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A NEW TAX SYSTEM (CLOSELY HELD TRUSTS) BILL 1999

Mr Hockey (Minister for Financial Services and Regulation) presented a Bill for an Act to implement A New Tax System by amending the income tax law in respect of certain closely held trusts, and for related purposes.

Bill read a first time.

Mr Hockey moved—That the Bill be now read a second time.

Paper

Mr Hockey presented an explanatory memorandum to the following Bills:

A New Tax System (Closely Held Trusts) 1999;

A New Tax System (Ultimate Beneficiary Non-disclosure Tax) (No. 1) 1999; and

A New Tax System (Ultimate Beneficiary Non-disclosure Tax) (No. 2) 1999.

Debate adjourned (Mr K. J. Thomson), and the resumption of the debate made an order of the day for the next sitting.