Treasury Laws Amendment (2020 Measures No. 3) Act 2020 (Cth)

Treasury Laws Amendment (2020 Measures No. 3) Act 2020

No. 61, 2020

An Act to amend the law relating to taxation, international monetary agreements and the cash flow boost, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedules Schedule 1—International monetary agreements Part 1—Amendments commencing day after Royal Assent International Monetary Agreements Act 1947 Part 2—Decision amending New Arrangements to Borrow International Monetary Agreements Act 1947 Part 3—Expiry of IMF loan agreement 2016 International Monetary Agreements Act 1947 Schedule 2—Deductible gift recipients—new specific recipients Income Tax Assessment Act 1997 Schedule 3—International financial assistance International Monetary Agreements Act 1947 Schedule 4—Extending the instant asset write‑off Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997 Schedule 5—Reduction in 2020‑21 PAYG instalments Part 1—Amendments Taxation Administration Act 1953 Part 2—Sunsetting Taxation Administration Act 1953 Schedule 6—Cash flow boost Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020

Treasury Laws Amendment (2020 Measures No. 3) Act 2020 No. 61, 2020

An Act to amend the law relating to taxation, international monetary agreements and the cash flow boost, and for related purposes

[Assented to 19 June 2020]

The Parliament of Australia enacts:

1 Short title This Act is the Treasury Laws Amendment (2020 Measures No. 3) Act 2020.

2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 19 June 2020 2. Schedule 1, Part 1 The day after this Act receives the Royal Assent. 20 June 2020 3. Schedule 1, Part 2 The latest of the following: 1 January 2021 (a) the start of 1 January 2021; (F2021N00044) (b) immediately after the commencement of the provisions covered by table item 2; (paragraphs (a) and (c) apply) (c) the start of the day Decision No. 16645‑(20/5) of the Executive Board of the International Monetary Fund, dated 16 January 2020, comes into force for Australia. However, the provisions do not commence at all if the event mentioned in paragraph (c) does not occur. The Minister must announce, by notifiable instrument, the day the decision comes into force for Australia. 4. Schedule 1, Part 3 The later of: 2 January 2021 (a) the start of 2 January 2021; and (paragraph (a) applies) (b) immediately after the commencement of the provisions covered by table item 2. 5. Schedule 2 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 July 2020 6. Schedules 3 and 4 The day after this Act receives the Royal Assent. 20 June 2020 7. Schedule 5, Part 1 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 July 2020 8. Schedule 5, Part 2 1 July 2025. 1 July 2025 9. Schedule 6 The day after this Act receives the Royal Assent. 20 June 2020