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Treasury Laws Amendment (2019 Measures No. 2) Bill 2019

2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (2019 Measures No. 2) Bill 2019

 

No.      , 2019

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to taxation, competition, energy and superannuation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Genuine redundancy payments and early retirement scheme payments alignment with pension age                                                                                                    4

Part 1—Genuine redundancy payments and early retirement scheme payments amendments    4

Income Tax Assessment Act 1997                                                                               4

Part 2—Technical amendments                                                                                 5

Income Tax Assessment Act 1997                                                                               5

Schedule 2—Luxury car tax refund entitlements                                               7

A New Tax System (Luxury Car Tax) Act 1999                                                        7

Schedule 3—Australian Energy Regulator                                                             8

Part 1—Amendments                                                                                                     8

Competition and Consumer Act 2010                                                                      8

Part 2—Transitional provisions                                                                               17

Schedule 4—Consumer Data Right—Deletion requests                               18

Competition and Consumer Act 2010                                                                    18

Schedule 5—Interest on superannuation payments made by the Commissioner of Taxation     20

Superannuation (Unclaimed Money and Lost Members) Act 1999                  20

Superannuation (Unclaimed Money and Lost Members) Regulations 1999 20

 

 



A Bill for an Act to amend the law relating to taxation, competition, energy and superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (2019 Measures No. 2) Act 2019 .

2   Commencement

             (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

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1

The day after this Act receives the Royal Assent.

 

3.  Schedule 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

4.  Schedule 3

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

5.  Schedules 4 and 5

The day after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Note:          The provisions of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 amended or inserted by this Act, and any other provisions of that instrument, may be amended or repealed by regulations made under any of the following provisions of the Superannuation (Unclaimed Money and Lost Members) Act 1999 :

(a)    subsections 17(2AB) and (2AC);

(b)    subsection 20H(2AA);

(c)    subsections 20QF(5) and (6);

(d)    subsections 24G(3A) and (3B);

(e)    subsection 24NA(4).

                   (See subsection 13(5) of the Legislation Act 2003 .)