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Wednesday, 10 September 2003
Page: 19649

Mr SLIPPER (Parliamentary Secretary to the Minister for Finance and Administration) (11:13 AM) —by leave—I present a supplementary explanatory memorandum to the bill, and corrections to the explanatory memorandum, and move government amendments (1) and (2):

(1) Clause 2, page 2 (table item 3, column 2), omit “The day on which this Act receives the Royal Assent”, substitute “29 June 2003”.

(2) Schedule 3, page 21 (after line 5), after item 3, insert:

3A Paragraph 202-45(b)

Omit “that Act”, substitute “the Income Tax Assessment Act 1936”.

Two minor technical amendments are required to this bill. The first amendment modifies the application date for income tax deductions for certain gifts so that it interacts appropriately with the measure in the Taxation Laws Amendment Bill (No 7) 2003 that proposes to move all specifically listed deductible gift recipients into the regulations. The second amendment is a technical amendment for franking of distributions by cooperatives. This amendment is required to preserve an existing legislative reference that would otherwise be lost.

The corrections to the explanatory memorandum and the associated regulation impact statement clarify the description of the petroleum resource rent tax measure. The measure will allow estimated closing down costs to be deducted against a project's petroleum resource rent tax receipts at the time a production licence ends. The corrections to the explanatory memorandum confirm that the amendments only bring forward a deduction that is already available. I commend the amendments to the House.

Question agreed to.

Bill, as amended, agreed to.