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Wednesday, 4 June 2008
Page: 4406


Mr BOWEN (Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer) (11:09 AM) —I move:

That this bill be now read a second time.

This bill sets out the other rates of tax that apply to residents of information exchange countries for the second and later income years. Such foreign investors will be subject to tax at the rate of 15 per cent for the second income year of the measure following royal assent and 7.5 per cent for later income years.

This is a final rate of tax, with no provision to claim deductions for expenses.

This bill also imposes a 30 per cent final withholding tax on residents of countries with which Australia does not have effective exchange of information, with application from the first income year of the new regime.

Full details of this bill are contained in the explanatory memorandum already presented.

I commend the bill to the House.

Debate (on motion by Mr Pyne) adjourned.