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Thursday, 24 May 2012
Page: 5487

Mr BRADBURY (LindsayAssistant Treasurer and Minister Assisting for Deregulation) (10:49): I move:

That this bill be now read a second time.

This bill imposes withholding tax on income derived by nonresident workers participating in the Seasonal Labour Mobility Program. Seasonal workers will be subject to a final withholding tax at the rate of 15 per cent. The change will apply with effect from 1 July 2012.

The Seasonal Labour Mobility Program is a whole-of-government strategy to advance Australia's engagement in the Pacific. These measures will increase the net amount of remittances to the Pacific Islander and East Timorese participants and reduce unnecessary compliance and administration costs.

This rate of tax will only apply to holders of a special program visa—subclass 416—who are employed by 'approved employers' under the program.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.

Ordered that the second reading be made an order of the day for the next sitting.