Thursday, 17 October 2019
Treasury Laws Amendment (2019 Measures No. 2) Bill 2019; Second Reading
The Treasury Laws Amendment (2019 Measures No. 2) Bill 2019 contains a number of technical amendments to the Treasury legislation. Schedule 1 extends the concessional taxation treatment for genuine redundancy and early retirement scheme payments to people who are over 65 years but under pension age. This amendment is necessary because of the change by the government to the pension age. It should have been done some time ago, and further delays will only cause harm to this cohort of Australians. Schedule 2 allows tourism operators and primary producers to receive a full refund of the luxury car tax. This will support businesses who are investing in new vehicles for business purposes.
Schedule 3 expands the board of the Australian Energy Regulator from three to five members. This will allow greater oversight of the AER's work and allow for a greater range of expertise to be represented on the board. Schedule 4 amends the consumer data right legislation passed several weeks ago. Labor insisted that during the debate the consumer data rules set by the ACCC include the right for customers to have their data deleted. This amendment gives effect to that. Schedule 5 fixes a drafting error in the superannuation legislation to allow for regulations to set rates of interest to be paid on lost superannuation accounts held by the ATO. Labor supports this bill.
Question agreed to.
Bill read a second time.