Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures)

51‑1 What this Division is about This Division contains criminal offences. It is a criminal offence to provide tax agent services or BAS services if you are unregistered and you provide them for a fee. It is also an offence to advertise that you can provide such services if you are unregistered or to represent that you are a registered tax agent or BAS agent if it is untrue. Subdivision 51‑A—Conduct that is prohibited without registration Table of sections 51‑5 Providing tax agent services (other than BAS services) if unregistered 51‑10 Providing BAS services if unregistered 51‑15 Adve

Tax Agent Services Act 2009 59 Subsection 40‑25(1) Omit “5 years”, substitute “10 years”. 60 Subsection 45‑5(2) Omit “5 years”, substitute “10 years”.

(a) *real property that: (i) is situated in Australia; or (ii) relates to land situated in Australia; or (iii) relates to a thing (or combination of things) fixed or installed on land situated in Australia; or 15 At the end of section 855‑20 ; or (c) a *water entitlement in relation to a water resource situated in Australia; or (d) an option or right to *acquire a CGT asset covered by any of the preceding paragraphs. 16 Paragraph 855‑25(1)(b) Repeal the paragraph, substitute: (b) the interest passes the principal asset test in section 855‑30: (i) unless subparagraph (ii) applies—at t

16 Paragraph 855‑25(1)(b) Repeal the paragraph, substitute: (b) the interest passes the principal asset test in section 855‑30: (i) unless subparagraph (ii) applies—at that time or at any time during the period of 365 days preceding that time; or (ii) if a time determined under subsection (1A) applies—at any time determined under that subsection. 17 After subsection 855‑25(1) (1A) The Minister may, by legislative instrument, determine the circumstances in which a specified time applies for the purposes of subparagraph (1)(b)(ii).

In this Division: Australian renewable energy asset means a CGT asset that satisfies the following conditions: (a) the asset is taxable Australian real property; (b) the primary purpose of the asset is either: (i) to generate or produce electricity in Australia using an eligible renewable energy source (within the meaning of the Renewable Energy (Electricity) Act 2000), whether the generation or production occurs presently or is to occur in the future; or (ii) to operate as an energy storage system for such electricity. other taxable Australian real property means a CGT asset, other than

77E Orders relating to acquisitions that were not notified even though they were required to be Order declaring an acquisition to be void (1) The Federal Court must, on the application of the Commission, make an order declaring that an acquisition is, and is taken always to have been, void if the Court is satisfied that the acquisition: (a) is stayed because of subsection 51ABE(2); and (b) is put into effect; unless the Court believes it is undesirable to make the order. Note: Subsection 51ABE(2) applies if the acquisition is required to be notified, but is not a notified acquisition. O

Competition and Consumer Act 2010 1 Subsection 4(1) (definition of Competition Principles Agreement) Repeal the definition. 2 Subsection 4(1) (definition of Conduct Code Agreement) Repeal the definition. 3 Subsection 4(1) National Competition Policy Agreement has the meaning given by section 44DAA. 4 Subsection 29B(2A) Omit “Competition Principles Agreement”, substitute “National Competition Policy Agreement”. 5 Paragraph 29C(3)(b) Omit “Competition Principles Agreement”, substitute “National Competition Policy Agreement”. 6 Subsection 29J(2) Omit “or VIIA”. 7 Paragraph 29J(2)(a)