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STUDENT ASSISTANCE (BUDGET MATTERS) AMENDMENT BILL 1994

Order of the day read for the consideration of the bill in committee of

the whole.

In the committee

Bill taken as a whole by leave.

Senator Woodley moved the following request for an amendment:

That the House of Representatives be requested to make the following

amendment:

Schedule, page 2, after amendment to section 7, insert the following

amendment:

"After section 7 in Part 2:

Insert:

Primary production assets exemption

"8.(1) Not later than the commencement of the Student Assistance

(Budget Matters) Amendment Act 1994, regulations must be made, and

take effect, providing that, for the purposes of determining what

benefit is payable under this Part, not less than 100% of a person's

interest in the value of a business is to be disregarded if the

person, or his or her spouse, is wholly or mainly engaged in the

business and the business:

(a) is owned by the person; or

(b) is a partnership in which the person is a partner; or

(c) is a company in which the person has shares and which is

controlled directly or indirectly by family members; or

(d) is a trust in which the person is a beneficiary and more than

50% of the trust is owned by family members.

"(2) The exemption to be provided for in regulations made under

subsection (1) is not to apply to:

(a) cash on hand, bank deposits, bank bonds, or similar liquid

assets; or

(b) shares in companies, or rights in relation to shares; or

(c) rights to deal in real or personal property; or

(d) assets leased out by the business, unless leasing is a major

activity of the business; or

(e) assets used for private or domestic purposes by the owners of

the business.

"(3) A regulation made after the commencement of the Student

Assistance (Budget Matters) Amendment Act 1994 may not reduce the

exemption to be provided for under subsection (1) to less than 100% of

a person's interest in the value of a business.

"(4) In this section:

"business" means the carrying on of primary production;

"family member", in relation to a person, means:

(a) the person; or

(b) the person's spouse (including a de facto spouse); or

(c) a parent or child of the person or of the spouse; or

(d) a spouse (including a de facto spouse) of that parent or

child.'.".

Debate ensued.

The Leader of the Opposition in the Senate (Senator Hill) moved--That

the committee report progress.

Statement by leave: The Minister for Immigration and Ethnic Affairs

(Senator Bolkus), by leave, made a statement relating to the motion.

Question put and passed.

The Acting Deputy President (Senator Zakharov) resumed the Chair and the

Temporary Chairman of Committees (Senator Colston) reported that the

committee had considered the bill, made progress and asked leave to sit

again.

Ordered, on the motion of Senator Bolkus, that the committee have leave

to sit again at a later hour.