Summary
Amends the:
Income Tax Assessment Act 1997
to make refunds of large-scale generation shortfall charges non-assessable non-exempt income for income tax purposes;
Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018
to: facilitate the closure and any transitional arrangements associated with the Australian Financial Complaints Authority (AFCA) replacing the Superannuation Complaints Tribunal (SCT); provide for the transfer of records and documents from the SCT to the Australian Securities and Investments Commission; include a power for the Federal Court to remit cases back to AFCA; and include a rule-making power to allow the minister to prescribe matters of a transitional nature;
Competition and Consumer Act 2010
to increase the maximum amount of penalty units that can be included in regulations that prescribe an industry code from 300 to 600 penalty units; and
Coronavirus Economic Response Package Omnibus (Measures No. 2) Act 2020
to extend the temporary mechanism which enables ministers to change arrangements for meeting information and documentary requirements.