House debates

Wednesday, 24 March 2021

Bills

Treasury Laws Amendment (2020 Measures No. 4) Bill 2020; Second Reading

7:17 pm

Photo of Michael SukkarMichael Sukkar (Deakin, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank all members who have contributed to this debate on the Treasury Laws Amendment (2020 Measures No. 4) Bill 2020. In recapping, schedule 1 to the bill amends 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, ensuring 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 for consumers.

Schedule 2 to the bill amends the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018 to facilitate the closure of the Superannuation Complaints Tribunal and any transitional arrangements associated with the AFCA replacing the Superannuation Complaints Tribunal.

Schedule 3 to the bill amends the Competition and Consumer Act 2010 to encourage greater compliance with industry codes of conduct by increasing the maximum civil pecuniary penalty for breaches from 300 to 600 penalty units. For the franchising code only, the maximum penalty is being increased to the greater of either $10 million, three times the benefit of the breach or 10 per cent of annual turnover.

Schedule 4 will amend schedule 5 of the Coronavirus Economic Response Package Omnibus (Measures No. 2) Act 2020 to re-implement a temporary mechanism which allows arrangements for complying with information and documentary requirements to be altered under the Commonwealth legislation, including requirements to give information in writing and to produce, witness and sign documents. The temporary mechanism was previously in place from 9 April 2020 until 31 December 2020. The reimplementation of this mechanism responds to the continuing challenges posed by social-distancing measures and restrictions on movement and gathering in Australia and overseas introduced as a response to the COVID-19 pandemic. Social-distancing restrictions, as members will know, are expected to continue to cause difficulties in complying with information and documentary requirements under Commonwealth legislation both in Australia and elsewhere, which requires this extension.

In recognition of the importance of continued business transactions and government service delivery during the pandemic, this measure provides that a responsible minister may continue to determine that provisions in Commonwealth legislation containing particular information or documentary requirements: (1) can be varied; (2) do not apply; or (3) prescribe that another provision specified in the determination applies for a specified time period. The responsible minister must not exercise the power unless they are satisfied that the determination is in response to circumstances relating to COVID-19. This mechanism is again temporary and will be repealed at the end of this year, at 31 December 2021, and any determination made under the mechanism will cease to operate when the temporary mechanism is repealed. I therefore commend this bill to the House.

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