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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.

Progress

House of Representatives
Introduced and read a first time 25 Nov 2021
Second reading moved 25 Nov 2021
Second reading agreed to 10 Feb 2022
(After Midnight)
Third reading agreed to 10 Feb 2022
(After Midnight)
Senate
Introduced and read a first time 10 Feb 2022
Second reading moved 10 Feb 2022
Second reading debate 10 Feb 2022
Second reading agreed to 10 Feb 2022
Third reading agreed to 10 Feb 2022
Finally passed both Houses 10 Feb 2022
Assent
  • Act no: 8
  • Year: 2022
22 Feb 2022

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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