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31       Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020

Order of the day read for the adjourned debate on the motion of the Minister for Finance (Senator Cormann)—That this bill be now read a second time.

Debate resumed.

Question put.

The Senate divided—

AYES, 30

Senators—

Antic

Cormann

McLachlan

Ruston

Askew

Davey*

McMahon

Ryan

Birmingham

Duniam

Molan

Scarr

Bragg

Gallagher

O’Sullivan

Seselja

Brown

Henderson

Patrick

Smith, Dean

Cash

Hughes

Rennick

Stoker

Chandler

McCarthy

Roberts

Wong

Colbeck

McKenzie

 

 

 

NOES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

* Tellers

Question agreed to.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

 

 

 

In the committee

Bill taken as a whole by leave.

Question—That the bill stand as printed—divided, at the request of Senator McKim, in respect of Schedule 1.

Question—That Schedule 1 stand as printed—put.

The committee divided—

AYES, 26

Senators—

Antic

Cormann

McKenzie

Roberts

Askew

Davey*

McLachlan

Ruston

Bragg

Duniam

Molan

Scarr

Brown

Gallagher

O’Sullivan

Seselja

Cash

Henderson

Patrick

Smith, Dean

Chandler

Hughes

Rennick

Stoker

Colbeck

McCarthy

 

 

 

NOES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

* Tellers

Schedule agreed to.

Senator McKim moved the following amendments together by leave:

Schedule  1 , page 4 (after line 26) , after item  4 , insert:

4A  Application—high-income resident taxpayers

(1)   This item applies in relation to a resident taxpayer that has an ordinary taxable income of more than $1 million for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income.

(2)   Despite the amendments made by items 1 to 4 to the tables mentioned in those items, those tables as in force immediately before the commencement of those items continue to apply in relation to the taxable income of the resident taxpayer for the relevant year of income.

Schedule  1 , page 5 (after line 18) , after item  8 , insert:

8A  Application—high-income non-resident taxpayers

(1)   This item applies in relation to a non-resident taxpayer that has an ordinary taxable income of more than $1 million for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income.

(2)   Despite the amendments made by items 5 to 8 to the tables mentioned in those items, those tables as in force immediately before the commencement of those items continue to apply in relation to the taxable income of the non-resident taxpayer for the relevant year of income.

Schedule  1 , Part  1 , page 6 (after line 7) , at the end of the Part, add:

12A  Application—high-income working holiday makers

(1)   This item applies in relation to a taxpayer that has a working holiday taxable income of more than $1 million for the 2020-21, 2021-22, 2022-23 or 2023-24 year of income.

(2)   Despite the amendments made by items 9 to 12 to the tables mentioned in those items, those tables as in force immediately before the commencement of those items continue to apply in relation to the taxpayer’s working holiday taxable income for the relevant year of income.

Question—That the amendments be agreed to—put.

 

The committee divided—

AYES, 8

Senators—

Faruqi

Lambie

Patrick

Thorpe

Hanson-Young

McKim

Siewert*

Waters

 

 

NOES, 28

Senators—

Askew

Cormann

McKenzie

Ruston

Birmingham

Davey

McLachlan

Scarr

Bragg

Duniam

McMahon

Seselja

Brown

Gallagher

Molan

Smith, Dean

Cash

Henderson

O’Sullivan

Stoker

Chandler

Hughes

Rennick

Van

Colbeck

McCarthy*

Roberts

Watt

* Tellers

Question negatived.

Question—That the bill stand as printed—divided, at the request of Senator McKim, in respect of Schedule 2.

Question—That Schedule 2 stand as printed—put.

The committee divided—

AYES, 29

Senators—

Antic

Cormann

McCarthy

Rennick

Askew

Davey

McKenzie

Roberts

Birmingham

Duniam

McLachlan

Ruston

Bragg

Gallagher

McMahon

Scarr

Brown

Henderson

Molan

Seselja

Cash

Hughes

O’Sullivan

Smith, Dean*

Chandler

Lambie

Patrick

Stoker

Colbeck

 

 

 

NOES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

* Tellers

Schedule agreed to.

Senator McKim moved the following amendments together by leave:

Schedule  7 , item  1 , page 83 (after line 2) , at the end of section  40-150 , add:

Exception—assets that are not Australian made

   (6)  Despite subsection (1), you are not covered by this section for the asset unless the asset has been produced or manufactured in Australia.

