Supplementary Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP)Chapter 5: Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Parliamentary amendments to the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023
Parliamentary amendments to Schedule 3 - Government response to the Review of the Tax Practitioners Board
Overview
5.1 The parliamentary amendments to Schedule 3 to the Bill are 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.
5.2 The parliamentary amendments to Schedule 3 to the Bill amend the commencement date in Part 3 of Schedule 3 to the Bill from 1 July 2023, to 1 July 2024. This is as a result of the Bill remaining in the Senate for consideration beyond 1 July 2023.
Human rights implications
5.3 The parliamentary amendments to Schedule 3 to the Bill do not engage any of the applicable rights or freedoms and do not affect the initial analysis of human rights issues conducted for Schedule 3 to the Bill.
Conclusion
5.4 The parliamentary amendments to Schedule 3 to the Bill are compatible with human rights as it does not raise any human rights issues.
Parliamentary amendments to Schedule 4 - Off market share buy backs
Overview
5.5 The parliamentary amendments are 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.
5.6 This amendment changes the date of application of Part 2 Schedule 4 to the Bill.
Human rights implications
5.7 The parliamentary amendments do not engage any of the applicable rights or freedoms.
Conclusion
5.8 The parliamentary amendments are compatible with human rights as they do not raise any human rights issues.
Parliamentary amendments to Schedule 5 - Franked distributions by capital raisings
Overview
5.9 The parliamentary amendments are 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.
5.10 The parliamentary amendments to Schedule 5 to the Bill make the following changes to the operation of the Schedule.
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- Schedule 5 will now apply from the day after Royal Assent.
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- A distribution is funded by capital raising if that capital raising funds at least a substantial part of the distribution (rather than any part of the distribution).
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- Only the portion of the distribution that is funded by the capital raising will be unfrankable.
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- Where an equity issue is in response to a regulatory requirement, directive or recommendation (e.g., by the Australian Prudential Regulation Authority). That distribution will not be unfrankable merely because of the amendments in Schedule 5.
5.11 These changes will improve the operation of the Bill by:
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- operating after the day of Royal Assent thereby providing greater certainty; and
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- ensuring the measure is more targeted to artificial and contrived arrangements and mitigates any unintended impacts.
Human rights implications
5.12 The parliamentary amendments do not engage any of the applicable rights or freedoms.
Conclusion
5.13 The parliamentary amendments are compatible with human rights as they do not raise any human rights issues.