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TAXATION LAWS AMENDMENT BILL (NO. 3) 1985
SOCIAL SECURITY (POVERTY TRAPS REDUCTION) BILL 1985
AUSTRALIAN CAPITAL TERRITORY STAMP DUTY AMENDMENT BILL 1985
BANK ACCOUNT DEBITS TAX AMENDMENT BILL 1985
INCOME TAX (COMPANIES, CORPORATE UNIT TRUSTS AND SUPERANNUATION FUNDS) AMENDMENT BILL 1985
TAXATION LAWS AMENDMENT BILL (NO. 4) 1985

Order of the Day read for the adjourned debate on the motion of the Minister for Finance (Senator Walsh)-That these Bills be now read a second time-And on the amendment moved thereto by Senator Peter Baume in relation to the Social Security (Poverty Traps Reduction) Bill 1985, viz: At end of motion, add "", but the Senate notes with concern-

(a) that the measures contained in the Bill will not take effect until November 1986; and

(b) that, in respect of 2 of the poverty traps, while the Bill increases the levels of income which may be earned without affecting social security benefits, it does not affect the existence of those poverty traps as such''.

Debate resumed.

Senator Short moved an amendment in relation to the Taxation Laws Amendment Bill (No. 4) 1985, viz: At end of motion, add "", but the Senate notes the deleterious effects of the Bill on small business, the restaurant trade and the tourist industry, and considers that it should be amended to provide that entertainment expenses directly attributable to gaining or producing assessable income continue to be a taxation deduction''.

Debate continued.

Question-That these Bills be now read a second time-divided.

SOCIAL SECURITY (POVERTY TRAPS REDUCTION) BILL 1985:

Question-That the words proposed to be added be added-put.

The Senate divided-

AYES, 27

Senators- Archer Baume, Michael Baume, Peter Boswell Brownhill Carrick, Sir John Chaney Collard Crichton-Browne Guilfoyle, Dame Margaret Hamer Jessop Kilgariff Knowles Lewis MacGibbon Messner Missen Parer Puplick Reid (Teller) Short Teague Vanstone Walters Watson Withers

NOES, 35

Senators- Aulich Black Bolkus Childs Chipp Coates Colston Cook Cooney Crowley Devlin Elstob Foreman Georges Gietzelt Giles Grimes Haines Jones McIntosh McKiernan Macklin Maguire Mason Morris Ray, Robert Reynolds Robertson (Teller) Ryan Sanders Siddons Tate Vigor Walsh Zakharov

And so it was negatived.

Question-That this Bill be now read a second time-put and passed.

TAXATION LAWS AMENDMENT BILL (NO. 4) 1985:

Question-That the words proposed to be added be added-put.

The Senate divided

AYES, 28

Senators- Archer Baume, Michael Baume, Peter Boswell Brownhill Carrick, Sir John Chaney Collard Crichton-Browne Guilfoyle, Dame Margaret Hamer Jessop Kilgariff Knowles Lewis MacGibbon Messner Missen Parer Puplick Reid (Teller) Short Teague Vanstone Vigor Walters Watson Withers

NOES, 34

Senators- Aulich Black Bolkus Childs Chipp Coates Colston Cook Cooney Crowley Devlin Elstob Foreman Georges Gietzelt Giles Grimes Haines Jones McIntosh McKiernan Macklin Maguire Mason Morris Ray, Robert Reynolds Robertson (Teller) Ryan Sanders Siddons Tate Walsh Zakharov

And so it was negatived.

Question-That this Bill be now read a second time-put and passed.

TAXATION LAWS AMENDMENT BILL (NO. 3) 1985

AUSTRALIAN CAPITAL TERRITORY STAMP DUTY AMENDMENT BILL 1985

BANK ACCOUNT DEBITS TAX AMENDMENT BILL 1985

INCOME TAX (COMPANIES, CORPORATE UNIT TRUSTS AND SUPERANNUATION FUNDS) AMENDMENT BILL 1985:

Question-That these Bills be now read a second time-put and passed.

Bills read a second time.

The Senate, according to Order, resolved itself into Committee for the consideration of the Bills.

