I move:

That this bill be now read a second time.

This bill is a companion bill to the Tax Laws Amendment (2006 Measures No. 3) Bill 2006.

The purpose of this bill is to impose untainting tax. A liability to untainting tax arises when a company chooses to untaint a tainted share capital account.

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

Debate (on motion by Mr Griffin) adjourned.