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Thursday, 13 May 1999
Page: 5342

Mr HOCKEY (Financial Services and Regulation) (9:46 AM) —I move:

That the bill be now read a second time.

The background to this bill was detailed in my second reading speech of the A New Tax System (Closely Held Trusts) Bill 1999.

This bill imposes taxation at the highest marginal rate plus Medicare levy where trustees fail to correctly identify ultimate beneficiaries of net income of the trust.

Full details of the measures in this bill are contained in the explanatory memorandum circulated to honourable members. I commend the bill to the House.

Debate (on motion by Mr Kelvin Thomson) adjourned.