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TAXATION LAWS AMENDMENT BILL (NO. 4) 1994
INCOME TAX (FORMER COMPLYING SUPERANNUATION FUNDS) BILL 1994
INCOME TAX (FORMER NON-RESIDENT SUPERANNUATION FUNDS) BILL 1994
INCOME TAX RATES AMENDMENT BILL 1994
INCOME TAX (DEFICIT DEFERRAL) BILL 1994

Order of the day read for the further consideration of the bills in

committee of the whole.

In the committee

TAXATION LAWS AMENDMENT BILL (NO. 4) 1994--

Consideration resumed of the bill, as amended--and of the amendment

moved by Senator Harradine (see entry no. 56):

Debate resumed.

Question--That the amendment be agreed to--put and negatived.

Senator Harradine moved the following amendments together by leave:

Schedule 1, page 10, item 18, proposed subsection 102AG(2A), omit

"Paragraph (2)(c)", substitute "Subparagraph 2(c)(viii)".

Schedule 1, page 11, item 20, after proposed subparagraph

102AGA(2)(b)(iv), add the following word and paragraph:

"or (v) is a party to an enforceable agreement for the parenting;".

Debate ensued.

Question--That the amendments be agreed to--put and negatived.

The Leader of the Australian Democrats (Senator Kernot) moved the

following amendment:

After Schedule 5, page 101, insert the following Schedule:

"SCHEDULE 5A

AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

RELATING TO EMPLOYEE SHARE ACQUISITION SCHEMES

"1. After subsection 26AAC(10), insert the following subsections:

"(10A) This section does not apply to shares or rights to shares under

a scheme for the acquisition of shares if:

(a) the scheme for the acquisition of shares is undertaken in such a

way as would be prohibited under Part IVA of this Act, or

involves a salary sacrifice for an employee greater than 25 per

cent of their annual salary; or

(b) the scheme for the acquisition of shares is implemented for a

purpose other than providing the employees (or their associates)

with reasonable and bona fide remuneration benefits or

appropriate incentives for performance or productivity,

determined having regard to:

(i) the availability, subject to satisfaction of reasonable

service criteria, of the scheme to all or the majority of

employees of the employer or of a related corporation or to

all members of a broadly based category of employees; and

(ii) the employee's level of remuneration, and his or her role

and function in the organisation; and

(iii) the availability of the scheme to an employee who owns

more than five per cent of the employer company or holding

company shares; and

(iv) the extent to which the scheme is linked to the enhancement

of the productivity, profitability, growth and/or

industrial relations of the employer; or

(c) the scheme provides employees directly or indirectly with access

to:

(i) a leisure facility or membership or benefit of a club as

defined in section 51AB; or

(ii) a motor vehicle or other property to which subsection

82AF(2) refers; or

(d) the shares or rights to shares are provided by way of an

interposed trust or company and the shares or rights to shares

that are forfeited are not available for allocation in favour of

other employees or their associates under the scheme.'.".

Question--That the amendment be agreed to--put and negatived.

Bill, as amended, agreed to.

INCOME TAX (FORMER COMPLYING SUPERANNUATION FUNDS) BILL 1994

INCOME TAX (FORMER NON-RESIDENT SUPERANNUATION FUNDS) BILL 1994

INCOME TAX RATES AMENDMENT BILL 1994

INCOME TAX (DEFICIT DEFERRAL) BILL 1994--

Bills, taken together and as a whole by leave, agreed to.

The Taxation Laws Amendment Bill (No. 4) 1994 to be reported with

amendments and the remaining bills to be reported without amendments.

The Deputy President (Senator Crichton-Browne) resumed the Chair and the

Temporary Chairman of Committees (Senator Childs) reported accordingly.

On the motion of the Parliamentary Secretary to the Minister for Primary

Industries and Energy (Senator Sherry) the report from the committee was

adopted and the bills read a third time.