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Second Reading Speeches

Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021

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

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Summary

Amends: the

Corporations Act 2001
to establish a corporate collective investment vehicle (CCIV) as a new type of a company limited by shares that is used for funds management; the
Income Tax Assessment Act 1997
to: specify the tax treatment for the CCIV regime; make amendments consequential on the commencement of the
Commonwealth Registers Act 2020
; update the list of deductible gift recipients; and remove cessation of employment as a taxing point for employee share scheme interests which are subject to deferred taxation; the
International Tax Agreements Act 1953
to clarify that the priority rule is subject to the deeming principle; the
Australian Securities and Investments Commission Act 2001
,
Personal Property Securities Act 2009
,
A New Tax System (Australian Business Number) Act 1999
and
Income Tax Assessment Act 1997
to make consequential amendments in relation to the CCIV regime; the
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to enable eligible corporate tax entities to claim a loss carry back tax offset in the 2022-23 financial year; 10 Acts and one determination in the Treasury portfolio to make miscellaneous and technical amendments; and the
Superannuation Industry (Supervision) Act 1993
to insert a new covenant that requires trustees of registrable superannuation entities to develop a retirement income strategy for beneficiaries who are retired or are approaching retirement.

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