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Thursday, 13 October 2011
Page: 11802

Mr SHORTEN (MaribyrnongAssistant Treasurer and Minister for Financial Services and Superannuation) (09:52): I move:

That this bill be now read a second time.

The Pay As You Go Withholding Non-compliance Tax Bill 2011 accompanies schedule 3 to the Tax Laws Amendment (2011 Measures No. 8) Bill 2011 to make directors and, in limited circumstances, their associates liable to pay pay-as-you-go withholding non-compliance tax.

The tax liability arises where the company has failed to pay to the commissioner amounts withheld under pay- as-you-go withholding arrangements and the director, or their associates, is entitled to a credit for amounts withheld from payments made by the company to them.

The Pay As You Go Withholding Non-compliance Tax Bill will impose the tax, which reverses the economic benefit of a credit to which directors and their associates were entitled. This produces a result consistent with the government’s election commitment.

Debate adjourned.