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3           Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

Order of the day read for the further consideration of the bill in committee of the whole.

 

 

 

In the committee

Consideration resumed of the bill— and of the amendments moved by the Attorney-General (Senator Cash), at the request of the Leader of Pauline Hanson’s One Nation (Senator Hanson), on sheet 1442 :

(1)—Clause 2, page 2 (table item 1), omit the table item, substitute:

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 3

The day after this Act receives the Royal Assent.

 

(2)—Page 12 (after line 14), at the end of the bill, add:

Schedule 3 Disclosure of information

Corporations Act 2001

1  At the end of Part 2M.3

Add:

Division 9 Disclosure by listed entities of information about jobkeeper payments

323DB   Requirement to notify market operator about jobkeeper payments

   (1)  A listed entity must give each relevant market operator a notice, for release to the market, in accordance with this section for a financial year if the listed entity, or a subsidiary of the listed entity, received a jobkeeper payment (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 ) in the financial year.

   (2)  The notice must set out the following information for the financial year:

                       (a)  the listed entity’s name and ABN;

                      (b)  the number of individuals for whom the listed entity or a subsidiary of the listed entity received a jobkeeper payment for a jobkeeper fortnight (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 ) that ended in the financial year;

                       (c)  the sum of all jobkeeper payments the listed entity and each subsidiary of the listed entity received in a jobkeeper fortnight that ended in the financial year;

                      (d)  whether or not the listed entity or a subsidiary of the listed entity has made one or more voluntary payments (whether or not in the financial year) to the Commonwealth by way of a repayment of jobkeeper payments received by the listed entity or a subsidiary of the listed entity in the financial year;

                       (e)  if the listed entity or a subsidiary of the listed entity has made such a voluntary payment or payments—the sum of those payments.

   (3)  The notice must be given:

                       (a)  if the listed entity has lodged a report for the financial year under Division 1 with ASIC on or before the day on which Schedule 3 of the Treasury Laws Amendment (2021 Measures No. 2) Act 2021 commenced—within 60 days after that day; or

                      (b)  otherwise—within 60 days after the listed entity lodges a report for the financial year under Division 1 with ASIC.

   (4)  If the listed entity becomes aware that a notice given in accordance with this section for a financial year has become out of date or is otherwise not correct, the listed entity must give each relevant market operator, for release to the market, an updated notice within 60 days of becoming so aware.

   (5)  An offence based on subsection (1) or (4) is an offence of strict liability.

323DC   ASIC must publish report

   (1)  ASIC must publish on its website a consolidated report of all notices given to relevant market regulators under section 323DB and released to the market.

   (2)  ASIC must publish the consolidated report as soon as practicable after a notice or notices under that section are released to the market.

   (3)  ASIC must ensure the consolidated report is regularly updated.

2  In the appropriate position in Schedule 3

Insert:

Subsection 323DB(1)

60 penalty units

Subsection 323DB(4)

60 penalty units

Debate resumed.

Question—That the amendments be agreed to—put and passed.

Senator Patrick moved the following amendments on sheet 1411 together by leave:

(1)—Clause 2, page 2 (table item 1), omit the table item, substitute:

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 3

The day after this Act receives the Royal Assent.

 

(2)—Page 12 (after line 14), at the end of the bill, add:

Schedule 3 Publication of information about COVID-19 payment recipients

Taxation Administration Act 1953

1  Subsection 2(1)

Insert:

annual turnover of an entity for a financial year is the total of the following that is earned in the year in the course of the entity’s business:

                       (a)  the proceeds of sales of goods and/or services;

                      (b)  commission income;

                       (c)  repair and service income;

                      (d)  rent, leasing and hiring income;

                       (e)  government bounties and subsidies;

                       (f)  interest, royalties and dividends;

                      (g)  other operating income.

If the entity is a non-profit body (within the meaning of section 23-15 of the A New Tax System (Goods and Services Tax) Act 1999 ), treat the operations or activities carried out by the body as the business of the body.

