7   Paragraphs 126(1)(d) and 128B(3)(bb)

Repeal the paragraphs.

8   Division 16L of Part III

Repeal the Division.

Income Tax Assessment Act 1997

9   Section 10-5 (table item headed "infrastructure borrowings")

Repeal the item.

10   Section 10-5 (table item headed "interest")

Omit:

11   Section 11-15 (table item headed "financial transactions")

Omit:

12   Section 12-5 (table item headed "financial arrangements")

Omit "infrastructure,".

13   Section 12-5 (table item headed "infrastructure")

Repeal the item, substitute:

14   Section 12-5 (table item headed "interest")

Omit "see also infrastructure".

15   Section 13-1 (table item headed "infrastructure")

Repeal the item.

16   Paragraph 104-71(3)(a)

Repeal the paragraph, substitute:

(a) an amount that is not included in the assessable income of an entity because of section 124ZM or 124ZN (which exempt income arising from *shares in a *PDF) of the Income Tax Assessment Act 1936; or

17   Section 112-97 (table item 12A)

Repeal the item.

18   Paragraphs 118-425(13)(d) and 118-427(14)(d)

After "Development Allowance Authority Act 1992", insert ", as in force just before the commencement of Schedule 6 to the Statute Update (Smaller Government) Act 2018".

19   Subsection 230-460(14)

Repeal the subsection.

20   Subsection 721-10(2) (note)

Repeal the note, substitute:

Note: The other amounts referred to in item 3 of the table are interest payable under section 102AAM of the Income Tax Assessment Act 1936 (distributions from certain non-resident trust estates).

Taxation Administration Act 1953

21   Subsection 3B(1B)

Repeal the subsection.

22   Section 8AB

Repeal the section.

23   Paragraph 8J(2)(ga)

Repeal the paragraph.

24   Subsections 8W(1B), 13K(11), 15(4) and 15A(11)

Repeal the subsections.

25   Subsection 250-10(1) in Schedule 1 (table item 105)

Repeal the item.

26   Subsection 355-65(5) in Schedule 1 (table item 3)

Repeal the item.

Part 3   Application of amendments

27   Application of amendments

(1) The amendments made by this Schedule (other than the repeal of Part 5 of Chapter 3 and Part 2 of Chapter 4 of the Development Allowance Authority Act 1992) do not apply in relation to a certificate that is in force just before the commencement of this item.

(2) For the purposes of applying, on or after that commencement, the Acts amended by this Schedule, as those Acts apply because of subitem (1), a reference in those Acts to the Development Allowance Authority is treated as being a reference to the Commissioner of Taxation.

Schedule 7   Corporations and Markets Advisory Committee

Part 1   Amendments

Australian Securities and Investments Commission Act 2001

1   Title

Omit " , a Corporations and Markets Advisory Committee ".

2   Paragraph 1(1)(c)

Repeal the paragraph.

3   Subsection 5(1) (definition of CAMAC)

Repeal the definition.

4   Subsection 5(1) (definition of Convenor)

Repeal the definition.

5   Subsection 5(1) (paragraph (b) of the definition of meeting)

Repeal the paragraph.

6   Subsection 5(1) (paragraph (a) of the definition of member)

Omit "9,".

7   Subsection 5(1) (paragraph (a) of the definition of member)

Omit "CAMAC,".

8   Subsection 5(1) (paragraph (b) of the definition of member)

Repeal the paragraph.

9   Subsection 11(3)

Repeal the subsection, substitute:

(3) ASIC may, on its own initiative or when requested by the Minister, advise the Minister, and make to the Minister such recommendations as it thinks fit, about any matter connected with:

(a) a proposal to make corporations legislation, or to make amendments of the corporations legislation (other than the excluded provisions); or

(b) the operation or administration of the corporations legislation (other than the excluded provisions); or

(c) law reform in relation to the corporations legislation (other than the excluded provisions); or

(d) companies or a segment of the financial products and financial services industry; or

(e) a proposal for improving the efficiency of the financial markets.

10   Paragraph 127(4)(a)

Omit "CAMAC,".

