Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

Firstly, I'd like to thank all those senators who have contributed to this debate on the Treasury Laws Amendment (2021 Measures No. 6) Bill 2021. Schedule 1 of the bill will amend the income tax law to ensure that no tax is payable on refunds of large-scale generation certificate shortfall charges. This measure will clarify the operation of the income tax law for energy providers and ensure that taxpayers who receive a refund of shortfall charges are not inadvertently disadvantaged. This will enable the market for these certificates to work as intended, meeting targets for clean energy while minimising cost impacts on consumers.

Schedule 2 of the bill establishes a more effective enforcement regime to encourage greater compliance with the franchising code by amending the Competition and Consumer Act 2010 to increase the maximum civil pecuniary penalty available under this code to the greater of $10 million, three times the benefit obtained from the contravention of the code or 10 per cent of annual turnover. The maximum civil penalties that can be applied to industry codes generally will also be lifted from 300 to 600 penalty units, or $133,200.

Schedule 3 of the bill delivers on a government commitment to reduce costs and simplify reporting for affected superannuation funds by streamlining an administrative requirement for the calculation of exempt current pension income. It does so by removing the redundant requirements for superannuation trustees to obtain an actuarial certificate when calculating their exempt current pension income when all the fund members are fully in the retirement phase for the entire income year. Schedule 4 of the bill will strengthen the industry codes framework and provide legal certainty by clarifying that industry codes can confer powers and functions on third parties to the commercial relationship between industry participants.

Finally, schedule 5 of the bill improves the visibility of superannuation assets during family law proceedings. This schedule amends the Family Law Act 1975 and also the Taxation Administration Act 1953 to allow parties to family law proceedings to apply to Family Court registries to request information from the ATO—the Australian Taxation Office—that will assist them to identify their former partner's superannuation interests. Parties will then be able to use this information provided by the ATO to seek up-to-date superannuation information from their former partner's superannuation fund for use in these family law proceedings.

These amendments will reduce time, cost and complexity for parties seeking accurate superannuation information, supporting more separated couples to divide their property on a just and equitable basis. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.