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Thursday, 23 August 2001
Page: 26447


Senator CONROY (9:47 AM) —I move opposition amendment (1) on sheet 2335:

(1) Paragraphs 766B(5)(b) and (c), omit the paragraphs, substitute:

(b) except as may be prescribed by the regulations—any other advice given by a lawyer in the ordinary course of activities as a lawyer, that is reasonably regarded as a necessary part of those activities;

(c) except as may be prescribed by the regulations—advice given by a tax agent registered under Part VIIA of the Income Tax Assessment Act 1936, that is given in the ordinary course of activities as such an agent and that is reasonably regarded as a necessary part of those activities.

The opposition believe, on the advice we have received so far—which is little, unfortunately; we were hoping to get some further advice from the government—that the current wording of the legislation is vague and difficult to interpret. We do not believe that this amendment should be of any concern to the government. This amendment allows us to have some discussions and for ASIC to play a role.


Senator Ian Campbell —We agree to that.


Senator CONROY —In that case, I will happily sit down.


The TEMPORARY CHAIRMAN (Senator Bartlett)—The question is that opposition amendment (1) be agreed to.

Question resolved in the affirmative.


The TEMPORARY CHAIRMAN —The question now is that the amendment, as amended, be agreed to.

Question resolved in the affirmative.