Banking and Finance Point-in-Time Service Updates

Friday 31 July 2020 @ 3.30 p.m.

The Banking and Finance Point-in-Time Service has been updated to include the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (Cth) (Act 64 of 2020), the National Consumer Credit Protection (Fees) Amendment (Registries Modernisation) Act 2020 (Cth) (Act 68 of 2020), and the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 (Cth) (Act 69 of 2020).

Act 64 of 2020

Schedule 1 to the Act amends the ITAA 1936 to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in respect of income generated from assets of the deceased estate that are transferred to the testamentary trust (or the proceeds of the disposal or investment of those assets).

Schedule 2 to the Act amends the Corporations Act to defer the transitional timeframes for existing providers to comply with the education and training standard requiring completion of an approved degree or equivalent qualification and the standard requiring the passing of an approved exam.

Schedule 3 to the Act makes a number of minor and technical amendments to laws relating to taxation, superannuation, corporations and credit. These amendments are part of the Government’s ongoing commitment to the care and maintenance of Treasury portfolio legislation. These amendments make minor and technical changes to correct typographical and numbering errors, bring provisions in line with modern drafting conventions, repeal inoperative provisions, remove administrative inefficiencies, address unintended outcomes and update references, ensuring Treasury laws improve to operate as intended.

Act 68 of 2020

This Act amends the National Consumer Credit Protection (Fees) Act 2009 as part of a legislative package to create a new Act called the Commonwealth Registers Act 2020, and make related amendments to a range of existing laws to create a new Commonwealth business registry regime.

Act 69 of 2020

This Act supports the Commonwealth Registers Act 2020 by making various amendments to support the creation of a new Commonwealth business registry regime. This includes replicating the provisions of the Commonwealth Registers Act in the Corporations Act, Credit Act, and Business Names Act, as well as various consequential amendments.

Schedule 2 amends the Corporations Act and the Corporations (Aboriginal and Torres Strait Islander) Act 2006 to introduce a director identification number (DIN) requirement.

These amendments have been updated in the Point-in-Time Banking and Finance Service current to 31 July 2020. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.