Commonwealth Consolidated Acts Commonwealth Consolidated ActsAct No. 51 of 2001 as amended
This compilation was prepared on 20 April 2012
taking into account amendments up to Act No. 184 of 2011
The text of any of those amendments not in force
on that date is appended in the Notes section
The operation of amendments that have been incorporated may
be
affected by application provisions that are set out in the Notes section
Prepared by the Office of Legislative Drafting and
Publishing,
Attorney-General's Department, Canberra
Contents
Part 1--Preliminary 1
Division 1--Objects 1
1............ Objects ................................................................................................ 1
Division 2--Citation 3
1A......... Short title [see Note 1] ........................................................................ 3
Division 3--Commencement and application 4
2............ Commencement [see Note 1] .............................................................. 4
4............ Application of this Act ........................................................................ 4
4A......... Application of the Criminal Code ....................................................... 5
Division 4--Interpretation 6
5............ Interpretation ....................................................................................... 6
5A......... Application of the Acts Interpretation Act 1901 ................................ 14
6............ Giving information ............................................................................ 14
Part 2--Australian Securities and Investments Commission and consumer protection in relation to financial services 15
Division 1--Australian Securities and Investments Commission 15
8............ ASIC is a body corporate .................................................................. 15
8A......... ASIC's liabilities are Commonwealth liabilities ................................ 16
9............ Membership ...................................................................................... 16
10.......... Chairperson and Deputy Chairperson ............................................... 17
10A....... Chairperson not subject to direction by ASIC on certain matters ...... 17
11.......... Corporations legislation functions and powers and other functions and powers 17
12.......... Directions by Minister ...................................................................... 20
12A....... Other functions and powers .............................................................. 20
Division 2--Unconscionable conduct and consumer protection in relation to financial services 23
Subdivision A--Application 23
12AC.... Division extends to some conduct outside Australia ......................... 23
12AD.... Application of Division to Commonwealth and Commonwealth authorities 23
12AE..... Saving of other laws and remedies .................................................... 24
Subdivision B--Interpretation 25
12BA.... Interpretation ..................................................................................... 25
12BAA. Definition of financial product .......................................................... 29
12BAB.. Meaning of financial service ............................................................. 35
12BB..... Misleading representations with respect to future matters ................. 40
12BC..... Consumers ........................................................................................ 41
12BD.... Acquisition, supply and re-supply .................................................... 43
12BE..... Application of Division in relation to leases and licences of land and buildings 43
12BEA.. Asserting a right to payment ............................................................. 44
Subdivision BA--Unfair contract terms 44
12BF..... Unfair terms of consumer contracts .................................................. 44
12BG.... Meaning of unfair ............................................................................. 45
12BH.... Examples of unfair terms .................................................................. 46
12BI...... Terms that define main subject matter of consumer contracts etc. are unaffected 47
12BK..... Standard form contracts .................................................................... 48
12BL..... Contracts to which this Part does not apply ...................................... 48
12BM.... Contraventions of this Subdivision etc. ............................................. 48
Subdivision C--Unconscionable conduct 49
12CA.... Unconscionable conduct within the meaning of the unwritten law of the States and Territories 49
12CB..... Unconscionable conduct in connection with financial services ......... 49
12CC..... Matters the court may have regard to for the purposes of section 12CB 50
Subdivision D--Consumer protection 54
12DA.... Misleading or deceptive conduct ....................................................... 54
12DB.... False or misleading representations ................................................... 54
12DC.... False or misleading representations in relation to financial products that involve interests in land 56
12DD.... Cash price to be stated in certain circumstances ................................ 57
12DE..... Offering rebates, gifts, prizes etc. ...................................................... 58
12DF..... Certain misleading conduct in relation to financial services ............... 60
12DG.... Bait advertising ................................................................................. 60
12DH.... Referral selling .................................................................................. 61
12DI...... Accepting payment without intending or being able to supply as ordered 62
12DJ..... Harassment and coercion .................................................................. 62
12DK.... Pyramid selling of financial products ................................................ 63
12DL..... Unsolicited credit cards and debit cards ............................................ 65
12DM... Assertion of right to payment for unsolicited financial services etc. .. 67
12DMA Liability of recipient for unsolicited financial services etc. ................ 68
12DMB. Assertion of right to payment for unauthorised
advertisements
................................................................................... 68
12DN.... Application of provisions of this Division to information providers . 70
Subdivision E--Conditions and warranties in consumer transactions 72
12EA..... Conflict of laws ................................................................................. 72
12EB..... Application of provisions not to be excluded or modified ................. 73
12EC..... Limitation of liability for breach of certain conditions or warranties . 73
12ED..... Warranties in relation to the supply of financial services ................... 74
Subdivision G--Enforcement and remedies 75
12GA.... Interpretation ..................................................................................... 75
12GB.... Offences against Subdivision D ........................................................ 75
12GBA. Pecuniary penalties ............................................................................ 77
12GBB.. Pecuniary penalties and offences ....................................................... 79
12GBC.. Civil action for recovery of pecuniary penalties ................................ 80
12GBD. Indemnification of officers ................................................................ 80
12GC.... Enforcement and recovery of certain fines ........................................ 81
12GCA. Preference must be given to compensation for victims ...................... 83
12GD.... Injunctions ........................................................................................ 84
12GF..... Actions for damages ......................................................................... 85
12GG.... Finding in proceedings to be evidence .............................................. 86
12GH.... Conduct by directors, employees or agents ....................................... 87
12GI...... Defences ........................................................................................... 88
12GJ..... Jurisdiction of courts ......................................................................... 90
12GK.... Transfer of matters ............................................................................ 90
12GL..... Transfer of certain proceedings to Family Court ............................... 92
12GLA.. Non-punitive orders .......................................................................... 94
12GLB.. Punitive orders requiring adverse publicity ....................................... 96
12GLC.. ASIC may issue a public warning notice .......................................... 96
12GLD.. Order disqualifying a person from managing corporations ............... 97
12GM... Other orders ...................................................................................... 98
12GN.... Power of Court to prohibit payment or transfer of money or other property 101
12GNA. Limit on liability for misleading or deceptive conduct ..................... 103
12GNB. Orders to redress loss or damage suffered by non-party consumers etc. 104
12GNC. Kinds of orders that may be made to redress loss or damage suffered by non-party consumers etc. 107
12GND. Declarations .................................................................................... 108
12GO.... Intervention by ASIC ...................................................................... 108
Subdivision GA--Proportionate liability for misleading and deceptive conduct 109
12GP..... Application of Subdivision ............................................................. 109
12GQ.... Certain concurrent wrongdoers not to have benefit of apportionment 109
12GR.... Proportionate liability for apportionable claims ............................... 110
12GS..... Defendant to notify plaintiff of concurrent wrongdoer of whom defendant is aware 111
12GT..... Contribution not recoverable from defendant .................................. 111
12GU.... Subsequent actions .......................................................................... 112
12GV.... Joining non-party concurrent wrongdoer in the action .................... 112
12GW... Application of Subdivision ............................................................. 112
Subdivision GB--Infringement notices 113
12GX.... Purpose and effect of this Subdivision ............................................ 113
12GXA. Issue of an infringement notice ....................................................... 113
12GXB. Matters to be included in an infringement notice ............................. 114
12GXC. Amount of penalty .......................................................................... 114
12GXD. Effect of compliance with an infringement notice ............................ 115
12GXE.. Effect of failure to comply with an infringement notice ................... 116
12GXF.. Infringement notice compliance period for infringement notice ....... 116
12GXG. Withdrawal of an infringement notice ............................................. 117
Subdivision GC--Substantiation notices 118
12GY.... ASIC may require claims to be substantiated etc. ............................ 118
12GYA. Extending periods for complying with substantiation notices ......... 119
12GYB. Compliance with substantiation notices ........................................... 119
12GYC. False or misleading information etc. ................................................ 120
Subdivision H--Miscellaneous 120
12HA.... Relationship of this Subdivision to Part 3 ....................................... 120
12HB.... Disclosure of documents by ASIC ................................................. 121
12HC.... Prosecutions .................................................................................... 122
12HD.... Jurisdiction of Court to make declarations and orders ..................... 122
Part 3--Investigations and information-gathering 124
Division 1--Investigations 124
13.......... General powers of investigation ...................................................... 124
14.......... Minister may direct investigations ................................................... 125
15.......... Investigation after report of receiver or liquidator ........................... 125
16.......... Interim report on investigation ........................................................ 126
17.......... Final report on investigation ............................................................ 126
18.......... Distribution of report ...................................................................... 127
Division 2--Examination of persons 128
19.......... Notice requiring appearance for examination .................................. 128
20.......... Proceedings at examination ............................................................. 128
21.......... Requirements made of examinee ..................................................... 128
22.......... Examination to take place in private ................................................ 129
23.......... Examinee's lawyer may attend ........................................................ 129
24.......... Record of examination .................................................................... 130
25.......... Giving to other persons copies of record ........................................ 130
26.......... Copies given subject to conditions .................................................. 131
27.......... Record to accompany report ............................................................ 131
Division 3--Inspection of books and audit information-gathering powers 132
28.......... When certain powers may be exercised ........................................... 132
