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Second Reading Speeches

Coronavirus Economic Response Package Omnibus Bill 2020

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Part of a package of eight bills to respond to the economic impacts of the coronavirus, the bill amends: the

Income Tax Assessment Act 1997
and
Income Tax (Transitional Provisions) Act 1997
to: increase the cost threshold below which small business entities can access an immediate deduction for depreciating assets and certain related expenditure (instant asset write-off) from $30 000 to $150 000, from 12 March to 30 June 2020; and temporarily allow businesses with aggregated turnovers of less than $500 million in an income year to deduct capital allowances for depreciating assets at an accelerated rate; the
Income Tax Assessment Act 1997
,
Social Security Act 1991
,
Taxation Administration Act 1953
and
Veterans' Entitlements Act 1986
to make amendments consequential on the cash flow boost payments; six Acts to provide for two rounds of economic support payments of $750 to certain income support and compensation recipients and holders of qualifying concession cards;
Biosecurity Act 2015
to enable the Director of Human Biosecurity to delegate their functions or powers in relation to human biosecurity control orders; the Great Barrier Reef Marine Park Regulations 2019 to waive the environmental management charge from 1 April to 31 December 2020; the Financial Framework (Supplementary Powers) Regulations 1997 to: implement measures to assist employers to retain apprentices and traineeships; and provide financial assistance to participants in the Australian aviation sector; the
Corporations Act 2001
to provide short-term regulatory relief to classes of person who are unable to meet their obligations under the Act or the regulations; the
A New Tax (Family Assistance) Act 1999
and
A New Tax System (Family Assistance) (Administration) Act 1999
to: allocate extra allowable absence days for child care; and waive the current obligation of services duty to enforce payment of gaps fees for a particular event or circumstance; the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulation 1994 to reduce the minimum payment amounts for account based, allocated and market linked pensions by half for the 2019-20 and 2020-21 financial years; the
Social Security Act 1991
to: expand eligibility for the youth allowance (other) and jobseeker payments; provide for the payment of a $550 coronavirus supplement to youth allowance (other) and jobseeker recipients and certain other income support recipients; and exempt recipients from certain waiting periods; the
Farm Household Support Act 2014
to apply the coronavirus supplement and waiting period exemptions to recipients of the Farm Household Allowance; the
Social Services and Other Legislation Amendment (Simplifying Income Reporting and Other Measures) Act 2020
to delay the commencement of the Act; the
Bankruptcy Act 1966
and Bankruptcy Regulations 1996 to provide temporary relief for individuals at risk of bankruptcy; the
Corporations Act 2001
and Corporations Regulations 2001 to provide temporary relief for businesses at risk of insolvency; the
Corporations Act 2001
to provide temporary relief for directors from their personal duty to prevent insolvency trading; the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulations 1994 to enable individuals to access up to $10 000 from their superannuation or retirement savings account in the 2019-20 financial year, and up to a further $10 000 in the 2020-21 financial year; the
Income Tax (Transitional Provisions) Act 1997
to provide that any superannuation lump sum amounts released to an individual in the previous circumstances are non-assessable non-exempt income; the
A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999
and
Medicare Levy Act 1986
to: increase the Medicare levy and Medicare levy surcharge low-income threshold amounts for individuals, families and individual taxpayers and families eligible for the seniors and pensioners tax offset; and increase the phase-in limits as a result of the increased threshold amounts; and the
Charter of Budget Honesty Act 1998
to delay the next intergenerational report from 2020 to mid-2021. Also grants a minister the power to determine a new sunset day for legislation that is due to sunset on or before 15 October 2020.