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Thursday, 21 June 2007
Page: 22

Mr PEARCE (Parliamentary Secretary to the Treasurer) (10:31 AM) —I move:

That this bill be now read a second time.

This bill is a companion bill to Tax Laws Amendment (2007 Measures No. 4) Bill 2007.

The purpose of the bill is to impose trustee beneficiary non-disclosure tax at the rate of 46.5 per cent on certain income.

This is consistent with the existing ultimate beneficiary rules, which impose a non-disclosure tax where the trustee of a closely held trust fails to disclose certain details about the ultimate beneficiaries.

Full details of this bill are contained in the explanatory memorandum already presented. I commend the bill to the House.

Debate (on motion by Ms Plibersek) adjourned.