29.......... ASIC may inspect books without charge ........................................ 132
30.......... Notice to produce books about affairs of body corporate or registered scheme 133
30A....... Notice to auditors concerning information and books ..................... 133
31.......... Notice to produce books about financial products ........................... 135
32A....... Notice to produce books about financial services ............................ 136
33.......... Notice to produce documents in person's possession ..................... 136
34.......... ASIC may authorise persons to require production of books, giving of information etc. 136
35.......... Application for warrant to seize books ............................................ 137
36.......... Grant of warrant .............................................................................. 137
36A....... Execution of warrant ....................................................................... 138
37.......... Powers where books produced or seized ........................................ 139
38.......... Powers where books not produced ................................................. 141
39.......... Power to require person to identify property of body corporate ...... 141
39A....... ASIC may give copy of book relating to registered scheme to another person 141
39B....... ASIC to notify foreign regulator's access to information or books . 142
Division 4--Requirements to disclose information 143
40.......... When certain powers may be exercised ........................................... 143
41.......... Acquisitions and disposals of financial products ............................ 143
42.......... Acquisitions and disposals of trust property by trustee companies . 145
43.......... Exercise of certain powers of ASIC in relation to financial products 145
44.......... Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company 147
47.......... Disclosures to take place in private ................................................. 148
48.......... Lawyer of person making disclosure may attend ............................ 149
Division 5--Proceedings after an investigation 150
49.......... ASIC may cause prosecution to be begun ....................................... 150
50.......... ASIC may cause civil proceeding to be begun ................................ 151
Division 6--Hearings 152
51.......... Power to hold hearings ................................................................... 152
52.......... General discretion to hold hearing in public or private .................... 152
53.......... Request by person appearing at hearing that it take place in public . 152
54.......... Certain hearings to take place in private .......................................... 153
55.......... ASIC may restrict publication of certain material ............................ 153
56.......... Who may be present when hearing takes place in private ................ 153
57.......... Involvement of person entitled to appear at hearing ........................ 154
58.......... Power to summon witnesses and take evidence .............................. 154
59.......... Proceedings at hearings ................................................................... 155
60.......... ASIC to take account of evidence and submissions ........................ 156
61.......... Reference to Court of question of law arising at hearing ................. 156
62.......... Protection of members etc. .............................................................. 157
Division 7--Offences 158
63.......... Non-compliance with requirements made under this Part ............... 158
64.......... False information ............................................................................ 159
65.......... Obstructing person acting under this Part ....................................... 159
66.......... Contempt of ASIC .......................................................................... 160
67.......... Concealing books relevant to investigation ..................................... 161
68.......... Self-incrimination ............................................................................ 161
69.......... Legal professional privilege ............................................................ 162
70.......... Powers of Court where non-compliance with Part .......................... 163
Division 8--ASIC's powers where non-compliance with Part 164
71.......... Orders by ASIC .............................................................................. 164
72.......... Orders in relation to securities of a body corporate ......................... 164
73.......... Orders in relation to financial products and trust property generally 165
75.......... Orders under this Division .............................................................. 166
Division 9--Evidentiary use of certain material 168
76.......... Statements made at an examination: proceedings against examinee . 168
77.......... Statements made at an examination: other proceedings ................... 168
78.......... Weight of evidence admitted under section 77 ................................ 169
79.......... Objection to admission of statements made at examination ............. 170
80.......... Copies of, or extracts from, certain books ....................................... 171
81.......... Report under Division 1 .................................................................. 171
82.......... Exceptions to admissibility of report ............................................... 172
83.......... Material otherwise admissible ......................................................... 173
Division 10--Miscellaneous 174
84.......... Requirement made of a body corporate ........................................... 174
85.......... Evidence of authority ...................................................................... 174
86.......... Giving documents to natural persons .............................................. 174
87.......... Place and time for production of books ........................................... 175
88.......... Application of Crimes Act and Evidence Act .................................. 175
89.......... Allowances and expenses ............................................................... 175
90.......... Expenses of investigation under Division 1 .................................... 175
91.......... Recovery of expenses of investigation ............................................ 176
92.......... Compliance with Part ...................................................................... 177
93.......... Effect of Part ................................................................................... 177
93AA.... Enforcement of undertakings .......................................................... 177
Part 3A--Enforceable undertakings in relation to registered schemes 179
93A....... Undertakings by responsible entity ................................................. 179
Part 4--ASIC's business 181
Division 1--General 181
94.......... Arrangement of ASIC's business ................................................... 181
95.......... ASIC to establish offices ................................................................ 181
96.......... Regional Commissioners ................................................................ 181
Division 2--Divisions of ASIC 182
97.......... ASIC may establish Division .......................................................... 182
98.......... Effect of direction establishing Division ......................................... 182
99.......... ASIC may reconstitute Division ..................................................... 182
100........ Effect of reconstituting Division ..................................................... 182
101........ Multiple Divisions .......................................................................... 183
Division 3--Delegation by ASIC 184
102........ Delegation ....................................................................................... 184
Division 4--Meetings of ASIC 186
103........ Convening of meetings ................................................................... 186
104........ Approved methods of communication ............................................ 186
105........ Quorum ........................................................................................... 186
106........ Who is to preside at meetings .......................................................... 186
107........ Procedure at meetings ..................................................................... 187
Part 5--ASIC's members 188
Division 1--Terms and conditions 188
108........ Term of office as member ............................................................... 188
109........ Term of office as Chairperson or Deputy Chairperson ................... 188
110........ Resignation ..................................................................................... 188
111........ Termination of appointment ............................................................ 188
112........ Remuneration and allowances etc. ................................................... 190
113........ Leave of absence ............................................................................. 190
114........ Superannuation arrangements ......................................................... 191
115........ Other terms and conditions ............................................................. 191
Division 2--Acting appointments 192
116........ Acting members .............................................................................. 192
117........ Acting Chairperson ......................................................................... 192
118........ Acting Deputy Chairperson ............................................................ 193
119........ Limitation on appointments to act during vacancy ........................... 193
Division 3--Delegation by members 194
119A..... Delegation by members ................................................................... 194
Part 6--ASIC's staff 195
120........ Staff ................................................................................................ 195
121........ Consultants etc. ............................................................................... 195
122........ Staff seconded to ASIC .................................................................. 195
Part 7--Preventing conflicts of interest and misuse of information 197
Division 1--Disclosure of interests 197
123........ Members to disclose certain interests to Minister ............................ 197
124........ Members to disclose certain interests to Chairperson ...................... 198
125........ Notification of interests to ASIC ..................................................... 199
126........ Defence ........................................................................................... 199
Division 2--Confidentiality 200
127........ Confidentiality ................................................................................. 200
Part 8--Finance and reporting requirements 205
Division 1--Companies and Unclaimed Moneys Special Account 205
133........ Companies and Unclaimed Moneys Special Account ..................... 205
134........ Credits to the Account ..................................................................... 205
135........ Purpose of the Account ................................................................... 205
Division 2--Reporting requirements 207
136........ Annual reports ................................................................................ 207
Division 3--Liability to taxation 209
137........ Liability to taxation .......................................................................... 209
Part 9--The Corporations and Markets Advisory Committee 210
Division 1--General 210
146........ CAMAC is a body corporate .......................................................... 210
146A..... CAMAC's liabilities are Commonwealth liabilities ........................ 210
147........ Membership .................................................................................... 211
147A..... Convenor not subject to direction by CAMAC on certain matters .. 211
148........ Functions ........................................................................................ 212
149........ Term of office as member ............................................................... 212
150........ Resignation ..................................................................................... 212
151........ Termination of appointment ............................................................ 212
152........ Remuneration and allowances etc. ................................................... 213
153........ Meetings ......................................................................................... 213
154........ CAMAC to inform itself in any manner ......................................... 213
155........ Publication of advice or recommendations ...................................... 214
Division 2--Staff 215
156........ Staff ................................................................................................ 215
157........ Consultants etc. ............................................................................... 215
158........ Staff seconded to CAMAC ............................................................. 215
Division 3--Liability to taxation 217
159........ Liability to taxation .......................................................................... 217
Division 4--Reporting requirements 218
162........ Annual report .................................................................................. 218
Part 10--The Takeovers Panel 219
Division 1--General 219
172........ Membership .................................................................................... 219
