Peter Dutton (Dickson, Liberal Party, Minister for Revenue and Assistant Treasurer) Share this | Hansard source

by leave—I present a supplementary explanatory memorandum to the bill and move government amendments (1) to (3) as circulated:

(1)    Schedule 4, item 2, page 17 (after line 29), at the end of section 855-25, add:

        (3)    The first element of the ^*cost base and ^*reduced cost base of a ^*CGT asset is the ^*market value of the asset on 10 May 2005 if, on that day:

             (a)    the CGT asset was held by:

                   (i)    an individual or company that was a foreign resident; or

                  (ii)    the trustee of a trust that was not a ^*resident trust for CGT purposes; and

             (b)    the CGT asset was a ^*post-CGT asset; and

             (c)    the CGT asset did not have the necessary connection with Australia (within the meaning of this Act as in force on that day); and

             (d)    the CGT asset was an ^*indirect Australian real property interest (within the meaning of this Act as at the commencement of this section).

        (4)    Also, Parts 3-1 and 3-3 apply to the asset as if you had ^*acquired it on that day.

(2)    Schedule 4, page 32 (after line 26), after item 38, insert:

38A Section 112-97 (at the end of the table)

Add:

                   (i)    an individual or company that was a foreign resident; or

                  (ii)    the trustee of a trust that was not a ^*resident trust for CGT purposes; and

I would like to add to the debate very quickly, in response to the member for Hunter and to some of the concerns that were raised by the member for Kennedy, bearing in mind the time constraints that we have. The government have, where possible, facilitated the requests of the shadow Assistant Treasurer. We have provided assistance, not just through my office but through Treasury as well, in a timely fashion, I believe. We lent every assistance to the member as was possible. In relation to the member for Kennedy’s contribution, the government are conscious of the issues that have been raised by the member for Kennedy. They have been raised in the Senate committee and we have addressed them as best we can through the consultation that we have conducted. The government firmly believe that these measures are in the best interests of this country.

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