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

I move:

That this bill be now read a second time.

This bill is a companion bill to the Petroleum Resource Rent Tax Assessment Amendment Bill 2006.

The purpose of this bill is to ensure constitutional validity of the ‘instalment transfer interest charge’. This charge is designed to recoup the time value of money associated with transfer of exploration expenditure in working out a quarterly instalment of tax that is subsequently reversed. It relates to the measure contained in schedule 1 to the Petroleum Resource Rent Tax Assessment Amendment Bill 2006.

Full details of the measure in this bill are contained in the explanatory memorandum already presented.

Debate (on motion by Mr Griffin) adjourned.