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Wednesday, 27 October 1993
Page: 2646


Senator SHERRY (Parliamentary Secretary to the Minister for Primary Industries and Energy) (5.15 p.m.) —I move:

  That this bill be now read a second time.

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

  Leave granted.

  The speech read as follows

  This Bill will amend the tax law that formally imposes franking deficit tax.

Taxation Laws Amendment Bill (No. 3) 1993, which I have just introduced, includes amendments to the imputation system of the income tax law. As part of these amendments, the provisions determining liability for franking deficit tax are to be changed.

This Bill re-imposes franking deficit tax with effect from the time of those changes.

The provisions of this Bill are also explained in the explanatory memorandum that has been circulated.

I commend the Bill to the Senate.

  Debate (on motion by Senator Reid) adjourned.