Division Description Changes — Bills — Treasury Laws Amendment (2023 Measures No. 1) Bill 2023; in Committee — 15th Nov 2023

Change	Division
senate vote 2023-11-15#8 Edited by mackay staff on 2024-06-23 13:01:26	Title Bills — Treasury Laws Amendment (2023 Measures No. 1) Bill 2023; in Committee Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 - in Committee - Schedule 5 Description ~~<p class="speaker">Dean Smith</p>~~ <p>I move opposition amendment (1) on sheet 2043, standing in the name of Senator Hume:</p> <p class="italic">(1) Schedule 5, page 41 (line 1) to page 44 (line 12), to be opposed.</p> ~~<p class="speaker">Andrew McLachlan</p>~~ <p>The question before the committee is that schedule 5 stand as amended.</p> ~~<p></p>~~ The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.4) "schedule 5 stand as amended." In other words, they voted to keep the amended schedule 5 in the bill. This vote was put after West Australian Senator [Dean Smith](https://theyvoteforyou.org.au/people/senate/wa/dean_smith (Liberal) [proposed that](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.1) schedule 5 be opposed. ### What is Schedule 5? According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063): *> Schedule 5 further limits the ability of companies to issue franked dividends by disallowing the use of franking credits on certain distribution*s that are funded by capital raising activities. It was further [amended by the Government](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).

~~Dean Smith~~
I move opposition amendment (1) on sheet 2043, standing in the name of Senator Hume:
(1) Schedule 5, page 41 (line 1) to page 44 (line 12), to be opposed.
~~Andrew McLachlan~~
The question before the committee is that schedule 5 stand as amended.
~~~~
The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.4) "*schedule 5 stand as amended.*" In other words, they voted to keep the amended schedule 5 in the bill. This vote was put after West Australian Senator [Dean Smith](https://theyvoteforyou.org.au/people/senate/wa/dean_smith (Liberal) [proposed that](https://www.openaustralia.org.au/senate/?gid=2023-11-15.372.1) schedule 5 be opposed.
### What is Schedule 5?
According to the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2223a/23bd063):
> *Schedule 5 further limits the ability of companies to issue franked dividends by disallowing the use of franking credits on certain distributions that are funded by capital raising activities.*
It was further [amended by the Government](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).