02 Dec 2020
House of Representatives
Income Tax Assessment Act 1997 and
Income Tax (Transitional Provisions) Act 1997 to: provide an alternative mechanism to the existing test for working out if the $5 billion threshold applies to qualify for the temporary full expensing concession; enable entities to opt out of temporary full expensing and the backing business investment incentives on an asset-by-asset basis; and make a minor clarification to the operation of the temporary loss carry back provisions; the
Income Tax (Transitional Provisions) Act 1997 to make a minor technical correction; the
Competition and Consumer Act 2010 to: reallocate the responsibility for conducting sectoral assessments and making consumer data rules; and make miscellaneous amendments in relation to the consumer data right regime; the
Australian Charities and Not-for-profits Commission Act 2012 to provide that an entity is not a basic religious charity if the entity has been identified as being responsible for past institutional child sexual abuse and it has not participated in the National Redress Scheme for Institutional Child Sexual Abuse; and 17 Acts in the Treasury portfolio to make minor and technical amendments. Also repeals 18 Acts in the Treasury portfolio.