173........ President ......................................................................................... 220
174........ Functions and powers of Panel ....................................................... 220
175........ Term of office as member ............................................................... 220
176........ Term of office as President ............................................................. 220
177........ Resignation ..................................................................................... 221
178........ Termination of appointment ............................................................ 221
179........ Remuneration and allowances ......................................................... 221
180........ Leave of absence ............................................................................. 222
181........ Other terms and conditions ............................................................. 222
182........ Acting President .............................................................................. 222
183........ Annual report .................................................................................. 222
Division 2--Conduct of Panel's business 223
184........ Constitution of Panel in relation to particular matters ...................... 223
185........ Disclosure of interests by members ................................................ 224
186........ Application of Division 2 of Part 7 ................................................. 225
Division 3--Panel proceedings 226
187........ Interpretation ................................................................................... 226
188........ Power to conduct proceedings ........................................................ 226
190........ Panel may restrict publication of certain material ............................. 226
192........ Power to summon witnesses and take evidence .............................. 227
193........ Quorum ........................................................................................... 228
194........ Legal representation in proceedings before the Panel ...................... 228
195........ Procedure ........................................................................................ 228
197........ Protection of members etc. .............................................................. 229
198........ Non-compliance with requirements made under section 192 .......... 229
199........ False evidence ................................................................................. 229
200........ Contempt of Panel ........................................................................... 230
201........ Powers of Court where non-compliance with section 192 .............. 230
201A..... Undertakings to the Panel ............................................................... 231
Part 11--Companies Auditors and Liquidators Disciplinary Board 232
Division 1--Constitution of Disciplinary Board 232
203........ Membership of Disciplinary Board ................................................. 232
204........ Functions and powers of Disciplinary Board .................................. 233
205........ Term of office ................................................................................. 233
206........ Resignation from office ................................................................... 233
207........ Termination of appointment ............................................................ 233
208........ Acting Chairperson ......................................................................... 234
208A..... Acting Deputy Chairperson ............................................................ 235
210........ Meetings of the Disciplinary Board ................................................ 235
210A..... Panel to be constituted to deal with application ............................... 236
210B..... Meetings of Panel of the Disciplinary Board .................................. 237
211........ Disclosure of interests ..................................................................... 238
212........ Remuneration and allowances ......................................................... 239
213........ Confidentiality ................................................................................. 239
214........ Annual report .................................................................................. 240
Division 2--Hearings by Disciplinary Board 241
215........ Definition ........................................................................................ 241
216........ Hearings .......................................................................................... 241
217........ Power to summon witnesses and take evidence .............................. 242
218........ Proceedings at hearings ................................................................... 243
219........ Failure of witnesses to attend and answer questions ....................... 244
220........ Contempt of Disciplinary Board ..................................................... 246
221........ Protection of members etc. .............................................................. 246
222........ Hearings taken to be judicial proceedings ....................................... 247
223........ Costs ............................................................................................... 247
Part 12--The Australian financial reporting system 249
224........ Main objects of this Part ................................................................. 249
Division 1--The financial reporting system 250
Subdivision A--The Financial Reporting Council 250
225........ Functions and powers of the Financial Reporting Council .............. 250
225A..... Financial Reporting Council's information gathering powers ......... 254
Subdivision B--The Australian Accounting Standards Board and the Office of the Australian Accounting Standards Board 256
226........ The Office of the Australian Accounting Standards Board ............. 256
226A..... Office of the AASB's functions and powers .................................. 257
227........ AASB's functions and powers ....................................................... 257
Subdivision C--The Auditing and Assurance Standards Board and the Office of the Auditing and Assurance Standards Board 259
227AA.. The Office of the Auditing and Assurance Standards Board .......... 259
227AB.. Office of the AUASB's functions and powers ............................... 259
227A..... The Auditing and Assurance Standards Board ............................... 260
227B..... AUASB's functions and powers .................................................... 260
Division 2--Accounting standards 262
228........ Purposive interpretation of standards .............................................. 262
229........ Generic and specific standards ........................................................ 262
230........ Comparative amounts ...................................................................... 263
231........ Cost/benefit analysis ....................................................................... 263
232........ FRC views ...................................................................................... 263
233........ International accounting standards .................................................. 263
234........ Validity of accounting standards ..................................................... 264
Division 2A--Auditing standards 265
234A..... Purposive interpretation of standards .............................................. 265
234B..... Generic and specific standards ........................................................ 265
234C..... FRC views ...................................................................................... 265
234D..... International auditing standards ....................................................... 265
234E...... Validity of auditing standards ......................................................... 266
Division 3--Administrative provisions 267
Subdivision A--The Financial Reporting Council 267
235A..... Membership of FRC ....................................................................... 267
235B..... Annual report .................................................................................. 267
235BA.. Report on auditor independence functions ...................................... 267
235C..... Procedure ........................................................................................ 268
Subdivision AA--The Office of the AASB 268
235D..... Duties of the Chair of the AASB .................................................... 268
235E...... Staff of the Office of the AASB ..................................................... 269
235F...... Consultants and persons seconded to the Office of the AASB ....... 269
235G..... Office of the AASB to have regard to FRC's advice etc. ................ 270
235H..... Chair not subject to direction by the AASB on certain matters ....... 270
235J...... Annual report .................................................................................. 270
Subdivision B--The Australian Accounting Standards Board 271
236A..... Procedures ...................................................................................... 271
236AA.. AASB to have regard to FRC's advice etc. ..................................... 271
236B..... Appointment of members of the AASB .......................................... 271
236C..... Resignation and termination of appointment ................................... 272
236D..... Acting appointments ....................................................................... 273
236DA.. Disclosure of interests ..................................................................... 274
Subdivision BAA--The Office of the AUASB 275
236DB.. Duties of the Chair of the AUASB ................................................. 275
236DC.. Staff of the Office of the AUASB .................................................. 275
236DD.. Consultants and persons seconded to the Office of the AUASB .... 276
236DE... Office of the AUASB to have regard to FRC's advice etc. ............. 277
236DF... Chair not subject to direction by the AUASB on certain matters .... 277
236DG.. Annual report .................................................................................. 277
Subdivision BA--The Auditing and Assurance Standards Board 278
236E...... Procedures ...................................................................................... 278
236EA... AUASB to have regard to FRC's advice etc. .................................. 278
236F...... Appointment of members of the AUASB ....................................... 278
236G..... Resignation and termination of appointment ................................... 279
236H..... Acting appointments ....................................................................... 280
236J...... Disclosure of interests ..................................................................... 281
Subdivision C--Confidentiality 282
237........ Confidentiality ................................................................................. 282
Part 13--Financial Reporting Panel 284
Division 1--General 284
239AA.. Financial Reporting Panel ............................................................... 284
239AB.. Membership .................................................................................... 284
239AC.. Chairperson ..................................................................................... 284
239AD.. Functions and powers of Financial Reporting Panel ....................... 285
239AE... Term of office as member ............................................................... 285
239AF... Term of office as Chairperson ......................................................... 285
239AG.. Resignation ..................................................................................... 285
239AH.. Termination of appointment ............................................................ 285
239AI.... Remuneration and allowances ......................................................... 286
239AJ... Leave of absence ............................................................................. 286
239AK.. Other terms and conditions ............................................................. 286
239AL... Acting Chairperson ......................................................................... 286
239AM. Annual report .................................................................................. 287
Division 2--Conduct of Financial Reporting Panel's business 288
239BA.. Constitution of Financial Reporting Panel in relation to particular matters 288
239BB... Disclosure of interests by members ................................................ 289
239BC... Application of Division 2 of Part 7 ................................................. 290
Division 3--Financial Reporting Panel proceedings 291
239CA.. Interpretation ................................................................................... 291
239CB... Power to conduct proceedings ........................................................ 291
239CC... Financial Reporting Panel proceedings ........................................... 291
239CD.. Financial Reporting Panel may restrict publication of certain material 293
239CE... Power to summon witnesses and take evidence .............................. 294
239CF... Quorum ........................................................................................... 295
239CG.. No legal representation in proceedings before the Financial Reporting Panel 295
239CH.. Procedure ........................................................................................ 296
239CI.... Protection of members etc. .............................................................. 296
239CJ.... Non-compliance with requirements made under section 239CE ..... 297
