Senate

Revised Explanatory Memorandum

(Circulated by authority of the Minister for Finance, Senator the Hon Mathias Cormann)

Notes on Schedule 7 - Other transitional provisions

180. This Schedule would provide transitional provisions applicable to the Bill.

181. Item 1 would deem an amending legislative instrument made after the commencement of the consequential and transitional amendments which relates to the consequential amendments to have been made at the time the amendments to the primary legislation were made.

182. This is a technical application provision which reflects that there are not the resources to comprehensively amend every single instrument that was made under the provision that is being amended. The instruments are only affected to the extent that they relate to a consequential amendment and primary legislation.

183. Item 2 would provide a power for the Finance Minister to issue transitional rules as necessary or convenient to give effect to the Bill. Being transitional in nature, any rules issued by legislative instrument under this item would be temporary.

184. A transitional rule-making power was provided for in Item 6 of Schedule 14 to the PGPA (C & T) Act. This item replicates this power, limited to the items in the Bill.

185. The rule-making power is not designed to undermine parliament's legislative responsibility. This is demonstrated by the focus of subitem (2), which specifies that the power is to be used for matters of a transitional nature, such as providing for saving or application provisions in relation to amendments or repeals made by the Bill.