Summary
Amends the:
Income Tax Assessment Act 1997
to: make refunds of large-scale generation shortfall charges exempt from income tax; and remove the requirement for superannuation trustees to provide an actuarial certificate when calculating exempt current pension income using the proportionate method, where all members of the fund are fully in the retirement phase for all of the income year;
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; clarify that if regulations prescribe an industry code, the industry code may confer on a person or body functions and powers in relation to the code; and
Family Law Act 1975
and
Taxation Administration Act 1953
to create an information sharing mechanism to allow the family law courts to access certain superannuation information held by the Commissioner of Taxation for the purpose of permitting family law proceedings.