239CK... Contempt of Financial Reporting Panel ........................................... 297
239CL... Powers of Court where non-compliance with section 239CE ......... 297
Part 14--The Parliamentary Joint Committee on Corporations and Financial Services 298
241........ Membership .................................................................................... 298
242........ Powers and proceedings ................................................................. 299
243........ Duties .............................................................................................. 299
Part 15--Miscellaneous 300
243B..... Offences committed partly in and partly out of the jurisdiction ....... 300
243D..... Financial transaction reports ............................................................ 300
243E...... Suspicious matters reports under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 301
244........ Review by Administrative Appeals Tribunal of certain decisions ... 301
244A..... Notice of reviewable decision and review rights ............................. 302
245........ Validity of certain actions ................................................................ 302
246........ Liability for damages ....................................................................... 303
247........ Duplicate seals ................................................................................ 304
248........ Judicial notice of ASIC's seal and members' signatures ................. 304
251........ The regulations ................................................................................ 305
Part 16--Transition from the old ASIC legislation 306
Division 1--Preliminary 306
253........ Object of Part .................................................................................. 306
254........ Definitions ...................................................................................... 307
255........ Relationship of Part with State validation Acts ............................... 311
256........ References to things taken or deemed to be the case etc. ................. 312
257........ Existence of several versions of the old ASIC legislation does not result in this Part operating to take the same thing to be done several times under the new ASIC legislation etc. ............. 312
258........ Penalty units in respect of pre-commencement conduct remain at $100 313
259........ Ceasing to be a referring State does not affect previous operation of this Part 313
Division 2--Carrying over bodies established etc. or persons appointed under the old ASIC Act 314
260........ Division has effect subject to Division 7 regulations ...................... 314
261........ Carrying over bodies established under the old ASIC Act .............. 314
262........ Carrying over the Chairman and Deputy Chairman of the Financial Reporting Council 314
Division 3--Carrying over the old ASIC Regulations 315
263........ Division has effect subject to Division 7 regulations ...................... 315
264........ Old ASIC Regulations continue to have effect ................................ 315
Division 4--Court proceedings and orders 316
265........ Division has effect subject to Division 7 regulations ...................... 316
266........ Definitions ...................................................................................... 316
267........ Treatment of court proceedings under or related to the old ASIC legislation--proceedings other than federal ASIC proceedings ..................................................................................... 318
268........ Treatment of court proceedings under or related to the old ASIC legislation--federal ASIC proceedings 320
268A..... Appeals etc. in relation to some former federal corporations proceedings 321
268B..... Effect of decisions and orders made in federal corporations proceedings before commencement 322
269........ References to proceedings and orders in the new ASIC legislation 322
Division 5--Functions and powers of ASIC 325
270........ Division has effect subject to Division 7 regulations ...................... 325
271........ Non-federal proceedings etc. ........................................................... 325
272........ NCSC's functions and powers ....................................................... 326
Division 6--General transitional provisions relating to other things done etc. under the old ASIC legislation 327
273........ Provisions in this Division have effect subject to the other Divisions 327
274........ Provisions of this Division may have an overlapping effect ........... 327
275........ Things done by etc. carried over provisions continue to have effect 328
276........ Creation of equivalent rights and liabilities to those that existed before the commencement under carried over provisions of the old ASIC legislation .............................................................. 330
277........ Creation of equivalent rights and liabilities to those that existed before the commencement under repealed provisions of the old ASIC legislation .................................................................. 331
278........ Old ASIC legislation time limits continue to run ............................. 332
279........ Preservation of significance etc. of events or circumstances ........... 333
280........ References in the new ASIC legislation generally include references to events, circumstances or things that happened or arose before the commencement ...................................................... 333
281........ References in the new ASIC legislation to that legislation or the new corporations legislation generally include references to corresponding provisions of the old ASIC legislation or old corporations legislation 334
282........ Carrying over references to corresponding previous laws or relevant previous laws 335
283........ References to ASIC legislation in instruments ................................ 336
284........ Old transitional provisions continue to have their effect .................. 336
Division 7--Regulations dealing with transitional matters 339
285........ Regulations may deal with transitional matters ................................ 339
Part 17--Transitional provisions relating to the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 340
285A..... Definitions ...................................................................................... 340
286........ Application of new subsection 225A(5) ......................................... 340
287........ Application of Part 8 of Schedule 1 to the amending Act ................ 340
288........ Application of Schedule 3 to the amending Act .............................. 341
Part 18--Transitional provisions relating to the Corporations Amendment (Corporate Reporting Reform) Act 2010 342
289........ Definitions ...................................................................................... 342
290........ Application of Companies Auditors and Liquidators Disciplinary Board amendments 342
291........ Application of pre-hearing conference amendments ........................ 343
Notes 345
Notes to
the
Australian Securities and Investments
Commission Act 2001 Note 1 The Australian Securities and Investments Commission Act
2001 as shown in this
compilation
comprises Act No. 51, 2001 amended as indicated in the Tables below. For application, saving or transitional provisions made by the
Corporations (Repeals, Consequentials and Transitionals) Act 2001, see
Act No. 55, 2001. For application, saving or transitional provisions made by the
Governance Review Implementation (AASB and AUASB) Act 2008, see
Act No. 61, 2008. For all other relevant information pertaining to application,
saving or transitional provisions see Table A. Table of Acts
|
Act |
Number |
Date |
Date of commencement |
Application, saving or transitional provisions |
|
51, 2001 |
28 June 2001 |
|
||
|
Corporations (Repeals, Consequentials and Transitionals) Act 2001 |
55, 2001 |
28 June 2001 |
Ss. 4-14 and Schedule 2 (items 1-11): 15 July 2001 (see s. 2(2) and Gazette 2001, No. S285) |
|
|
119, 2001 |
19 Sept 2001 |
Schedule 3 (items 2-7): 1 July 2002 |
-- |
|
|
122, 2001 |
27 Sept 2001 |
Schedule 1 (items 2-137): 11 Mar 2002 (see Gazette 2001, No. GN42) Schedule 3 (items 1-4): Royal Assent |
-- |
|
|
Financial Services Reform (Consequential Provisions) Act 2001 |
123, 2001 |
27 Sept 2001 |
Schedule 1 (items 8-215): 11 Mar 2002 (see s. 2(1), (6) and Gazette 2001, No. GN42) |
-- |
|
as amended by |
|
|
|
|
|
100, 2005 |
6 July 2005 |
Schedule 2 (items 14, 15): (a) |
-- |
|
|
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 |
146, 2001 |
1 Oct 2001 |
S. 4 and Schedule 5 (item 1): 15 Dec 2001 (b) |
|
|
Abolition of Compulsory Age Retirement (Statutory Officeholders) Act 2001 |
159, 2001 |
1 Oct 2001 |
Schedule 1 (items 23, 24, 97): 29 Oct 2001 |
Sch. 1 (item 97) |
|
166, 2001 |
1 Oct 2001 |
Schedule 1 (items 1, 1A, 2): 1 Oct 2001 |
-- |
|
|
24, 2003 |
11 Apr 2003 |
Schedule 5 (items 1, 2): Royal Assent |
-- |
|
|
41, 2003 |
3 June 2003 |
Schedule 2 (items 1B, 1C): 1 Jan 2003 |
-- |
|
|
116, 2003 |
27 Nov 2003 |
Schedule 1 (items 1-3): 28 Nov 2003 |
-- |
|
|
Legislative Instruments (Transitional Provisions and Consequential Amendments) Act 2003 |
140, 2003 |
17 Dec 2003 |
Schedule 1 (item 12): (d) |
-- |
|
141, 2003 |
17 Dec 2003 |
Schedule 3 (items 1A-1E): 18 Dec 2003 |
-- |
|
|
Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 |
103, 2004 |
30 June 2004 |
Schedule 1 (items 1-36, 130-175): 1 July 2004 |
-- |
|
Treasury Legislation Amendment (Professional Standards) Act 2004 |
118, 2004 |
13 July 2004 |
13 July 2004 |
-- |
|
8, 2005 |
22 Feb 2005 |
S. 4 and Schedule 1 (items 96, 496): Royal Assent |
S. 4 and Sch. 1 (item 496) |
|
|
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 |
101, 2006 |
14 Sept 2006 |
Schedule 5 (items 32, 33) and Schedule 6 (items 5-11): Royal Assent |
Sch. 6 (items |
|
170, 2006 |
12 Dec 2006 |
Schedule 1 (item 12): 13 Dec 2006 (see s. 2(1)) |
-- |
|
|
Australian Securities and Investments Commission Amendment (Audit Inspection) Act 2007 |
1, 2007 |
19 Feb 2007 |
Schedule 1 (items 1-16): 20 Feb 2007 |
-- |
|
Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007 |
32, 2007 |
30 Mar 2007 |
Schedule 2 (item 8A): 1 Apr 2007 (see s. 2(1)) |
-- |
|
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 |
74, 2007 |
5 June 2007 |
Schedule 1 (items 1-12, 40-46, 67) and Schedule 2
(items 1-10, |
Sch. 2 (items |
|
132, 2007 |
20 Aug 2007 |
Schedule 2 (item 1) and Schedule 5 (items 1, 2): 31 Dec 2007 (see F2007L03798) |
-- |
|
|
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 |
154, 2007 |
24 Sept 2007 |
Schedule 4 (item 1): Royal Assent |
-- |
|
159, 2007 |
24 Sept 2007 |
Schedule 3 (items 1-4, 9): 25 Sept 2007 |
Sch. 3 (item 9) |
|
|
26, 2008 |
23 June 2008 |
Schedule 1 (items 39-42): Royal Assent |
-- |
|
|
First Home Saver Accounts (Consequential Amendments) Act 2008 |
45, 2008 |
25 June 2008 |
Schedule 2 (items 1, 2): 26 June 2008 |
-- |
|
54, 2008 |
25 June 2008 |
Schedule 1 (items 1, 2): Royal Assent |
-- |
|
|
61, 2008 |
30 June 2008 |
1 July 2008 |
Sch. 2 [see Note 1] |
|
|
First Home Saver Accounts (Further Provisions) Amendment Act 2008 |
92, 2008 |
30 Sept 2008 |
Schedule 2 (item 1): 1 Oct 2008 |
-- |
|
116, 2008 |
21 Nov 2008 |
Schedule 3 (items 1-6): 22 Nov 2008 |
Sch. 3 (item 6) |
|
|
Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 |
108, 2009 |
6 Nov 2009 |
Schedule 2 (items 1-3K): 6 May 2010 |
-- |
|
National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 |
135, 2009 |
15 Dec 2009 |
Schedule 3 (item 1): 1 Apr 2010 (see s. 2(1)) |
-- |
|
Trade Practices Amendment (Australian Consumer Law) Act (No. 1) 2010 |
44, 2010 |
14 Apr 2010 |
Schedule 3 (items 1A, 1, 3-8, 34, 37, 42, 44-55): 1 July
2010 |
Sch. 3 (item 8) |
|
Corporations Amendment (Corporate Reporting Reform) Act 2010 |
66, 2010 |
28 June 2010 |
Schedule 2: Royal Assent |
-- |
|
Trade Practices Amendment (Australian Consumer Law) Act (No. 2) 2010 |
103, 2010 |
13 July 2010 |
Schedule 3 (items 1-32): 1 Jan 2011 |
-- |
|
Corporations Amendment (No. 1) Act 2010 |
131, 2010 |
24 Nov 2010 |
Schedule 1 (items 1-3, 22): 13 Dec 2010 (see F2010L03188) |
Sch. 1 (item 22) |
|
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010 |
145, 2010 |
16 Dec 2010 |
Schedule 2 (item 7): 17 Dec 2010 |
-- |
|
Statute Law Revision Act 2011 |
5, 2011 |
22 Mar 2011 |
Schedule 1 (item 9): Royal Assent |
-- |
|
Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011 |
58, 2011 |
28 June 2011 |
Schedule 1 (items 24, 25): (f) |
-- |
|
Carbon Credits (Consequential Amendments) Act 2011 |
102, 2011 |
15 Sept 2011 |
Schedule 1 (items 5-7): 8 Dec 2011 (see s. 2(1)) |
-- |
|
Business Names Registration (Transitional and Consequential Provisions) Act 2011 |
127, 2011 |
3 Nov 2011 |
Schedule 2 (items 4-7): 20 Apr 2012 (see s. 2(1)) |
-- |
|
Clean Energy (Consequential Amendments) Act 2011 |
132, 2011 |
18 Nov 2011 |
Schedule 1 (items 47-49): 2 Apr 2012 (see
s. 2(1)) |
-- |
|
Competition and Consumer Legislation Amendment Act 2011 |
184, 2011 |
6 Dec 2011 |
Schedule 2 (item 1): 1 Jan 2012 |
-- |
(a) Subsection 2(1) (item 34) of the Statute Law Revision Act 2005 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Commencement information |
||
|
Column 1 |
Column 2 |
Column 3 |
|
Provision(s) |
Date/Details |
|
|
34. Schedule 2, items 14 and 15 |
Immediately after the time specified in the Financial Services Reform (Consequential Provisions) Act 2001 for the commencement of items 57 and 126 of Schedule 1 to that Act. |
11 March 2002 |
(b) The Australian Securities and Investments Commission Act 2001 was amended by Schedule 5 (items 1 and 2) only of the Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001, subsection 2(1) and (3) of which provide as follows:
(1) Subject to this section, this Act commences on the day mentioned in subsection 2.2(2) of the Criminal Code.
