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Monday, 1 December 2008
Page: 7758


Senator MILNE (8:58 PM) —by leave—I move amendments (1) and (2) standing in my name and the names of Senator Joyce and Senator Xenophon:

(1)    Clause 2, page 1 (lines 7 to 9), omit the clause, substitute:

2   Commencement

         (1)    Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day on which this Act receives the Royal Assent.

2. Schedules 1 to 5

The day on which this Act receives the Royal Assent.

2. Schedule 6

Immediately after the commencement of Part 1 of Schedule 8 of the Tax Laws Amendment (2008 Measures No. 2) Act 2008 .

24 June 2008

Note:   This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.

         (2)    Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.

(2)    Page 35 (after line 8), at the end of the bill, add:

   Schedule 6—Provision relating to capital expenditure for the establishment of trees in carbon sink forests

1  Application of Schedule 8 of the Tax Laws Amendment (2008 Measures No. 2) Act 2008

The Income Tax Assessment Act 1997 has effect as if Schedule 8 of the Tax Laws Amendment (2008 Measures No. 2) Act 2008 had not been enacted.

The purpose of these amendments is to remove entirely from the tax law this particular schedule. It would have the same effect as if schedule 8 of the Tax Laws Amendment (2008 Measures No. 2) Act 2008 had not been enacted. It removes entirely this whole provision of a tax deduction for a carbon sink forest. We have had a considerable debate on that and I now want to test some of the assumptions that were made in relation to that, since we never got an opportunity to debate this in the Senate previously. I would like to begin by asking where in the legislation, as it currently stands, it says that you cannot deduct the cost of the land. It is not in the explanatory memorandum; I know about that, and I do not want to hear about the tax law explanation either.