The Competition and Consumer Point-in-Time Service has been updated to include the Treasury Laws Amendment (2018 Measures No. 5) Act 2019 (Cth) (Act 15 of 2019), the Treasury Laws Amendment (2019 Measures No. 1) Act 2019 (Cth) (Act 49 of 2019), the new principal Competition and Consumer (Industry Code—Electricity Retail) Regulations 2019 (Cth) and the Treasury Laws Amendment (Professional Standards Schemes) Regulations 2019 (Cth).
Schedule 1 to this Act amends the TAA 1953, ITAA 1997, ITAA 1936, TLAA 2016 and the IT(TP)A 1997 to make a number of technical refinements to the income tax law so that the new tax system for managed investment trusts operates as intended.
Schedule 4 repeals subsection 51(3) of the Competition and Consumer Act 2010 (CCA) and subsection 51(3) of Schedule 1 to the CCA (the Competition Code). The amendments remove the exemption for conditional licensing or assignment of IP rights such as patents, registered designs, copyright or eligible circuit layout rights from prohibitions on restrictive trade practices.
Schedule 5 makes changes relating to small business access to justice.
Schedule 2 of this Act and the Excise Tariff Amendment (Supporting Craft Brewers) Act 2019 amend the Excise Tariff Act and the Excise Act to extend concessional rates of excise to brewers that supply draught beer in kegs or other containers that have a capacity of 8 litres or more that are designed for use with a pressurised gas delivery system or pump delivery system.
Schedule 3 to the Act amends the ITAA 1997 to continue to provide the Global Infrastructure Hub Ltd (the Hub) with an exemption from the liability to pay income tax on its ordinary and statutory income.
Schedule 4 to the Act makes a number of miscellaneous amendments to legislation in the Treasury portfolio. These amendments are part of the Government’s commitment to the care and maintenance of the Treasury portfolio legislation. These amendments make minor technical changes to correct spelling errors, bring provisions in line with drafting conventions and repeal inoperative provisions. The Schedule also makes minor technical amendments to remove administrative inefficiencies and clarifies the law to ensure that it operates in accordance with policy intent.
These regulations prescribe a mandatory industry code for supplying electricity to small customers. Under the code, standing offer prices must not exceed a price determined by the AER, small customers must be told how a retailer’s prices compare with the AER-determined price, the most prominent price-related feature in an advertisement must not be a conditional discount; and any conditions on other discounts must be clearly displayed.
The regulations also confer associated price-setting functions on the AER.
These regulations update the list of prescribed professional schemes that have capped civil liability for misleading and deceptive conduct under the Australian Securities and Investments Commission Act 2001, the Competition and Consumer Act 2010 and the Corporations Act 2001. This provides consistency across Commonwealth and state and territory laws.
These amendments and the new principal Regulation have been updated in the Point-in-Time Competition and Consumer Service current to 10 May 2019. (NB: Subscription required).
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