11   Part 9

Repeal the Part.

12   Paragraphs 246(1)(b), (d) and (h)

Repeal the paragraphs.

13   At the end of section 261

Add:

Note: The Corporations and Markets Advisory Committee (CAMAC) ceased to exist on the commencement of Schedule 7 to the Statute Update (Smaller Government) Act 2018.

Part 2   Transitional and saving provisions

14   Definitions

(1) In this Part:

asset means:

(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and

(b) any right, power, privilege or immunity, whether actual, contingent or prospective.

CAMAC means the Corporations and Markets Advisory Committee.

commencement time means the time this Schedule commences.

instrument includes:

(a) a contract, undertaking, deed or agreement; and

(b) a notice, authority, order or instruction; and

(c) an instrument made under an Act or a regulation;

but does not include the following:

(d) an Act;

(e) an instrument made under this Act;

(f) the Corporations Agreement 2002.

land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.

liability means any liability, duty or obligation, whether actual, contingent or prospective.

rules means rules made under item 27.

Treasury Department means the Department administered by the Treasury Minister.

Treasury Minister means the Minister administering the Australian Securities and Investments Commission Act 2001.

Treasury Secretary means the Secretary of the Treasury Department.

(2) Section 5A of the Australian Securities and Investments Commission Act 2001 applies to this Part as if the provisions of this Part were provisions of that Act.

Note: Section 5A applies the Acts Interpretation Act 1901 as in force on 1 January 2005.

15   Assets and liabilities

(1) At the commencement time, the assets and liabilities of CAMAC immediately before that time cease to be assets and liabilities of CAMAC and become assets and liabilities of the Commonwealth without any conveyance, transfer or assignment.

(2) The Commonwealth becomes the successor in law in relation to those assets and liabilities.

16   Certificates relating to vesting of assets

(1) If land vests in the Commonwealth under this Part and the Treasury Minister signs a certificate that:

(a) identifies the land, whether by reference to a map or otherwise; and

(b) states that the land has become vested in the Commonwealth under this Part; and

(c) is lodged with the Registrar of Titles or other proper officer of the State or Territory in which the land is situated;

the Registrar or other officer may:

(d) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and

(e) deal with, and give effect to, the certificate.

(2) If an asset other than land vests in the Commonwealth under this Part and the Treasury Minister signs a certificate that:

(a) identifies the asset; and

(b) states that the asset has become vested in the Commonwealth under this Part; and

(c) is lodged with the person or authority who has responsibility for keeping a register in relation to assets of that kind (whether under a law of the Commonwealth, a State or a Territory, a trust instrument or otherwise);

the person or authority may:

(d) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and

(e) make such entries in the register as are necessary, having regard to the effect of this Part.

(3) A document that appears to be a certificate made under this item is taken, unless the contrary is established, to be such a certificate and to have been properly made.

(4) A certificate made under this item is not a legislative instrument.

17   References in instruments to CAMAC

(1) If an instrument in force immediately before the commencement time contains a reference to CAMAC, the instrument has effect from the commencement time as if the reference were a reference to the Commonwealth.

(2) Subitem (1) does not, by implication, prevent the instrument from being varied or terminated after the commencement time.

(3) The rules may prescribe:

(a) instruments, or references contained in instruments, to which subitem (1) does not apply; or

(b) instruments, or references contained in instruments, to which subitem (1) applies as if the reference in that subitem to the Commonwealth were a reference to the person prescribed by the rules.

(4) Subsection 12(2) of the Legislation Act 2003 does not apply in relation to rules made for the purposes of subitem (3) that commence on or after the commencement time.

18   Operation of laws

(1) Subject to subitem (2), if a thing was done by, or in relation to, CAMAC before the commencement time, then, for the purposes of the operation of any law of the Commonwealth after the commencement time, the thing is taken to have been done by, or in relation to, the Commonwealth.

(2) For the purposes of the operation of the Ombudsman Act 1976 after the commencement time, a thing done by, or in relation to, CAMAC before the commencement time is taken to have been done by, or in relation to, the Treasury Department.

