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Thursday, 6 March 2003
Page: 9400


Senator TROETH (Parliamentary Secretary to the Minister for Agriculture, Fisheries and Forestry) (1:31 PM) — I thank honourable senators for their support for the New Business Tax System (Consolidation and Other Measures) Bill (No. 2) 2002 and the New Business Tax System (Venture Capital Deficit Tax) Bill 2002. Their passage will essentially complete the implementation of the consolidation regime, an important plank in the government's business tax reform agenda. The consolidation regime will promote business efficiency and commercial flexibility, improve the integrity of the tax system and reduce ongoing income tax compliance costs for those company groups that consolidate. The New Business Tax System (Venture Capital Deficit Tax) Bill 2002 ensures that venture capital deficit tax applying to certain pooled development funds investing in venture capital continues to apply under the simplified imputation regime. I commend the bills to the Senate.

Question agreed to.

Bills read a second time.