In the Committee

Ordered-That the Bills be considered in the following order: Social Security (Poverty Traps Reduction) Bill 1985, Bank Account Debits Tax Amendment Bill 1985, Australian Capital Territory Stamp Duty Amendment Bill 1985, Taxation Laws Amendment Bill (No. 3) 1985, Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Bill 1985 and Taxation Laws Amendment Bill (No. 4) 1985.

SOCIAL SECURITY (POVERTY TRAPS REDUCTION) BILL 1985-

Bill, by leave, taken as a whole and agreed to.

BANK ACCOUNT DEBITS TAX AMENDMENT BILL 1985-

Bill, by leave, taken as a whole and agreed to.

AUSTRALIAN CAPITAL TERRITORY STAMP DUTY AMENDMENT BILL 1985-

Clauses 1 to 7, by leave, taken together and agreed to.

Clause 8 read-

Senator Reid moved an amendment, viz: Page 5, at end of clause, add the following new sub-clause:

""(2) The amendments made by sections 3, 6 and 7 do not apply to instruments executed before the date of commencement of this section.''.

Debate ensued.

Amendment, by leave, withdrawn.

Clause 8 agreed to.

Remainder of Bill, by leave, taken as a whole and agreed to.

TAXATION LAWS AMENDMENT BILL (NO. 3) 1985-

Clauses 1 to 7, by leave, taken together and agreed to.

Clause 8 debated-

Senator Reid, by leave, moved the following amendments together:

Page 9, proposed new sub-section 58P (2), at end of sub-section, add the following words:

""or was executed before the date of commencement of this section.''.

Page 10, proposed new sub-section 58R (1), lines 1 and 2, leave out all words after ""debentures'' (last occurring), insert ""issued in respect of any amount subscribed for in the Territory shall be deemed to be duly stamped and any such debentures issued in respect of any amount subscribed for outside the Territory shall not, subject to sub-section (6), be liable to duty under this Division.''.

Page 10, proposed new paragraph 58R (2) (a), lines 9 and 10, leave out ""issued during that month and are connected with the Territory'', insert ""subscribed for in the Territory during that month''.

Page 10, proposed new paragraph 58R (2) (b), lines 14 and 15, leave out ""issued during that month and are connected with the Territory'', insert ""subscribed for in the Territory during that month''.

Page 10, proposed new paragraph 58R (2) (c), lines 19 and 20, leave out ""issued during that month and are connected with the Territory'', insert ""subscribed for in the Territory during that month''.

Page 10, at end of proposed new section 58R, add the following new sub-section:

"" "(6) Where a person resident or domiciled in the Territory becomes the holder of a debenture referred to in sub-section (1) which was subscribed for outside the Territory, that person is liable, on the day on which he becomes the holder of the debenture, to duty, as duty on a loan security, for an amount equal to the duty payable on a loan security for the amount to be repaid under the debenture except where ad valorem stamp duty has been paid or is payable in a State or another Territory in respect of the issue of, or subscription for, the debenture.'.''.

Debate ensued.

Amendments, by leave, withdrawn.

Clause 8 agreed to.

Clause 9 read-

Senator Reid moved an amendment, viz: Page 12, at end of clause, add the following new sub-clause:

""(2) Nothing in the amendments made by section 8 shall be taken-

(a) to require an instrument of loan security executed before the date of commencement of that section to be lodged with the Commissioner for assessment; or

(b) to make liable to duty any loan security executed before the date of commencement of that section.''.

Question-That the words proposed to be added be added-put and negatived.

Clause 9 agreed to.

Remainder of Bill, by leave, taken as a whole, debated and agreed to.

INCOME TAX (COMPANIES, CORPORATE UNIT TRUSTS AND SUPERANNUATION FUNDS) AMENDMENT BILL 1985-

Bill, by leave, taken as a whole and agreed to.

TAXATION LAWS AMENDMENT BILL (NO. 4) 1985-

Clauses 1 to 5, by leave, taken together and agreed to.

Clause 6 debated.

And it being 10.30 p.m.: The Temporary Chairman of Committees (Senator Jessop), under Sessional Order, put the Question-That he do leave the Chair and report to the Senate.

Question-put and passed.

The Deputy-President resumed the Chair; and Senator Jessop reported accordingly.