Coronavirus economic response payment has the same meaning as in the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 .

jobkeeper payment means a payment under the jobkeeper scheme.

jobkeeper scheme means the scheme for the Coronavirus economic response payment known as the jobkeeper payment provided for in rules made for the purposes of subsection 7(1) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 in relation to the period 1 March 2020 to 28 March 2021.

2  At the end of Part IA

Add:

3J   Commissioner must publish information about entities that received jobkeeper payments

   (1)  The Commissioner must publish the following information about each entity covered by subsection (2) that has received a jobkeeper payment:

                       (a)  the name of the entity;

                      (b)  the number of individuals for whom the entity received a jobkeeper payment;

                       (c)  the total amount of jobkeeper payments received by the entity;

                      (d)  whether the entity has voluntarily paid to the Commonwealth an amount equal to all or part of the amount referred to in paragraph (c), and if so, the amount of the payment.

   (2)  An entity is covered by this subsection if the annual turnover of the entity for a financial year in which the entity received a jobkeeper payment is more than $10 million.

   (3)  The information must be published as soon as practicable after the commencement of this section on a publicly available website maintained by the Commissioner.

3K   Commissioner must publish information about entities that received certain Coronavirus economic response payments

   (1)  The Commissioner must publish the following information about each entity covered by subsection (2) that has received a Coronavirus economic response payment provided for in rules made for the purposes of subsection 7(1B) of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 :

                       (a)  the name of the entity;

                      (b)  the total amount of such payments received by the entity;

                       (c)  whether the entity has voluntarily paid to the Commonwealth an amount equal to all or part of the amount referred to in paragraph (b), and if so, the amount of the payment.

   (2)  An entity is covered by this subsection if the annual turnover of the entity for a financial year in which the entity received such a payment is more than $10 million.

   (3)  The information must be published as soon as practicable after the commencement of this section on a publicly available website maintained by the Commissioner.

   (4)  Information published under this section must be kept up to date.

Debate ensued.

Question—That the amendments be agreed to—put.

The committee divided—

AYES, 12

Senators—

Brown

Keneally

O’Neill

Siewert

Carr

Lines

Polley

Urquhart*

Hanson-Young

McAllister

Pratt

Watt

 

NOES, 12

Senators—

Askew

Cash

Davey*

Ruston

Bragg

Chandler

Hume

Scarr

Brockman

Colbeck

McKenzie

Smith, Dean

* Tellers

The ayes and noes were equal and so the question was negatived.

Senator Hanson-Young moved the following amendment on sheet 1402:

(1)—Page 12 (after line 14), at the end of the bill, add:

Schedule 3 Live Performance Federal Insurance Guarantee Fund

Live Performance Federal Insurance Guarantee Fund

   (1)  There is to be a Live Performance Federal Insurance Guarantee Fund.

   (2)  The Treasurer must, by legislative instrument, make rules to provide for and in relation to the establishment, governance and operation of the Fund, the purpose of which is to provide for a fund to underwrite an insurance scheme for the live performance sector to fill a market failure in the insurance industry as a result of the COVID 19 pandemic.

   (3)  Money for the Fund is to be from funds appropriated by the Parliament for the purposes of this Act.

   (4)  The Treasurer must make rules for the purposes of subsection (2) within 30 days after the commencement of this Act.

Debate ensued.

Question—That the amendment be agreed to—put.

The committee divided—

AYES, 12

Senators—

Brown

Keneally

O’Neill

Siewert

Carr

Lines

Polley

Urquhart*

Hanson-Young

McAllister

Pratt

Watt

 

NOES, 14

Senators—

Askew

Davey*

O’Sullivan

Scarr

Bragg

Hughes

Reynolds

Small

Canavan

Hume

Ruston

Smith, Dean

Colbeck

McKenzie

 

 

* Tellers

Question negatived.

Bill agreed to and reported with amendments.

 

 

 

On the motion of the Minister for Superannuation, Financial Services and the Digital Economy (Senator Hume) the report from the committee was adopted and the bill read a third time.