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5           Treasury Laws Amendment (2019 Measures No. 3) Bill 2019

Order of the day read for the adjourned debate on the motion of the Minister for Families and Social Services (Senator Ruston)—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 Patrick moved the following amendments together by leave:

Clause 2, page 2 (at the end of the table), add:

8.  Schedule 4

The day after this Act receives the Royal Assent .

 

Page 71 (after line 3), at the end of the bill, add:

Schedule 4 Financial report ing obligations for large proprietary companies

Part 1 Repeal of instrument

ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840

1  The whole of the instrument

Repeal the instrument.

Part 2 Grandfather ed exemption

Corporations Act 2001

2  Subsection 1408(6) (table item 7)

Repeal the table item.

Part 3 Application

3  Application

(1)   This item applies to a company if, immediately before the commencement of this item, the company was exempted from complying with subsection 319(1) of the Corporations Act 2001 by the ASIC Corporations (Exempt Proprietary Companies ) Instrument 2015/840 .

(2)   Despite the amendments made by Parts 1 and 2, that exemption continues to apply to the company in relation to the 2019-20 financial year.

4  Instruments that provide relief from requirements of Corporations Act—Lodgment of annual reports by large proprietary companies

(1)   Despite anything contained in the Corporations Act 2001 , ASIC may not make a legislative instrument, however described, if that legislative instrument would have the effect of relieving the class of companies referred to in subitem (2) of the requirement to comply with subsection 319(1) of the Act for a financial year.

(2)   The class of companies is the class of large proprietary companies that was relieved from the requirement to comply with subsection 319(1) of the Corporations Act 2001 due to the operation of the ASIC Corporations (Exempt Proprietary Companies) Instrument 2015/840 as in force immediately before the commencement of this Schedule.

Debate ensued.

Question—That the amendments be agreed to—put.

The committee divided—

AYES, 31

Senators—

Ayres

Gallacher

McAllister

Siewert

Bilyk

Gallagher

McCarthy*

Sterle

Carr

Green

McKim

Urquhart

Chisholm

Griff

O’Neill

Walsh

Ciccone

Hanson

Patrick

Waters

Di Natale

Hanson-Young

Pratt

Watt

Farrell

Kitching

Roberts

Whish-Wilson

Faruqi

Lambie

Sheldon

 

 

 

NOES, 27

Senators—

Antic

Davey

McLachlan

Ruston

Askew

Henderson

McMahon

Ryan

Bragg

Hughes

Molan

Scarr

Brockman*

Hume

O’Sullivan

Smith, Dean

Cash

McDonald

Payne

Stoker

Chandler

McGrath

Rennick

Van

Colbeck

McKenzie

Reynolds

 

* Tellers

Question agreed to.

Senator Hanson-Young moved the following amendments together by leave:

Clause 2, page 2 (at the end of the table), add:

8.  Schedule 4

The day after this Act receives the Royal Assent.

 

Page 71 (after line 3), at the end of the bill, add:

Schedule 4 Arts and Entertainment Industry Coronavirus Recovery Fund  

1  Arts and Entertainment Industry Coronavirus Recovery Fund

(1)   There is to be an Arts and Entertainment Industry Coronavirus Recovery Fund.

(2)   The Finance Minister must, by legislative instrument, make rules to provide for and in relation to the establishment, governance and operation of the Fund, the purpose of which is to provide, in relation to the 2020-21 financial year, for a rescue package to support the arts and entertainment industry in Australia.

(3)   Money for the Fund is to be from funds appropriated by the Parliament for the purposes of this Act.

Note:         Section 10 of the Supply Act (No. 1) 2020-2021 and section 12 of the Supply Act (No. 2) 2020-2021 provide for advances to the Finance Minister to facilitate urgent and unforeseen expenditure in certain circumstances, to ensure sufficient appropriations are available to support the coronavirus economic response.

(4)   The Finance Minister must make the rules under subitem (2) before 30 June 2020.

(5)   For the purposes of this item, Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 .

Debate ensued.

Question—That the amendments be agreed to—put and negatived. All Centre Alliance senators, by leave, recorded their votes for the ayes.

Bill, as amended, agreed to and reported with amendments.

 

 

 

On the motion of the Assistant Minister for Superannuation, Financial Services and Financial Technology (Senator Hume) the report from the committee was adopted and the bill read a third time.