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Thursday, 14 February 2019
Page: 10400


Senator FIFIELD (VictoriaManager of Government Business in the Senate and Minister for Communications and the Arts) (20:22): I move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated in Hansard.

Leave granted.

The speeches read as follows—

INCOME TAX (MANAGED INVESTMENT TRUST WITHHOLDING TAX) AMENDMENT BILL 2018

This Bill amends the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 to ensure that fund payments that are attributable to non-concessional Managed Investment Trust income will be subject to managed investment trust withholding tax at the top corporate tax rate.

INCOME TAX RATES AMENDMENT (SOVEREIGN ENTITIES) BILL 2018

This Bill amends the Income Tax Rates Act 1986 to set the rate of tax payable in respect of the taxable income of a sovereign entity.

Unless another existing rate applies to the relevant taxable income or sovereign immunity applies, sovereign entities will pay tax in respect of their taxable income at a rate of 30 per cent.

Full details of the measure are contained in the Explanatory Memorandum.

Debate adjourned.