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4       Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

Order of the day read for the adjourned debate on the motion of the Minister for Northern Australia (Senator Canavan)—That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

 

 

 

In the committee

Bill taken as a whole by leave.

Senator McKim moved the following amendments together by leave:

Schedule 1, item 1, page 9 (lines 10 to 25), omit paragraph 360-40(1)(e), substitute:

                               (e)  at the test time:

                                                  (i)   the company has at least 100 points under section 360-45; or

                                                 (ii)   all of the following apply to the company:

                                                            (A)   the company is genuinely focussed on developing for commercialisation one or more new, or significantly improved, products, processes, services or marketing or organisational methods;

                                                            (B)   the business relating to those products, processes, services or methods has a high growth potential;

                                                            (C)   the company can demonstrate that it has the potential to be able to successfully scale that business;

                                                            (D)   the company can demonstrate that it has the potential to be able to address a broader than local market, including global markets, through that business;

                                                             (E)   the company can demonstrate that it has the potential to be able to have competitive advantages for that business; or

                                                (iii)   all of the following apply to the company:

                                                            (A)   the company can demonstrate that it has an economic, social, cultural or environmental mission that is consistent with a public or community benefit;

                                                            (B)   the company reinvests the majority of the profit it makes to fulfil that mission.

Schedule 1, item 1, page 9 (line 29), omit “Subparagraphs (1)(e)(i) to (v)”, substitute “Sub-subparagraphs (1)(e)(ii)(A) to (E)”.

Debate ensued.

Question—That the amendments be agreed to—put.

The Senate divided—

AYES, 10

Senators—

Di Natale

McKim

Siewert (Teller)

Waters

Hanson-Young

Rhiannon

Simms

Whish-Wilson

Ludlam

Rice

 

 

 

NOES, 41

Senators—

Abetz

Edwards

Macdonald

O’Sullivan

Back

Fawcett

Madigan

Paterson

Bilyk

Fifield

Marshall

Peris

Brown

Gallacher

McAllister

Polley

Bushby

Ketter

McEwen (Teller)

Reynolds

Cameron

Lambie

McKenzie

Singh

Canavan

Lazarus

McLucas

Smith

Cash

Lindgren

Moore

Sterle

Collins

Lines

Muir

Urquhart

Dastyari

Ludwig

O’Neill

Williams

Dodson

 

 

 

Question negatived.

Bill agreed to.

Bill to be reported without amendment.

 

 

 

The Deputy President (Senator Marshall) resumed the chair and the Chair of Committees reported accordingly.

On the motion of the Minister for Communications (Senator Fifield) the report from the committee was adopted and the bill read a third time.