House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Employment, Skills, Small and Family Business, Senator the Hon Michaelia Cash)

PAYMENT TIMES REPORTING (CONSEQUENTIAL AMENDMENTS) BILL 2020

NOTES ON CLAUSES

Section 1: Short title

251. Section 1 is a formal provision specifying the short title of the Act as the Payment Times Reporting (Consequential Amendments) Act 2020.

Section 2: Commencement

252. The table in Section 2 sets out the commencement dates for when the provisions of this Act commence.

253. Sections 1 to 3 will commence on the day the Act receives Royal Assent.

254. The consequential amendments to the Taxation Administration Act 1953 contained in Part 1 of Schedule 1 commence at the same time as the Payment Times Reporting Act 2020, but will not commence at all if the that Act does not commence.

255. This will ensure that the amendments to the Taxation Administration Act 1953, which allow the Commissioner of Taxation to disclose information to the Payment Times Reporting Regulator, will only commence at the same time as the Payment Times Reporting Act 2020 commences.

256. The contingent amendments to the Payment Times Reporting Act 2020 contained in Part 2 of Schedule 1 commence immediately after both the main Act and the Federal Circuit and Family Court of Australia Act 2020 commences, whichever is later.

Section 3: Schedules

257. This section gives effect to the provisions in the Schedules to this Act.

Schedule 1 - Amendments

Part 1 - General amendments

Taxation Administration Act 1953

Item 1: Subsection 355-65(8) in Schedule 1 (after table item 3)

258. This item inserts a new subsection in Schedule 1 of the Taxation Administration Act 1953 to allow the Commissioner of Taxation to disclose certain tax information to the Payment Times Reporting Regulator. This amendment will allow information relating to whether an entity is a reporting entity to be disclosed to the Regulator for the purposes of administering the main Act.

259. This information will assist the Regulator in identifying entities that will be required to report and is essential to the administration and operation of the new Scheme.

Item 2: Application of amendments

260. This item makes clear that these amendments apply to records and disclosures of information made at or after its commencement, whether the information was obtained previously, at or after the commencement of the amendments.

Part 2 - Contingent amendments

Payment Times Reporting Act 2020

Items 3 to 5: Section 5 (definition of Federal Circuit Court ); Section 5 (paragraph (b) of the definition of issuing officer ); and Section 5 (paragraph (b) of the definition of relevant court )

261. These items make a number of minor consequential amendments to the Payment Times Reporting Act 2020 to reflect changes being made as part of the Federal Circuit and Family Court of Australia Bill 2019. These changes will bring together the Family Court of Australia and the Federal Circuit Court of Australia to be known as the Federal Circuit and Family Court of Australia.

262. These amendments will be enacted after the commencement of the Payment Times Reporting Act 2020 and the Federal Circuit and Family Court of Australia Act 2020.