Schedule  7 , item  4 , page 90 (after line 25) , at the end of section  328-181 , add:

Exception—assets that are not Australian made

   (6)  Despite anything in the preceding subsections of this section, in the period beginning at the 2020 budget time and ending on 30 June 2022 you cannot deduct an amount under section 328-180 or 328-210 of the Income Tax Assessment Act 1997 in relation to an asset unless the asset has been produced or manufactured in Australia.

Debate ensued.

Question—That the amendments be agreed to—put.

The committee divided—

AYES, 7

Senators—

Faruqi

Lambie

Siewert*

Waters

Hanson-Young

McKim

Thorpe

 

 

 

NOES, 26

Senators—

Askew

Davey

McMahon

Ruston

Birmingham

Duniam

Molan

Scarr

Bragg

Gallagher

O’Sullivan

Seselja

Cash

Henderson

Patrick

Smith, Dean

Chandler

Hughes

Rennick

Stoker

Colbeck

McCarthy*

Roberts

Van

Cormann

McLachlan

 

* Tellers

Question negatived.

Senator McKim moved the following amendments together by leave:

Schedule  7 , item  1 , page 83 (after line 2) , at the end of section  40-150 , add:

Exception—assets related to fossil fuel, defence or tobacco manufacture etc.

   (5)  Despite subsection (1), you are not covered by this section for the asset if the asset relates to any of the following:

                       (a)  coal exploration, mining or extraction, or refining or manufacturing coal products;

                      (b)  petroleum exploration or extraction, or refining, blending or manufacturing petroleum products;

                       (c)  natural gas exploration or extraction, or processing, manufacturing or liquefaction of natural gas products;

                      (d)  manufacturing of defence equipment;

                       (e)  tobacco farming or manufacturing tobacco products.

Schedule  7 , item  4 , page 90 (after line 25) , at the end of section  328-181 , add:

Exception—assets related to fossil fuel, defence or tobacco manufacture etc.

   (5)  Despite anything in the preceding subsections of this section, in the period beginning at the 2020 budget time and ending on 30 June 2022 you cannot deduct an amount under section 328-180 or 328-210 of the Income Tax Assessment Act 1997 in relation to an asset that relates to any of the following:

                       (a)  coal exploration, mining or extraction, or refining or manufacturing coal products;

                      (b)  petroleum exploration or extraction, or refining, blending or manufacturing petroleum products;

                       (c)  natural gas exploration or extraction, or processing, manufacturing or liquefaction of natural gas products;

                      (d)  manufacturing of defence equipment;

                       (e)  tobacco farming or manufacturing tobacco products.

Question—That the amendments be agreed to—put.

The committee divided—

AYES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

 

 

NOES, 28

Senators—

Askew

Davey

McKenzie

Roberts

Birmingham

Duniam

McLachlan

Ruston

Bragg

Gallagher

McMahon

Scarr

Cash

Henderson

Molan

Seselja

Chandler

Hughes

O’Sullivan

Smith, Dean

Colbeck

Lambie

Patrick

Stoker

Cormann

McCarthy*

Rennick

Van

* Tellers

Question negatived.

Question—That the bill stand as printed—divided, at the request of Senator McKim, in respect of Schedule 7.

Question—That Schedule 7 stand as printed—put.

The committee divided—

AYES, 27

Senators—

Antic

Cormann

McCarthy

Roberts

Askew

Davey

McLachlan

Ruston

Birmingham

Duniam

Molan

Scarr

Bragg

Gallagher

O’Sullivan

Seselja

Cash

Henderson

Patrick

Smith, Dean*

Chandler

Hughes

Rennick

Stoker

Colbeck

Lambie

Reynolds

 

 

 

NOES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

* Tellers

Schedule agreed to.

Bill agreed to and reported without amendment.

 

 

 

On the motion of the Senator Cormann the report from the committee was adopted.

Senator Cormann moved—That this bill be now read a third time.

Debate ensued.

Question put.

The Senate divided—

AYES, 30

Senators—

Antic

Davey

McLachlan

Roberts

Askew

Duniam

McMahon

Ruston

Birmingham

Gallagher

Molan

Ryan

Bragg

Henderson

O’Sullivan

Scarr

Cash

Hughes

Patrick

Seselja

Chandler

Lambie

Rennick

Smith, Dean*

Colbeck

McCarthy

Reynolds

Stoker

Cormann

McKenzie

 

 

 

NOES, 6

Senators—

Faruqi

McKim

Thorpe

Waters

Hanson-Young

Siewert*

 

* Tellers

Question agreed to.

Bill read a third time.