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TAXATION LAWS AMENDMENT BILL (NO. 4) 1996

The order of the day having been read for the resumption of the debate on the question—That the Bill be now read a second time—And on the amendment moved thereto by Mr Latham, viz.—That all words after "That" be omitted with a view to substituting the following words: "whilst not declining to give the Bill a second reading, the House calls on the Government to:

(1) ensure the Capital Gains Tax rollover relief is restricted to situations where a net increase in employment will occur;

(2) closely monitor the integrity of the tax system in light of the Capital Gains Tax changes;

(3) reverse the reduction in the minimum proportion of the workforce which must be invited to participate in an ESOP; and

(4) reverse the proposed limitation of accelerated depreciation to shipping"—

Debate resumed.

Amendment negatived.

Question—That the Bill be now read a second time—put and passed—Bill read a second time.

On the motion of Mr Miles (Parliamentary Secretary (Cabinet) to the Prime Minister), further proceedings to be conducted in the House.