(3) Items 2 and 3 of Schedule 5 commence immediately after the commencement of item 1 of Schedule 1 to the Financial Services Reform Act 2001.
Item 1 of Schedule 1 commenced on 11 March 2002 (see Gazette 2001, No. GN42).
(c) Subsection 2(1) (item 3) of the Financial Sector Legislation Amendment Act (No. 1) 2003 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
3. Schedule 1, item 4 |
Immediately after the commencement of the Australian Securities and Investments Commission Act 2001. |
15 July 2001 |
(d) Subsection 2(1) (item 3) of the Legislative Instruments (Transitional Provisions and Consequential Amendments) Act 2003 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
3. Schedule 1 |
Immediately after the commencement of sections 3 to 62 of the Legislative Instruments Act 2003 |
1 January 2005 |
(e) Subsection 2(1) (items 11 and 13) of the Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act 2004 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
|
Provision(s) |
Date/Details |
|
|
2. Schedule 1 |
The later of: (a) 1 July 2004; and (b) the day after this Act receives the Royal Assent. |
1 July 2004 |
|
9. Schedule 5 |
The later of: (a) 1 July 2004; and (b) the day after this Act receives the Royal Assent. |
1 July 2004 |
|
11. Schedules 8 and 9 |
Immediately after the commencement of the provisions covered by table item 9. |
1 July 2004 |
|
13. Schedule 11 |
Immediately after the commencement of the provisions covered by table item 2. |
1 July 2004 |
(f) Subsection 2(1) (item 2) of the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
|
Provision(s) |
Date/Details |
|
|
2. Schedules 1 and 2 |
Immediately after the commencement of section 2 of the Governance of Australian Government Superannuation Schemes Act 2011. |
1 July 2011 |
Table of Amendments
|
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
|
|
Provision affected |
How affected |
|
Title..................................... |
am. No. 122, 2001 |
|
Part 1 |
|
|
Division 1 |
|
|
am. No. 122, 2001; No. 103, 2004 |
|
|
Division 3 |
|
|
am. No. 122, 2001 |
|
|
S. 4AA................................. |
ad. No. 146, 2001 |
|
|
rep. No. 146, 2001 |
|
ad. No. 123, 2001 |
|
|
Division 4 |
|
|
am. Nos. 122 and 123, 2001; No. 103, 2004; No. 74, 2007; No. 61, 2008; No. 108, 2009; No. 66, 2010; No. 58, 2011 |
|
|
rs. No. 140, 2003 |
|
|
Part 2 |
|
|
Division 1 |
|
|
am. No. 74, 2007 |
|
|
Note 1 to s. 8(1) |
|
|
Note 2 to s. 8(1)................. |
rep. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
ad. No. 74, 2007 |
|
|
Heading to s. 11................ |
am. No. 1, 2007 |
|
am. No. 1, 2007 |
|
|
am. No. 122, 2001; No. 45, 2008; No. 135, 2009; No. 127, 2011 |
|
|
Division 2 |
|
|
Subdivision A |
|
|
S. 12AA............................... |
rep. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 141, 2003; No. 44, 2010 |
|
|
Subdivision B |
|
|
am. Nos. 122 and 123, 2001; Nos. 44 and 103, 2010 |
|
|
ad. No. 122, 2001 |
|
|
|
am. No. 32, 2007; Nos. 45 and 54, 2008; Nos. 102 and 132, 2011 |
|
ad. No. 122, 2001 |
|
|
|
am. No. 141, 2003; No. 108, 2009; Nos. 102 and 132, 2011 |
|
am. No. 123, 2001 |
|
|
|
rs. No. 103, 2010 |
|
am. No. 123, 2001; No. 103, 2010 |
|
|
S. 12BEA............................. |
ad. No. 103, 2010 |
|
Subdivision BA |
|
|
Subdiv. BA of Div. 2 of...... |
ad. No. 44, 2010 |
|
ad. No. 44, 2010 |
|
|
ad. No. 44, 2010 |
|
|
Subdivision C |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 116, 2008 |
|
|
|
rs. No. 184, 2011 |
|
ad. No. 123, 2001 |
|
|
|
am. No. 159, 2007; No. 116, 2008; No. 108, 2009; No. 103, 2010 |
|
|
rs. No. 184, 2011 |
|
Subdivision D |
|
|
am. Nos. 122 and 123, 2001 |
|
|
am. Nos. 122 and 123, 2001; No. 103, 2010 |
|
|
Note to s. 12DB(1)............. |
ad. No. 123, 2001 |
|
|
rs. No. 103, 2010 |
|
Heading to s. 12DC........... |
am. No. 122, 2001; No. 103, 2010 |
|
am. Nos. 122 and 123, 2001; No. 103, 2010 |
|
|
am. Nos. 122 and 123, 2001 |
|
|
Note to s. 12DD(1)............. |
ad. No. 123, 2001 |
|
Heading to s. 12DE........... |
am. No. 103, 2010 |
|
rs. No. 123, 2001 |
|
|
|
am. No. 103, 2010 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DF(1)............. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DG(1)............ |
ad. No. 123, 2001 |
|
Note to s. 12DG(2)............ |
ad. No. 123, 2001 |
|
Note to s. 12DG(3)............ |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DH(1)............. |
ad. No. 123, 2001 |
|
rs. No. 123, 2001 |
|
|
Heading to s. 12DK........... |
am. No. 122, 2001 |
|
am. No. 122, 2001; No. 123, 2001 (as am. by No. 100, 2005) |
|
|
Note to s. 12DK(1)............. |
ad. No. 123, 2001 |
|
Note to s. 12DK(2)............. |
ad. No. 123, 2001 |
|
Note to s. 12DK(3)............. |
ad. No. 123, 2001 |
|
Heading to s. 12DL........... |
am. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 12DL(2)............. |
ad. No. 123, 2001 |
|
Heading to s. 12DM.......... |
am. No. 103, 2010 |
|
am. No. 123, 2001; No. 103, 2010 |
|
|
Note to s. 12DM(1)............ |
ad. No. 123, 2001 |
|
Ss. 12DMA, 12DMB............ |
ad. No. 103, 2010 |
|
am. No. 123, 2001 |
|
|
|
rs. No. 103, 2010 |
|
Subdivision E |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 118, 2004 |
|
|
Subdiv. F of Div. 2 of Part 2............................... |
rep. No. 122, 2001 |
|
S. 12FA............................... |
rep. No. 122, 2001 |
|
Subdivision G |
|
|
am. No. 123, 2001 |
|
|
ad. No. 44, 2010 |
|
|
ad. No. 123, 2001 |
|
|
|
am. No. 44, 2010 |
|
am. No. 44, 2010 |
|
|
S. 12GE.............................. |
rep. No. 123, 2001 |
|
am. No. 123, 2001; Nos. 103 and 118, 2004 |
|
|
am. No. 123, 2001; No. 44, 2010 |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001; No. 44, 2010 |
|
|
Note to s. 12GI(1).............. |
ad. No. 123, 2001 |
|
Note to s. 12GI(4).............. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
ad. No. 123, 2001 |
|
|
ad. No. 123, 2001 |
|
|
|
am. No. 44, 2010 |
|
ad. No. 44, 2010 |
|
|
am. No. 123, 2001; No. 116, 2003; No. 118, 2004; No. 44, 2010 |
|
|
am. No. 123, 2001; No. 44, 2010 |
|
|
ad. No. 118, 2004 |
|
|
ad. No. 44, 2010 |
|
|
|
am. No. 44, 2010 |
|
ad. No. 44, 2010 |
|
|
rs. No. 123, 2001 |
|
|
Subdivision GA |
|
|
Subdiv. GA of Div. 2 of...... |
ad. No. 103, 2004 |
|
ad. No. 103, 2004 |
|
|
Subdivision GB |
|
|
Subdiv. GB of Div. 2 of...... |
ad. No. 44, 2010 |
|
ad. No. 44, 2010 |
|
|
ad. No. 44, 2010 |
|
|
ad. No. 44, 2010 |
|
|
|
am. No. 103, 2010 |
|
ad. No. 44, 2010 |
|
|
Subdivision GC |
|
|
Subdiv. GC of Div. 2 of..... |
ad. No. 44, 2010 |
|
ad. No. 44, 2010 |
|
|
ad. No. 44, 2010 |
|
|
Subdivision H |
|
|
am. No. 123, 2001; No. 44, 2010 |
|
|
am. No. 123, 2001 |
|
|
Part 3 |
|
|
Division 1 |
|
|
am. No. 122, 2001; No. 132, 2007 |
|
|
am. No. 122, 2001 |
|
|
am. No. 41, 2003 |
|
|
Division 2 |
|
|
Note to s. 19(2).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 21(1).................. |
ad. No. 123, 2001 |
|
Note to s. 21(3).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 23(2).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 24(2).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Division 3 |
|
|
