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Wednesday, 8 December 2004
Page: 6

Mr BROUGH (Minister for Revenue and Assistant Treasurer) (9:20 AM) —I move:

That this bill be now read a second time.

This bill is part of a package of four bills, with the Tax Laws Amendment (Long-term Non-reviewable Contracts) Bill 2004 and two other bills.

Tax Laws Amendment (Long-Term Non-Reviewable Contracts) Bill 2004 amends the goods and services tax law to revise the way that the law will apply in the case of long-term non-reviewable contracts when the GST free transition period ends on 1 July 2005.

In some situations, the goods and services tax may be imposed on recipients of supplies made under these contracts. This bill is one of three imposition bills in the package and will have the effect of imposing the tax on recipients of taxable supplies to the extent that it is a duty of customs.

Separate imposition bills are necessary because of the requirement under the Constitution that a law imposing taxation shall deal only with one subject of taxation and laws imposing customs duty and laws imposing excise duty deal only with those duties.

Full details of the measures in the bill are contained in the explanatory memorandum to the Tax Laws Amendment (Long-Term Non-Reviewable Contracts) Bill 2004 circulated to honourable members.

I commend the bill to the House.

Debate (on motion by Mr Burke) adjourned.