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 7 TAXATION LAWS AMENDMENT BILL (NO. 4) 2003

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—

Debate resumed by Mr Cox who moved, as an amendment—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 condemns the Howard Government for its totally inadequate response to dealing with tax avoidance and evasion using foreign entities operating outside Australia and by foreign entities operating inside Australia. Because it has allowed tax avoidance and evasion to proliferate the tax burden borne by ordinary taxpayers will increase. The Government already has a poor record on financial management, in that:

(1) it is the highest taxing government in history;

(2) without the additional revenue provided by bracket creep the budget would be in deficit this financial year and in 2005-06;

(3) it will be unable to return to taxpayers the more than $6 billion in additional tax as a result of bracket creep that it will receive in 2005-06 without going into deficit; and

(4) it continues to take new policy decisions that spend the proceeds of additional taxation collections and reduce its capacity to provide tax relief".

Debate continued.

Amendment negatived.

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

Message from the Governor-General

Message No. 109, 10 February 2003, from His Excellency the Governor-General was announced recommending an appropriation for the purposes of the Bill.

Consideration in detail

Bill, by leave, taken as a whole.

Mr Cox moved the Opposition amendment.

Debate continued.

Amendment negatived.

Paper

Mr Slipper (Parliamentary Secretary to the Minister for Finance and Administration) presented a supplementary explanatory memorandum to the Bill.

On the motion of Mr Slipper, by leave, Government amendments (1) to (8) were made together.

Bill, as amended, agreed to.

Consideration in detail concluded.

On the motion of Mr Slipper, by leave, the Bill was read a third time.