Ross Vasta (Bonner, Liberal Party) Share this | Hansard source

I rise today to speak in support of the Treasury Laws Amendment (2021 Measures No.6) Bill 2021. It is a bill that seeks to amend a number of streamlining and integrity measures for energy retailers and other liable entities, as well as those part of Australia's growing franchising sector, and it seeks to improve the visibility of superannuation assets during Family Court proceedings. This is to be enacted through five schedules. Australia is a world leader in renewable energy investment and our government is committed to working to ensure renewables are more reliable. We are investing in further transmission projects and strengthening the grid to enable electricity to be more accessible and affordable nationwide.

Schedule 1 to the bill continues our momentum. As has always been the case with the Renewable Energy Target scheme, energy retailers and other liable entities are required to surrender large-scale generation certificates or pay a shortfall charge. This measure will clarify the operation of income tax law for energy providers. It provides certainty that energy retailers and other liable entities will not be charged tax on the amount of shortfall refunded. It will ensure that the market for large-scale generation certificates works as it has been designed to, meeting targets for clean energy while minimising costs for consumers.

Schedule 2 makes amendments to Australia's franchising sector. The government introduced the mandatory franchising code in 1998. Since then, it has been revised a number of times to address issues in the sector. This bill throws down the gauntlet to establish a more effective enforcement regime for Australia's franchising sector. With thousands of franchise brands in Australia and the hundreds of thousands of people employed by them, this bill will also encourage greater compliance with industry codes of conduct. It will see an increase in the maximum penalty amount that can be imposed for breaches of provisions across all industry codes. This is critical to keeping franchisors accountable and it is critical to eradicating poor conduct. The maximum civil precautionary penalty amount will be increased from 300 to 600 penalty units and, for breaches of the franchising code by a corporation, the maximum civil penalty available will be the greater of $10 million. This is three times the benefit obtained from the contravention of the code or 10 per cent of annual turnover.

Sufficient penalties allow the ACCC to protect prospective or vulnerable franchisees against exploitive behaviour by franchisors. These are necessary measures to ensure our local franchises can be successful, reach their potential and deliver for the members of the community who are choosing to put their money behind them. They are necessary to ensure that franchisees and their staff feel supported and safe going to work. This is clearly a ripple effect from the top down, and that is why we aren't holding back on putting strict measures in place.

Then there is schedule 3, which delivers on the government's 2019-20 budget commitment to reduce red tape and costs for affected superannuation funds. This bill intends to remove a redundant requirement for certain superannuation trustees to obtain an actuarial certificate when calculating exempt pension income, where the fund members are fully in retirement phase for the entire income year. This measure benefits self-managed superannuation funds and small, APRA-regulated funds.

Schedule 4 of the bill will strengthen the industry codes framework by providing legal certainty. It clarifies that industry codes can validly confer powers and functions on third parties to the commercial relationship between industry participants. This will reduce legal costs for the Commonwealth and avoid potential challenges against the validity of code provisions that confer powers and functions on third parties.

Finally, there is schedule 5. This schedule includes some major amendments to improve the visibility of superannuation assets during family law proceedings. This measure will allow more couples who are separated to divide their property on a just and equitable basis. Separation can be a very difficult process and can cause significant distress for those involved. Women are often the ones who make work related sacrifices to raise their family in the best, most nurturing environment possible. They are often the carers and the ones who reduce their work hours to spend more time at home with their children. This impacts the amount of superannuation that they can accrue. For those going through the separation process, it can put them in a vulnerable position for their future, especially if they have dependants. Findings suggest that amongst separating couples there are low levels of awareness of their own superannuation entitlements and those of their spouses. This is particularly true for women, and our government is committed to improving the economic security of women.

That is why this schedule implements the measure 'improving the visibility of superannuation assets in family law proceedings', which was announced as part of the government's Women's economic security statement2018. These amendments provide the legislative basis for an information sharing mechanism to allow separated couples undergoing family law proceedings to apply to court registries and request superannuation information about the other party that is held by the ATO. Parties will then be able to use this information from the ATO to seek up-to-date superannuation information from their former partner's superannuation fund. These amendments will make it harder for parties to hide or underdisclose their superannuation assets in family law proceedings. They do this by reducing the time, cost and complexity for partners seeking this vital information.

Unfortunately, the separation rate of Australian couples is an increasing statistic. These measures are, more than ever, critical to ensuring the superannuation of parties is properly considered during the separation process. These measures deliver fairness and they help alleviate the financial hardship that we recognise so many experience as they navigate through this time. It is clear this is a comprehensive bill and it is one that provides certainty and security to more Australians thanks to these five targeted schedules. I certainly commend this bill to the House.

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