(3) The rules may prescribe:

(a) things in relation to which subitem (1) does not apply; or

(b) things in relation to which subitem (1) applies as if the references in that subitem to the Commonwealth were references to the person prescribed by the rules.

(4) Subsection 12(2) of the Legislation Act 2003 does not apply in relation to rules made for the purposes of subitem (3) that commence on or after the commencement time.

19   Legal proceedings

If, immediately before the commencement time, CAMAC was a party to proceedings pending in any court or tribunal, the Commonwealth is substituted for CAMAC as a party to the proceedings from that time.

20   Transfer of records to the Treasury Department

Any records or documents that were in the possession of CAMAC immediately before the commencement time are to be transferred to the Treasury Department.

Note: The records and documents are Commonwealth records for the purposes of the Archives Act 1983.

21   Protection of information obtained from ASIC

If:

(a) before the commencement time, information was disclosed to CAMAC in accordance with subsection 127(4) of the Australian Securities and Investments Commission Act 2001; and

(b) immediately before the commencement time, a person was subject to a condition imposed under subsection 127(4A) of that Act in relation to the information disclosed;

the person continues to be subject to the condition after the commencement time.

22   Final report

(1) The Treasury Secretary must prepare and give to the Treasury Minister, for presentation to the Parliament, a report on the activities of CAMAC during the final reporting period.

(2) The Minister administering the Public Governance, Performance and Accountability Act 2013 may give the Treasury Secretary written directions in relation to the report. The Treasury Secretary must comply with any such directions in preparing the report.

(3) The Treasury Secretary must give the Treasury Minister the report within 4 months after the end of the final reporting period.

(4) The Treasury Minister must table the report in each House of the Parliament within 15 sitting days of that House after the report is given to the Treasury Minister.

(5) In this item:

final reporting period means the period:

(a) starting on the first day after the end of the last period for which an annual report on CAMAC's operations or activities was given to the Treasury Minister; and

(b) ending immediately before the commencement time.

23   Exemption from stamp duty etc.

No stamp duty or other tax is payable under a law of a State or Territory in respect of the following, or anything connected with the following:

(a) the vesting of an asset or liability under this Part;

(b) the operation of this Part in any other respect.

24   Delegation by Ministers

(1) The Treasury Minister may, by writing, delegate all or any of his or her powers and functions under this Part (other than under item 27) to:

(a) the Secretary of the Treasury Department; or

(b) an SES employee, or acting SES employee, in the Treasury Department.

Note: The expressions SES employee and acting SES employee are defined in the Acts Interpretation Act 1901.

(2) The Minister administering the Public Governance, Performance and Accountability Act 2013 may delegate his or her power under subitem 22(2) to the Secretary of the Department administered by that Minister.

(3) In exercising powers or functions under a delegation, the delegate must comply with any directions of the delegating Minister.

25   Saving - operation of section 246 of the Australian Securities and Investments Commission Act 2001

(1) Despite the repeal of paragraphs 246(1)(b), (d) and (h) of the Australian Securities and Investments Commission Act 2001 by this Schedule, section 246 of that Act continues to apply, in relation to anything done or omitted to be done before the commencement time, as if the repeal had not happened.

(2) Paragraph 246(1)(b) of the Australian Securities and Investments Commission Act 2001 as continued under subitem (1) has effect, in relation to anything done or omitted to be done by CAMAC before the commencement time, as if the Commonwealth were referred to in that paragraph.

26   Compensation for acquisition of property

(1) If the operation of this Part would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.

27   Transitional rules

(1) The Treasury Minister may, by legislative instrument, make rules:

(a) prescribing matters required or permitted by this Schedule to be prescribed by the rules; or

(b) in relation to transitional matters arising out of the amendments and repeals made by this Schedule.

(2) However, to avoid doubt, the rules may not do the following:

(a) create an offence or civil penalty;

(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;

(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

(e) directly amend the text of this Act.

(3) This Schedule (other than subitem (2)) does not limit the rules that may be made for the purposes of subitem (1).