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Wednesday, 25 November 2015
Page: 8887

Senator CORMANN (Western AustraliaMinister for Finance and Deputy Leader of the Government in the Senate) (09:42): I thank those senators who have contributed to this debate. This bill makes an important contribution to the government's commitment to simplify and modernise the Australian tax system, while improving fairness and integrity.

The first three schedules of the bill are 2015-16 budget measures, so this continues the important task of the government to get the budget back into balance as soon as possible. It amends the work-related car expense rules by modernising the rules and revising the set-rate-per-kilometre method. It removes access to the zone tax offset for fly-in, fly-out and drive-in, drive-out workers whose usual residence is not within a specified zone. It introduces a separate $5,000 cap for salary sacrifice entertainment benefits for certain employees of not-for-profit organisations. These benefits will also become reportable. The bill also creates a new data matching and compliance program requiring third parties to report to the ATO on a range of transactions.

This bill demonstrates the government's commitment to a fairer and simpler tax system that reflects a modern Australia. I commend this bill to the Senate.

The PRESIDENT: The question is that the bill be now read a second time.

Question agreed to.

Bill read a second time.