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Wednesday, 28 May 2008
Page: 3463

Mr SWAN (Treasurer) (9:10 AM) —I move:

That this bill be now read a second time.

This bill is the last in a package of three bills that implement the government’s election commitment to introduce first home saver accounts to help home buyers save for their first home.

The purpose of the bill is to impose the first home saver accounts misuse tax. Where account holders improperly use the accounts, the tax applies in specified circumstances to claw back benefits they have obtained.

In accordance with the Commonwealth’s usual legislative practice, the tax is imposed by a separate bill to safeguard the legislation against possible constitutional challenge.

Full details of this bill are contained in the explanatory memorandum.

Debate (on motion by Mr Farmer) adjourned.

Leave granted for the debate to be resumed at a later hour.