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25 Mar 2021 Legislation

Reuniting More Superannuation Bill now law

The Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020 (Act No. 24 of 2021) received Royal Assent on 22 March 2021.

This Bill facilitates the closure of eligible rollover funds by 30 June 2021 and allows the Commissioner to reunite amounts received from eligible rollover funds with a member’s active account.

Refunds of large-scale generation shortfall charges NANE income for income tax purposes

The Treasury Laws Amendment (2020 Measures No 4) Bill 2020 is before the House of Representatives.

The Bill 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;
  • the 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;
  • the 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
  • the 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.
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