Summary

Amends the: Fringe Benefits Tax Assessment Act 1986 to provide employers with an exemption from fringe benefits tax if they provide training or education to a redundant, or soon to be redundant, employee for the purpose of assisting that employee to gain new employment; Income Tax Assessment Act 1997 to: extend the operation of the junior minerals exploration incentive for a further four years; and include a reporting requirement for mineral exploration companies where no exploration investment has occurred to enable unused exploration credits to be identified earlier and reallocated; Treasury Laws Amendment (Junior Minerals Exploration Incentive) Act 2018 to make consequential amendments; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to provide a capital gains tax exemption for granny flat arrangements where there is a formal written agreement in place; Corporations Act 2001 and National Consumer Credit Protection Act 2009 to provide that the Australian Securities and Investment Commission is not prohibited from making a product intervention order that has conditions relating to fees, charges or other consideration payable by a retail client or consumer in relation to a financial or credit product; International Tax Agreements Act 1953 to disregard days spent in Australia due to COVID-19 by New Zealand sportspersons on teams participating in cross-border competitions and their support staff in determining whether income derived from such competitions is taxable in Australia; and Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 to retain the low and middle income tax offset for the 2021-22 financial year.