Regulations 2021

13  Subsection 3115.07(2)

Omit “3115.05”, substitute “3115.04”.

Division 9—Renumbering regulation of the Corporations Regulations 2001

Corporations Regulations 2001

14  Regulation 9.12.04 (the regulation 9.12.04 inserted by item 2 of Schedule 1 to the Corporations Amendment Regulation 2013 (No. 2))

Renumber as regulation 9.12.03A.

Division 10—Court order copies

Corporations Regulations 2001

15  Paragraphs 1.0.20(c) and (d)

Repeal the paragraphs.

Division 11—Repealing a subregulation of the Corporations Regulations 2001

Corporations Regulations 2001

16  Subregulation 5.3B.25(4)

Repeal the subregulation.

Division 12—Consideration for acquisitions

Foreign Acquisitions and Takeovers Regulation 2015

17  Paragraph 14(4A)(b)

Omit “years.”, substitute “years; and”.

18  After paragraph 14(4A)(b)

Insert:

 (c) there is an agreement relating to the acquisition that sets out the value of the consideration and the parties to the agreement are dealing at arm’s length (see paragraph (3)(b)).

19  In the appropriate position in Part 7

Insert:

80  Application of the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022

  The amendments of this instrument made by Division 12 of Schedule 1 to the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022 apply in relation to an action taken, or proposed to be taken, on or after the commencement of that Division.

Division 13—Employee share schemes

Corporations Regulations 2001

20  Paragraph 7.8.21A(e)

Repeal the paragraph.

Part 2Amendments with other commencements

National Consumer Credit Protection Regulations 2010

21  Subregulation 3(1) (definition of fundraising special purpose entity)

Repeal the definition.

Note: This item and the following item fix a typographical error.

22  Subregulation 3(1)

Insert:

fund raising special purpose entity has the meaning given by subsection 5(1) of the Act as modified by item 3.2 of Schedule 3.

23  Subregulation 3(1) (definition of securitisation entity)

Omit “section 5”, substitute “subsection 5(1)”.

24  Subregulation 3(1) (definition of servicing agreement)

Omit “section 5”, substitute “subsection 5(1)”.

25  Subregulation 3(1)

Insert:

special purpose funding entity has the meaning given by subsection 5(1) of the Act as modified by item 3.4 of Schedule 3.

26  Regulation 25E (note)

Omit “section 5”, substitute “subsection 5(1)”.

27  Subregulations 28LD(1) and (2)

After “licensee”, insert “or special purpose funding entity”.

28  Item 3.1 of Schedule 3 (heading)

Omit “Section 5”, substitute “Subsection 5(1)”.

29  After item 3.1 of Schedule 3

Insert:

3.1A  Subsection 5(1), after definition of examination

insert

exempt special purpose funding entity has the same meaning as in the National Consumer Credit Protection Regulations 2010.

30  Items 3.2, 3.3 and 3.4 of Schedule 3 (heading)

Omit “Section 5”, substitute “Subsection 5(1)”.

31  After item 3.33 of Schedule 3

Insert:

3.33A  Sections 133DB to 133DE

omit each mention of

licensee

insert

special purpose funding entity