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Tuesday, 28 November 2000
Page: 19956


Senator MINCHIN (Minister for Industry, Science and Resources) (7:53 PM) —I move government amendment No. 1:

(1) Schedule 1, item 21, page 9 (lines 9 to 19), omit section 6B, substitute:

6B Plant and equipment sold by participant

If approved plant and equipment is sold by, or on behalf of, a participant, the investment in that plant and equipment is to be treated, for the purposes of the operation of sections 43, 44, 46, 48 and 50, with effect from the start of the quarter in which that sale took place, as if the investment had never occurred.

I also table a supplementary explanatory memorandum relating to the government amendment moved to the bill. The memorandum was circulated on 2 November 2000. I think the government amendment is uncontroversial and is understood and accepted by the opposition and the Democrats, so I will not speak further on it.