Nola Marino (Forrest, Liberal Party, Assistant Minister for Regional Development and Territories) Share this | Hansard source

I thank those members who have contributed to this debate. Schedule 1 to the bill increases the producer offset for films that are not feature films released in cinemas, to 30 per cent of total qualifying Australian production expenditure, and makes various threshold and integrity amendments across the three screen tax offsets. These changes will ensure the screen tax offsets effectively target areas that require support and encourage production and commercial distribution of quality.

Schedule 2 to the bill relates to small-business insolvency. The small-business insolvency reforms, which came into effect on 1 January 2021, introduced new insolvency processes suitable for small businesses, reducing complexity, time and costs. These processes enable more Australian small businesses to quickly restructure. Where restructure is not possible, businesses can wind up faster, enabling greater returns for creditors and employees. This measure makes consequential amendments which will support the operation of the new insolvency processes.

Schedule 3 to the bill makes minor and technical amendments to Treasury portfolio legislation. This includes amendments that clarify the law to ensure it operates in accordance with the policy intent; make minor policy changes to improve administrative outcomes or remedy unintended consequences; and correct technical or drafting defects.

I commend this bill to the House.

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