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Tuesday, 24 May 2011
Page: 4440

Mr TONY SMITH (Casey) (18:16): On behalf of the opposition, it is my pleasure to speak on the Tax Laws Amendment (2011 Measures No. 3) Bill 2011. As with all tax law amendment bills, this makes some amendments to the existing tax law. It does so in two regards. Given the situation here in the Main Committee, it might suit my friend the member for Holt if I go into some detail for a period of time on this bill—at least until the next speaker arrives.

This tax law amendment bill has two schedules. It firstly provides a 12-month GST-free export period for new recreational boats from 1 July this year. The measure is obviously designed to assist Australian exports of recreational boats. Those following the Main Committee closely, Member for Holt, will note that two members of the other side have been so keen to speak on this aspect of this bill that they actually spoke about it during the debate on the last tax law amendment bill, which did not contain this provision. But nevertheless this does. The Hansard record will show their keenness to speak in favour of it ahead of the legislation coming before the Main Committee. This tax law amendment bill will make that amendment.

The other schedule of this bill amends the Income Tax (Transitional Provisions) Act 1997 with the aim of overcoming certain technical problems with the imposition of the general interest charge in certain circumstances. The coalition will not be opposing this bill. We support the intent of both schedules. In each regard, clearly the government has been consulting. With respect to the second schedule, it is obviously a technical refinement, and this is something that is regular in all of our tax laws amendment bills. The first schedule, dealing with recreational boats, has obviously been under contemplation for a period of time. This tax laws amendment bill, as I have said, has the support of the coalition. We will not be opposing it in this House. As my friend the member for Blair has just arrived and will speak on this bill, as is often the case, I will wind up my remarks by commending the bill here to the Main Committee.