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Tuesday, 2 December 2003
Page: 23449


Mr ROSS CAMERON (Parliamentary Secretary to the Treasurer) (4:11 PM) —I move:

That the amendments be agreed to.

The only substantive amendments to this bill are to ensure that various elections already provided for by the new foreign currency rules can have retrospective effect from 1 July 2003 or from a date between 1 July 2003 and enactment of the bill. The amendments are only necessary because the bill was not enacted prior to 1 July 2003. While the foreign currency measures in the bill become operative from 1 July 2003, it is not possible to make an election before the date of royal assent. As the elections are designed to reduce compliance costs associated with the taxation of foreign currency denominated transactions, it is to taxpayers' advantage to allow additional time to make effective elections from 1 July 2003. The amendments address concerns raised in submissions to the Senate Economics Legislation Committee, which examined the bill, and they have no revenue implications. Accordingly, the government agrees to the Senate amendments.

Question agreed to.