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senate vote 2023-11-15#2
Edited by
mackay staff
on
2024-06-30 12:30:10
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Title
Bills — Treasury Laws Amendment (2023 Measures No. 1) Bill 2023; in Committee- Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 - in Committee - Franked distributions—proportionality
Description
<p class="speaker">Malarndirri McCarthy</p><p>I table a supplementary explanatory memorandum relating to the government amendments to be moved to this bill and seek leave to move amendments (1) to (16) on sheet ZB218 together.</p><p>Leave granted.</p><p>I move:</p><p class="italic">(1) Clause 2, page 2 (table item 5), omit the table item, substitute:</p><p class="italic">(2) Clause 2, page 2 (table item 6), omit the table item, substitute:</p><p class="italic">(3) Schedule 4, item 21, page 40 (lines 7 to 9), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".</p><p class="italic">(4) Schedule 4, item 21, page 40 (lines 14 and 15), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".</p><p class="italic">(5) Schedule 5, item 1, page 41 (line 7), after "a distribution", insert "or a part of a distribution".</p><p class="italic">(6) Schedule 5, item 2, page 41 (line 13), after "of a kind", insert ", or a part (the <i>relevant part</i>) of a distribution (also a <i>relevant distribution</i>) of a kind,".</p><p class="italic">(7) Schedule 5, item 2, page 41 (line 27), after "funding of", insert "a substantial part of".</p><p class="italic">(8) Schedule 5, item 2, page 41 (line 28), omit "part of the relevant distribution", substitute "the relevant part".</p><p class="italic">(9) Schedule 5, item 2, page 41 (line 32), after "funding", insert "a substantial part of".</p><p class="italic">(10) Schedule 5, item 2, page 41 (line 33), omit "part of the relevant distribution", substitute "the relevant part".</p><p class="italic">(11) Schedule 5, item 2, page 41 (line 33), at the end of subsection (1), add:</p><p class="italic">; (d) the issue of the equity interests was not a direct response in order to meet a requirement, direction or recommendation from *APRA or *ASIC.</p><p class="italic">(12) Schedule 5, item 2, page 42 (line 23), after "apply to", insert "all or any part of".</p><p class="italic">(13) Schedule 5, item 2, page 42 (line 25), after "<i>funding</i>", insert "<i>all or part of</i>".</p><p class="italic">(14) Schedule 5, item 2, page 42 (line 35), at the end of paragraph 207-159(4)(b), add "or the relevant part (as the case may be)".</p><p class="italic">(15) Schedule 5, item 3, page 44 (line 8), omit "15 September 2022", substitute "the commencement of this Schedule".</p><p class="italic">(16) Schedule 5, item 3, page 44 (line 12), omit "15 September 2022", substitute "the commencement of this Schedule".</p> <p class="speaker">Dean Smith</p><p>The opposition will not be supporting these amendments moved by the government, which have only been circulated in recent times, despite having been recommended over five months ago. These amendments should not need to be moved, because the promise should not have been broken in the first place. As coalition senators have noted, the legislation before the committee includes a very, very significant broken promise on behalf of the government. On multiple occasions before the election, the Prime Minister promised that there would be no changes to the rules around franking credits. These amendments change those rules and constitute a broken promise on behalf of the government. The opposition will not support the Prime Minister breaking an election promise that impacts retirees, mum-and-dad investors and small businesses.</p> <p class="speaker">Glenn Sterle</p><p>The question is that government amendments (1) to (16) on sheet ZB218, moved together by leave, be agreed to.</p><p></p> -
- The majority voted in favour of [government amendments (1) to (16) on sheet ZB218](https://www.openaustralia.org.au/senate/?gid=2023-11-15.13.2), which means they'll now be included in the bill. When introducing these amendments, Northern Territory Senator [Malarndirri McCarthy](https://theyvoteforyou.org.au/people/senate/nt/malarndirri_mccarthy) (Labor) also introduced a [supplementary explanatory memorandum](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Fems%2Fr6979_ems_14f1205e-090b-44a1-af2b-744ed115ad8d%22;rec=0) which provided further information.
- ### Amendment text
- > *(1) Clause 2, page 2 (table item 5), omit the table item, [substitute](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0):*
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- > *(2) Clause 2, page 2 (table item 6), omit the table item, [substitute](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/display.w3p;query=Id%3A%22legislation%2Famend%2Fr6979_amend_e5a61c87-6fd4-4cc3-aab7-a39486be1b6c%22;rec=0):*
- >
- > *(3) Schedule 4, item 21, page 40 (lines 7 to 9), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".*
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- > *(4) Schedule 4, item 21, page 40 (lines 14 and 15), omit "after 7:30 pm, by legal time in the Australian Capital Territory, on 25 October 2022", substitute "on or after 18 November 2022".*
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- > *(5) Schedule 5, item 1, page 41 (line 7), after "a distribution", insert "or a part of a distribution".*
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- > *(6) Schedule 5, item 2, page 41 (line 13), after "of a kind", insert ", or a part (the relevant part) of a distribution (also a relevant distribution) of a kind,".*
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- > *(7) Schedule 5, item 2, page 41 (line 27), after "funding of", insert "a substantial part of".*
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- > *(8) Schedule 5, item 2, page 41 (line 28), omit "part of the relevant distribution", substitute "the relevant part".*
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- > *(9) Schedule 5, item 2, page 41 (line 32), after "funding", insert "a substantial part of".*
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- > *(10) Schedule 5, item 2, page 41 (line 33), omit "part of the relevant distribution", substitute "the relevant part".*
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- > *(11) Schedule 5, item 2, page 41 (line 33), at the end of subsection (1), add:*
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- >> *; (d) the issue of the equity interests was not a direct response in order to meet a requirement, direction or recommendation from APRA or ASIC.*
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- > *(12) Schedule 5, item 2, page 42 (line 23), after "apply to", insert "all or any part of".*
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- > *(13) Schedule 5, item 2, page 42 (line 25), after "funding", insert "all or part of".*
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- > *(14) Schedule 5, item 2, page 42 (line 35), at the end of paragraph 207-159(4)(b), add "or the relevant part (as the case may be)".*
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- > *(15) Schedule 5, item 3, page 44 (line 8), omit "15 September 2022", substitute "the commencement of this Schedule".*
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- > *(16) Schedule 5, item 3, page 44 (line 12), omit "15 September 2022", substitute "the commencement of this Schedule".*
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