Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, the Hon Michael Sukkar MP)Chapter 3 - Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Schedule 1 - Deductible gift recipients
3.1 Schedule 1 is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
3.2 This Schedule amends the ITAA 1997 to require a fund, authority or institution to be a registered charity or an Australian government agency, or be operated by a registered charity or an Australian government agency, to be entitled to DGR endorsement.
3.3 This requirement already applies to the majority of the general DGR categories in Subdivision 30-B of the ITAA 1997. The amendments extend this requirement to the remaining general DGR categories and will improve the consistency of regulation, governance and oversight of DGRs, while also reducing unnecessary compliance costs.
Human rights implications
3.4 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.5 This Schedule is compatible with human rights as it does not raise any human rights issues.
Schedule 2 - Offshore banking units
3.6 This Schedule is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
3.7 Schedule 2 to the Bill amends Australia's OBU scheme to:
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- remove the concessional tax arrangements currently available to OBUs;
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- remove the Minister's ability to declare or determine an entity to be an OBU.
Human rights implications
3.8 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.9 This Schedule is compatible with human rights as it does not raise any human rights issues.