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Thursday, 27 May 2004
Page: 29319

Mr ROSS CAMERON (Parliamentary Secretary to the Treasurer) (9:45 AM) —I move:

That this bill be now read a second time.

The bill provides a statutory extension to the common law meaning of charity.

This will allow certain organisations, which have difficulty satisfying the common law requirements, to be charities for the purposes of all Commonwealth legislation.

This includes certain child-care and self-help bodies, and closed or contemplative religious orders.

By extending the common law meaning of charity in this way, the concessions embodied in Commonwealth legislation that are available to charities will also become available to these organisations. Such concessions principally relate to taxation and include income tax and fringe benefits tax exemptions and certain GST concessions.

The provisions will apply from 1 July 2004.

Full details of the measures in this bill are contained in the explanatory memorandum.

I commend the bill and present the explanatory memorandum.

Debate (on motion by Mr Swan) adjourned.