Senator IAN CAMPBELL (5:32 PM) —I table a revised explanatory memorandum relating to the bills and move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated in Hansard .

Leave granted.

The speeches read as follows—

TAXATION LAWS AMENDMENT (COMPANY LAW REVIEW) BILL 1998

As a result of changes to the Corporations Law, the bill will amend the Income Tax Assessment Act 1936 and associated tax laws to prevent dividend substitution and capital streaming arrangements, and make various consequential amendments to the tax laws.

The amendments will apply on a day to be fixed by proclamation after the bill has been passed by Parliament. In respect of the anti-avoidance rule, the rule is to apply to distributions made, or bonus shares issued, after that time, unless made or issued pursuant to a binding commitment entered into before 13 November 1997.

Full details of the measures in the bill are contained in the explanatory memorandum circulated to honourable senators.

I commend the bill to the Senate.

INCOME TAX (UNTAINTING TAX) BILL 1998

The background to this bill was detailed in my second reading speech of the Taxation Laws Amendment (Company Law Review) Bill 1998.

I commend the bill to the Senate and present the explanatory memorandum.

Debate (on motion by Senator Chris Evans) adjourned.