Ben Morton (Tangney, Liberal Party, Assistant Minister to the Prime Minister and Cabinet) Share this | Hansard source

Firstly, I'd like to thank those members who've contributed to this debate. Schedule 1 to the bill amends the Income Tax Assessment Act 1997 to introduce new legislative instrument-making power into the income tax laws, to make eligible state and territory coronavirus business grants free from income tax. As announced by the Prime Minister on 18 September 2020, this tax treatment will be extended to the Victorian government's coronavirus business grants announced on 13 September 2020. Other states and territories will be able to apply for the same tax treatment where they have eligible grants programs focused on supporting small and medium businesses facing exceptional circumstances similar to those currently impacting on Victorian businesses.

Schedule 2 will allow the Australian Taxation Office to directly transfer the unclaimed superannuation of New Zealand citizens directly to their KiwiSaver retirement saving funds in New Zealand. This will make it easier for New Zealanders to access any unclaimed superannuation they may have in Australia.

Schedule 3 amends the Income Tax Assessment Act 1987 to include Neighbourhood Watch Australasia Ltd on the list of deductible gift recipients. The deductible gift recipient status allow members of the public to receive income tax deductions for the donations that they make to this organisation. By granting deductible gift recipient status for this organisation, the government is supporting them in providing valuable services to the community. I commend this bill to the House.

See this speech in context