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Thursday, 5 December 2002
Page: 7327

Senator ALSTON (Minister for Communications, Information Technology and the Arts) (5:58 PM) —by leave—I give notice that, on the next day of sitting, I shall move:

That the provisions of paragraphs (5) to (7) of standing order 111 not apply to the Taxation Laws Amendment (Venture Capital) Bill 2002 and the Venture Capital Bill 2002, allowing the bills to be considered during this period of sittings.

I also table a statement of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statement incorporated in Hansard.

Leave granted.

The document read as follows—

Purpose of the Bills

The Bills will provide an exemption for gains on the disposal of investments in eligible venture capital businesses made through a venture capital limited partnership by tax exempt non-residents, non-resident venture capital fund of funds and taxable note-residents holding less than 10% of the limited partnership.

Reasons for Urgency

This measure was announced to apply from 1 July 2002 but introduction of the legislation was deferred to enable further consultation with industry. Although the measure will apply from 1 July 2002, tax exempt investments under this measure cannot be made until legislation to create venture capital limited partnerships has been enacted.

(Circulated by authority of the Treasurer)