Mr HOCKEY (Financial Services and Regulation) (NaN:26:00) —I move:

That the bill be now read a second time.

The General Interest Charge (Imposition) Bill 1998 accompanies Taxation Laws Amendment Bill (No. 5) 1998, which replaces existing late payment penalties in various taxation laws with a uniform tax deductible general interest charge.

The imposition bill will impose the new general interest charge as a tax to the extent to which the charge cannot validly be imposed as a penalty.

Details of the measures in both bills are contained in the explanatory memorandum circulated to honourable members.

I commend the bill to the House.

Debate (on motion by Mr Kelvin Thomson) adjourned.

Ordered that the resumption of the debate be made an order of the day for the next day of sitting.