Competition and Consumer Point-in-Time Service Updates

The Competition and Consumer Point-in-Time Service has been updated to include the Treasury Laws Amendment (2019 Measures No. 2) Act 2019 (Cth) (Act 94 of 2019).

Act 94 of 2019

Schedule 1 to the Act amends the tax law to extend the concessional taxation treatment for genuine redundancy and early retirement scheme payments to amounts paid to individuals who are 65 or more years of age provided the dismissal or retirement occurs before they reach pension age.

Schedule 2 to the Act amends the luxury car tax refund arrangements for eligible primary producers and tourism operators to provide a full refund of luxury car tax, up to a cap of $10,000, for eligible vehicles.

Schedule 3 to the Act expands the board of the Australian Energy Regulator from three members to five members and makes other changes to ensure that the expanded board can operate efficiently.

Schedule 4 to the Act creates a requirement that consumer data rules include an obligation on accredited data recipients to delete consumer data right (CDR) data in response to a request from a CDR consumer for that CDR data.

Schedule 5 to the Act amends the Superannuation (Unclaimed Money and Lost Members) Act 1999 (Cth) to correctly allow for regulations to be made to prescribe a rate of interest which is payable on amounts held by the Commissioner which are proactively reunified into a person’s superannuation account, as originally intended. Schedule 5 to the Act also amends the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 (Cth) to prescribe a rate of interest payable on inactive low balance accounts and amounts proactively reunified by the Commissioner.

These amendments have been updated in the Point-in-Time Competition and Consumer Service current to 11 November 2019. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.