Summary
Amends the:
Income Tax Assessment Act 1997
to extend the concessional tax treatment for genuine redundancy and early retirement scheme payments made to individuals who are 65 years or older provided the dismissal or retirement occurs before they reach pension age;
A New Tax System (Luxury Car Tax) Act 1999
to increase the refund amount that eligible primary producers and tourism operators can receive when luxury car tax is borne on the supply or import of an eligible vehicle;
Competition and Consumer Act 2010
to: increase the size of the board of the Australian Energy Regulator from three to five members and make changes to the operation of the board; and create a requirement that consumer data rules include an obligation on accredited data recipients to delete consumer data right data in response to a valid request from a consumer;
Superannuation (Unclaimed Money and Lost Members) Act 1999
to enable the Commissioner of Taxation to pay interest on amounts held by the commissioner that are proactively reunified with a person’s active superannuation account; and Superannuation (Unclaimed Money and Lost Members) Regulations 1999 to prescribe the rate of interest payable on inactive low balance accounts and amounts proactively reunified by the commissioner.