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Wednesday, 2 December 2015
Page: 9681

Senator McKIM (Tasmania) (16:06): I move:

That the government business order of the day relating to the consideration of the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 be discharged from the Notice Paper.

I seek leave to make a short statement.

The PRESIDENT: Leave is granted for one minute.

Senator McKIM: Thank you, Mr President. This motion seeks to discharge from the Notice Paper the Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015. That legislation seeks to abolish the seafarers tax offset and reduce the rate of the research and development tax incentive, which was designed to promote innovation and encourage Australian companies to invest more in research and development. This legislation has been hanging over the heads of Australian companies considering investing in R&D for nearly six months and, unless the Senate takes action today, it will continue to cause uncertainty for companies that want to invest in R&D and innovation for at least the next three months. Striking this legislation from the Notice Paper would remove uncertainty and send a strong message to Australian companies that they can make decisions around investing in research and development and innovation with certainty about the tax incentives available to them.