Heading to Div. 3 of Part 3........................................ |
rs. No. 1, 2007 |
|
am. No. 122, 2001; No 1, 2007 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 30(1).................. |
ad. No. 123, 2001 |
|
Note to s. 30(2).................. |
ad. No. 123, 2001 |
|
ad. No. 1, 2007 |
|
|
Heading to s. 31................ |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Note to s. 31(1).................. |
ad. No. 123, 2001 |
|
S. 32.................................... |
rep. No. 122, 2001 |
|
Note to s. 32A.................... |
ad. No. 123, 2001 |
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Note to s. 33....................... |
ad. No. 123, 2001 |
|
Heading to s. 34................ |
rs. No. 1, 2007 |
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Note to s. 34(1).................. |
ad. No. 123, 2001 |
|
Heading to s. 35................ |
am. No. 131, 2010 |
|
am. No. 131, 2010 |
|
|
S. 36A................................. |
ad. No. 131, 2010 |
|
am. No. 123, 2001; No. 1, 2007 |
|
|
Note to s. 37(9).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 38....................... |
ad. No. 123, 2001 |
|
|
am. No. 5, 2011 |
|
am. No. 123, 2001 |
|
|
Note to s. 39....................... |
ad. No. 123, 2001 |
|
ad. No. 1, 2007 |
|
|
Division 4 |
|
|
Heading to Div. 4 of Part 3........................................ |
rs. No. 122, 2001; No. 108, 2009 |
|
am. No. 122, 2001; No. 108, 2009 |
|
|
Heading to s. 41................ |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001 |
|
|
Note to s. 41(1).................. |
ad. No. 123, 2001 |
|
Note to s. 41(2).................. |
ad. No. 123, 2001 |
|
Note to s. 41(3).................. |
ad. No. 123, 2001 |
|
Note to s. 41(4).................. |
ad. No. 123, 2001 |
|
ad. No. 108, 2009 |
|
|
Heading to s. 43................ |
am. No. 122, 2001 |
|
am. Nos. 122 and 123, 2001; No. 103, 2004 |
|
|
Note to s. 43(2).................. |
ad. No. 123, 2001 |
|
Note to s. 43(3).................. |
ad. No. 123, 2001 |
|
rep. No. 122, 2001 |
|
|
|
ad. No. 108, 2009 |
|
S. 46.................................... |
rep. No. 122, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 48(2).................. |
ad. No. 123, 2001 |
|
Division 5 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 49(3).................. |
ad. No. 123, 2001 |
|
Note to s. 49(4).................. |
ad. No. 123, 2001 |
|
Division 6 |
|
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 58(1).................. |
ad. No. 123, 2001 |
|
Note to s. 58(2).................. |
ad. No. 123, 2001 |
|
Note to s. 58(4).................. |
ad. No. 123, 2001 |
|
am. No. 103, 2004 |
|
|
Division 7 |
|
|
am. Nos. 122 and 123, 2001; No. 1, 2007; No. 108, 2009 |
|
|
Note to s. 64(3).................. |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 67(2).................. |
ad. No. 123, 2001 |
|
am. No. 132, 2007 |
|
|
Division 8 |
|
|
am. No. 122, 2001; No. 108, 2009 |
|
|
am. No. 123, 2001 |
|
|
Heading to s. 73................ |
am. No. 122, 2001; No. 108, 2009 |
|
am. Nos. 122 and 123, 2001; No. 108, 2009 |
|
|
S. 74.................................... |
rep. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Division 9 |
|
|
am. No. 122, 2001; No. 1, 2007 |
|
|
Division 10 |
|
|
am. No. 103, 2004 |
|
|
am. No. 123, 2001 |
|
|
Part 4 |
|
|
Division 1 |
|
|
am. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
Division 3 |
|
|
am. No. 74, 2007; Nos. 44 and 103, 2010 |
|
|
Part 5 |
|
|
Division 1 |
|
|
S. 108 ................................. |
am. No. 159, 2001 |
|
am. No. 122, 2001; No. 26, 2008; No. 58, 2011 |
|
|
Part 6 |
|
|
S. 122 ................................. |
rs. No. 55, 2001 |
|
Part 7 |
|
|
Division 1 |
|
|
am. No. 122, 2001 |
|
|
am. No. 74, 2007 |
|
|
am. No. 123, 2001 |
|
|
Division 2 |
|
|
S. 127 ................................. |
am. Nos. 122, 123 and 166, 2001; Nos. 41, 116 and 141, 2003; No. 103, 2004; No. 1, 2007; No. 92, 2008; No. 145, 2010; Nos. 102, 127 and 132, 2011 |
|
Div. 3 of Part 7................... |
rep. No. 122, 2001 |
|
Ss. 128-132........................ |
rep. No. 122, 2001 |
|
Part 8 |
|
|
Part 8.................................. |
rs. No. 74, 2007 |
|
Division 1 |
|
|
rs. No. 74, 2007 |
|
|
am. No. 122, 2001; No. 8, 2005 |
|
|
|
rs. No. 74, 2007 |
|
Division 2 |
|
|
ad. No. 74, 2007 |
|
|
|
am. No. 127, 2011 |
|
Division 3 |
|
|
am. No. 24, 2003 |
|
|
|
rs. No. 74, 2007 |
|
S. 138.................................. |
am. No. 122, 2001; No. 1, 2007 |
|
|
rep. No. 74, 2007 |
|
S. 139.................................. |
am. No. 101, 2006 |
|
|
rep. No. 74, 2007 |
|
Ss. 140-142........................ |
rep. No. 74, 2007 |
|
Part 9 |
|
|
Heading to Part 9.............. |
rs. No. 122, 2001 |
|
Division 1 |
|
|
Heading to s. 146.............. |
am. No. 122, 2001 |
|
am. No. 122, 2001; No. 74, 2007 |
|
|
Note 1 to s. 146(1) ............ |
am. No. 122, 2001 |
|
Note 2 to s. 146(1) ............ |
am. No. 122, 2001 |
|
|
rs. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
ad. No. 74, 2007 |
|
|
am. No. 122, 2001 |
|
|
am. No. 24, 2003 |
|
|
Heading to s. 154.............. |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
am. No. 122, 2001 |
|
|
Division 2 |
|
|
Heading to Div. 2 of Part 9........................................ |
rs. No. 74, 2007 |
|
am. No. 122, 2001 |
|
|
Heading to s. 158.............. |
am. No. 122, 2001 |
|
am. No. 122, 2001 |
|
|
Division 3 |
|
|
Div. 3 of Part 9................... |
ad. No. 74, 2007 |
|
Heading to s. 159.............. |
am. No. 122, 2001 |
|
|
rs. No. 74, 2007 |
|
am. No. 122, 2001 |
|
|
|
rs. No. 74, 2007 |
|
Heading to s. 160.............. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 160.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Heading to s. 161.............. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 161.................................. |
am. No. 122, 2001; No. 8, 2005 |
|
|
rep. No. 74, 2007 |
|
Division 4 |
|
|
Div. 4 of Part 9................... |
ad. No. 74, 2007 |
|
ad. No. 74, 2007 |
|
|
S. 163.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 165.................................. |
am. No. 122, 2001; No. 101, 2006 |
|
|
rep. No. 74, 2007 |
|
Heading to s. 166.............. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
S. 166.................................. |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Ss. 167, 168........................ |
am. No. 122, 2001 |
|
|
rep. No. 74, 2007 |
|
Part 10 |
|
|
Heading to Part 10............ |
rs. No. 122, 2001 |
|
Division 1 |
|
|
am. No. 122, 2001 |
|
|
Note to s. 172(1) ............... |
am. No. 122, 2001 |
|
S. 175 ................................. |
am. No. 159, 2001 |
|
am. No. 122, 2001 |
|
|
Division 2 |
|
|
rs. No. 122, 2001 |
|
|
Division 3 |
|
|
am. No. 123, 2001 |
|
|
Note to s. 192(1)................ |
ad. No. 123, 2001 |
|
Note to s. 192(2)................ |
ad. No. 123, 2001 |
|
Note to s. 192(4)................ |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Note to s. 199(2)................ |
ad. No. 123, 2001 |
|
am. No. 123, 2001 |
|
|
Part 11 |
|
|
Division 1 |
|
|
