Competition and Consumer Point-in-Time Service Updates

Tuesday 28 July 2020 @ 2.39 p.m.

The Competition and Consumer Point-in-Time Service has been updated to include the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (Cth) (Act 64 of 2020) and the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020 (Cth)

Act 64 of 2020

Schedule 1 to the Act amends the ITAA 1936 to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in respect of income generated from assets of the deceased estate that are transferred to the testamentary trust (or the proceeds of the disposal or investment of those assets).

Schedule 2 to the Act amends the Corporations Act to defer the transitional timeframes for existing providers to comply with the education and training standard requiring completion of an approved degree or equivalent qualification and the standard requiring the passing of an approved exam.

Schedule 3 to the Act makes a number of minor and technical amendments to laws relating to taxation, superannuation, corporations and credit. These amendments are part of the Government’s ongoing commitment to the care and maintenance of Treasury portfolio legislation. These amendments make minor and technical changes to correct typographical and numbering errors, bring provisions in line with modern drafting conventions, repeal inoperative provisions, remove administrative inefficiencies, address unintended outcomes and update references, ensuring Treasury laws improve to operate as intended.

Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020

These regulations give effect to proposal 15 of the Australian Consumer Law Review which recommended changing the monetary threshold in the definition of ‘consumer’ for the purposes of the Australian Consumer Law (ACL).

These amendments have been updated in the Point-in-Time Competition and Consumer Service current to 27 July 2020. (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.