am. No. 116, 2003; No. 103, 2004; No. 66, 2010 |
|
|
am. No. 103, 2004 |
|
|
rs. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
S. 209.................................. |
rep. No. 103, 2004 |
|
Heading to s. 210.............. |
am. No. 103, 2004 |
|
am. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
|
am. No. 66, 2010 |
|
ad. No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
Division 2 |
|
|
am. No. 103, 2004 |
|
|
am. Nos. 119 and 123, 2001; No. 103, 2004 |
|
|
am. No. 103, 2004 |
|
|
am. No. 119, 2001; No. 103, 2004 |
|
|
am. No. 123, 2001; No. 103, 2004 |
|
|
am. No. 103, 2004; No. 66, 2010 |
|
|
am. No. 119, 2001; No. 103, 2004 |
|
|
Part 12 |
|
|
Heading to Part 12............ |
rs. No. 103, 2004 |
|
am. No. 103, 2004 |
|
|
Division 1 |
|
|
Heading to Div. 1 of Part 12............................. |
rs. No. 103, 2004 |
|
Subdivision A |
|
|
Heading to Subdiv. A of.... |
ad. No. 61, 2008 |
|
am. No. 103, 2004; No. 61, 2008; No. 66, 2010 |
|
|
ad. No. 103, 2004 |
|
|
Subdivision B |
|
|
Heading to Subdiv. B of ... |
ad. No. 61, 2008 |
|
rs. No. 61, 2008 |
|
|
ad. No. 61, 2008 |
|
|
am. No. 103, 2004; No. 61, 2008 |
|
|
Note 1 to s. 227(1)............. |
rs. No. 61, 2008 |
|
Note 2 to s. 227(1)............. |
rs. No. 61, 2008 |
|
Note 3 to s. 227(1)............. |
ad. No. 61, 2008 |
|
Subdivision C |
|
|
Heading to Subdiv. C of .. |
ad. No. 61, 2008 |
|
ad. No. 61, 2008 |
|
|
ad. No. 103, 2004 |
|
|
|
am. No. 61, 2008 |
|
Division 2 |
|
|
Note to s. 231(1)................ |
am. No. 61, 2008 |
|
am. No. 103, 2004 |
|
|
|
rs. No. 61, 2008 |
|
Division 2A |
|
|
Div. 2A of Part 12............... |
ad. No. 103, 2004 |
|
ad. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
|
rs. No. 61, 2008 |
|
ad. No. 103, 2004 |
|
|
Division 3 |
|
|
Subdivision A |
|
|
am. No. 103, 2004; No. 61, 2008 |
|
|
ad. No. 103, 2004 |
|
|
Subdivision AA |
|
|
Subdiv. AA of Div. 3 of...... |
ad. No. 61, 2008 |
|
ad. No. 61, 2008 |
|
|
ad. No. 61, 2008 |
|
|
Subdivision B |
|
|
Heading to s. 236A............ |
rs. No. 103, 2004 |
|
am. No. 103, 2004; No. 61, 2008 |
|
|
ad. No. 61, 2008 |
|
|
ad. No. 61, 2008 |
|
|
Subdivision BAA |
|
|
Subdiv. BAA of Div. 3 of.... |
ad. No. 61, 2008 |
|
ad. No. 61, 2008 |
|
|
Subdivision BA |
|
|
Subdiv. BA of Div. 3 of...... |
ad. No. 103, 2004 |
|
ad. No. 103, 2004 |
|
|
|
am. No. 61, 2008 |
|
ad. No. 61, 2008 |
|
|
ad. No. 103, 2004 |
|
|
ad. No. 61, 2008 |
|
|
Subdivision C |
|
|
am. No. 103, 2004; No. 61, 2008 |
|
|
Subdiv. D of Div. 3 of........ |
rep. No. 61, 2008 |
|
S. 238.................................. |
am. No. 103, 2004 |
|
|
rep. No. 61, 2008 |
|
Part 13 |
|
|
Part 13................................ |
ad. No. 103, 2004 |
|
Division 1 |
|
|
ad. No. 103, 2004 |
|
|
Division 2 |
|
|
ad. No. 103, 2004 |
|
|
Division 3 |
|
|
ad. No. 103, 2004 |
|
|
Part 14 |
|
|
Heading to Part 14............ |
rs. No. 122, 2001 |
|
Part 15 |
|
|
am. No. 122, 2001 |
|
|
ad. No. 170, 2006 |
|
|
am. No. 122, 2001 |
|
|
am. No. 122, 2001; No. 103, 2004; No. 61, 2008 |
|
|
Part 16 |
|
|
Division 1 |
|
|
am. No. 55, 2001; No. 116, 2003 |
|
|
am. No. 55, 2001 |
|
|
Division 4 |
|
|
S. 266 ................................. |
am. No. 55, 2001 |
|
ad. No. 55, 2001 |
|
|
Division 5 |
|
|
am. No. 55, 2001 |
|
|
Division 7 |
|
|
am. No. 154, 2007 |
|
|
Part 17 |
|
|
Part 17................................ |
ad. No. 103, 2004 |
|
ad. No. 103, 2004 |
|
|
ad. No. 103, 2004 |
|
|
Part 18 |
|
|
Part 18................................ |
ad. No. 66, 2010 |
|
ad. No. 66, 2010 |
|
Note 2
Clean Energy (Consequential Amendments) Act 2011 (No. 132, 2011)
The following amendment commences on 1 July 2012:
Schedule 1
256A At the end of subsection 127(2A)
Add:
; (f) the Climate Change Authority.
As at 20 April 2012 the amendment is not incorporated in this compilation.
Table A
Application, saving or transitional provisions
Treasury Legislation Amendment (Application of Criminal Code) Act (No. 2) 2001 (No. 146, 2001)
(1) Each amendment made by this Act applies to acts and omissions that take place after the amendment commences.
(2) For the purposes of this section, if an act or omission is alleged to have taken place between 2 dates, one before and one on or after the day on which a particular amendment commences, the act or omission is alleged to have taken place before the amendment commences.
Abolition of Compulsory Age Retirement (Statutory Officeholders) Act 2001 (No. 159, 2001)
Schedule 1
97 Application of amendments
The amendments made by this Schedule do not apply to an appointment if the term of the appointment began before the commencement of this item.
Financial Framework Legislation Amendment Act 2005 (No. 8, 2005)
4 Saving of matters in Part 2 of Schedule 1
(1) If:
(a) a decision or action is taken or another thing is made, given or done; and
(b) the thing is taken, made, given or done under a provision of a Part 2 Act that had effect immediately before the commencement of this Act;
then the thing has the corresponding effect, for the purposes of the Part 2 Act as amended by this Act, as if it had been taken, made, given or done under the Part 2 Act as so amended.
(2) In this section:
Part 2 Act means an Act that is amended by an item in Part 2 of Schedule 1.
Schedule 1
496 Saving provision--Finance Minister's determinations
If a determination under subsection 20(1) of the Financial Management and Accountability Act 1997 is in force immediately before the commencement of this item, the determination continues in force as if it were made under subsection 20(1) of that Act as amended by this Act.
Tax Laws Amendment (Repeal of Inoperative Provisions)
Act 2006
(No. 101, 2006)
Schedule 6
5 Application of Schedule 5 amendments
The repeals and amendments made by Schedule 5 apply to acts done or omitted to be done, or states of affairs existing, after the commencement of the amendments.
6 Object
The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.
7 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998-99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.
Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998-99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.
The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998-99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.
Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.
Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.
Example 2: During the 1997-98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.
Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.
Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.
8 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.
9 Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty
If:
(a) a provision or part of a provision that is repealed or amended by this Act provides for the payment of:
(i) general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and
(b) in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.
10 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.
11 Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901
This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.
Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (No. 74, 2007)
Schedule 2
1 Definitions
In this Schedule:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
Agency means:
(a) ASIC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or
(b) CAMAC as established under the Australian Securities and Investments Commission Act 2001 immediately before the commencement time; or
(c) APRA as established under the Australian Prudential Regulation Authority Act 1998 immediately before the commencement time.
Agency head means:
(a) in relation to ASIC--the Chairperson of ASIC; or
(b) in relation to CAMAC--the Convenor of CAMAC; or
(c) in relation to APRA--the Chair of APRA.
asset means:
(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or prospective.
assets official, in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.
commencement time means the time when this Schedule commences.
financial liability means a liability to pay a person an amount, where the amount, or the method for working out the amount, has been determined.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.
land registration official, in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.
liability means any liability, duty or obligation, whether actual, contingent or prospective.
member means:
(a) in relation to ASIC--a member of ASIC; or
(b) in relation to CAMAC--a member of CAMAC; or
(c) in relation to APRA--an APRA member.
2 Pre-existing property, money and financial liabilities
(1) Subject to items 3, 4 and 5 of this Schedule, any real or personal property or money that is held by ASIC or CAMAC immediately before the commencement time is taken, immediately after that time, to be held by ASIC or CAMAC for and on behalf of the Commonwealth.
(2) Subject to items 3, 4 and 5 of this Schedule, any financial liabilities of ASIC or CAMAC that exist immediately before the commencement time are taken, immediately after that time, to be liabilities of the Commonwealth.
(3) If an amount of money (the original amount) that is held by ASIC immediately before the commencement time is held by ASIC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of ASIC.
(4) If an amount of money (the original amount) that is held by CAMAC immediately before the commencement time is held by CAMAC for and on behalf of the Commonwealth immediately after the commencement time, an amount equal to the original amount may be paid out of the Consolidated Revenue Fund, which is appropriated accordingly, for the purposes of CAMAC.
3 Trust property held under Part 9.7 of the Corporations Act
Any unclaimed property held, immediately before the commencement time, on trust by ASIC to be dealt with under Part 9.7 of the Corporations Act 2001 (as in force at that time) is taken, immediately after that time, to be held by ASIC for and on behalf of the Commonwealth to be dealt with in accordance with Part 9.7 of the Corporations Act 2001 (as amended by Schedule 1 to this Act).
4 Vesting of other assets held on trust by ASIC
(1) This item applies to any other assets held on trust by ASIC immediately before the commencement time.
(2) At the commencement time, the assets to which this item applies cease to be assets held on trust by ASIC and become assets held on trust by the Commonwealth, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to those assets.
Note: ASIC may, for and on behalf of the Commonwealth, perform all the duties and exercise all the powers of the Commonwealth as trustee in relation to assets held on trust by the Commonwealth (see subsection 8(6) of the Australian Securities and Investments Commission Act 2001).
5 Vesting of liabilities relating to assets held on trust
(1) This item applies to the liabilities of ASIC in relation to assets mentioned in item 4 of this Schedule that are held on trust by ASIC immediately before the commencement time.
(2) At the commencement time, the liabilities to which this item applies cease to be liabilities of ASIC in relation to the assets and become liabilities of the Commonwealth in relation to the assets, without any conveyance, transfer or assignment. The Commonwealth becomes the successor in law in relation to these liabilities.
6 Certificates relating to vesting of land
(1) This item applies if:
(a) any land vests in the Commonwealth under this Schedule; and
(b) there is lodged with a land registration official a certificate that:
(i) is signed by the Minister; and
(ii) identifies the land, whether by reference to a map or otherwise; and
(iii) states that the land has become vested in the Commonwealth under this Schedule.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
7 Certificates relating to vesting of assets other than land
(1) This item applies if:
(a) any asset other than land vests in the Commonwealth under this Schedule; and
(b) there is lodged with an assets official a certificate that:
(i) is signed by the Minister; and
(ii) identifies the asset; and
(iii) states that the asset has become vested in the Commonwealth under this Schedule.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 9 of this Schedule.
(2) The assets official may:
(a) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and
(b) make such entries in the register as are necessary having regard to the effect of this Part.
8 Substitution of Commonwealth as a party to pending proceedings
If any proceedings relating to an asset covered by item 4 of this Schedule, to which ASIC was a party, were pending in any court or tribunal immediately before the commencement time, the Commonwealth is substituted for ASIC, from the commencement time, as a party to the proceedings.
9 Certificates taken to be authentic
A document that appears to be a certificate made or issued under a particular provision of this Schedule:
(a) is taken to be such a certificate; and
(b) is taken to have been properly given;
unless the contrary is established.
10 Access to records
For the purposes of the operation of subsection 27L(4) of the Commonwealth Authorities and Companies Act 1997 in relation to the books of CAMAC, the reference in that subsection to a Commonwealth authority is to be read, after the commencement time, as a reference to the Convenor.
14 Financial statements and other reporting requirements
Reporting requirements
(1) If:
(a) immediately before the commencement time, a law required an Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period; and
(b) the period ends after the commencement time;
the Agency head must provide the report, as required, for so much of the period as occurs before the commencement time.
(2) If:
(a) under subitem (1), the Agency head is required to provide a report for a part of a period; and
(b) the Agency head is also required to provide a similar report for the remainder of the period;
the Agency head may meet the requirements in a single report for the period.
Outstanding reporting requirements
(3) If:
(a) a law required the Agency or a member of the Agency to provide a report (whether financial statements or otherwise) for a period that ended before the commencement time; and
(b) the report has not been provided by the commencement time;
the Agency head must provide the report as required.
Application of law to Agency head
(4) To avoid doubt, if, under this item, an Agency head is required to provide a report under a law, the law applies to the Agency head in respect of the report in the same way as the law would have applied to the Agency or the member of the Agency in respect of the report.
15 New annual report requirements to apply from 2007-2008 and later financial years
Sections 136 and 162 of the Australian Securities and Investments Commission Act 2001 (as inserted by items 12 and 46 of Schedule 1 to this Act), and item 66 of Schedule 1 to this Act, apply to the 2007-2008 financial year and later financial years.
16 Continuing obligation to keep records
If, immediately before this item commences, an Agency has kept accounting records under subsection 20(1) of the Commonwealth Authorities and Companies Act 1997, then, after this item commences, section 20 of that Act (as in force from time to time), continues to apply, in respect of those records, as if the Agency continued to be subject to that Act.
17 Constitutional safety net--acquisition of property
(1) If the operation of this Schedule would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
18 Exemption from stamp duty and other State or Territory taxes
No stamp duty or other tax is payable under a law of a State or Territory in respect of, or in respect of anything connected with:
(a) the transfer of an asset or liability under this Schedule; or
(b) the operation of this Schedule in any other respect.
19 Delegation by Minister
(1) The Minister may, by writing, delegate all or any of his or her powers and functions under this Schedule, in relation to an Agency, to the Agency head.
(2) In exercising or performing powers or functions under a delegation, the delegate must comply with any directions of the Minister.
20 Regulations
(1) The Governor-General may make regulations prescribing matters:
(a) required or permitted by this Schedule to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.
(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by Schedule 1 to this Act.
Trade Practices Legislation Amendment Act (No. 1) 2007 (No. 159, 2007)
Schedule 3
9 Application of amendments
The amendments made by this Schedule apply in relation to conduct engaged in after the commencement of the amendments in relation to contracts for the supply or acquisition of goods or services made before or after commencement.
Trade Practices Legislation Amendment Act 2008 (No. 116, 2008)
Schedule 3
6 Application of item 5
The amendments made by item 5 of this Schedule apply in relation to conduct engaged in after the commencement of that item, including conduct in relation to contracts for the supply or acquisition of goods or services whether made before or after that commencement.
Trade Practices Amendment (Australian Consumer Law) Act
(No. 1) 2010
(No. 44, 2010)
Schedule 3
8 Application and transitional provisions
(1) Subdivision BA of Division 2 of Part 2 of the Australian Securities and Investments Commission Act 2001 applies to a contract entered into on or after the commencement of this Part of this Schedule.
(2) That Subdivision does not apply to a contract entered into before the commencement of this Part of this Schedule. However:
(a) if the contract is renewed on or after that commencement--that Subdivision applies to the contract as renewed, on and from the day (the renewal day) on which the renewal takes effect, in relation to conduct that occurs on or after the renewal day; or
(b) if a term of the contract is varied on or after that commencement, and paragraph (a) has not already applied in relation to the contract--that Subdivision applies to the term as varied, on and from the day (the variation day) on which the variation takes effect, in relation to conduct that occurs on or after the variation day.
(2A) If paragraph (2)(b) applies to a term of a contract, subsection 12BF(2) or section 12BK of the Australian Securities and Investments Commission Act 2001 applies to the contract.
(3) Despite paragraphs (2)(a) and (b) and subitem (2A), that Subdivision does not apply to a contract, or a term of a contract, to the extent that the operation of that Subdivision would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph of the Constitution).
Corporations Amendment (No. 1) Act 2010 (No. 131, 2010)
Schedule 1
22 Application of amendment
The amendment made by item 3 of this Schedule applies in relation to warrants issued after the commencement of this Schedule.