Matthew Canavan (Queensland, Liberal National Party, Minister for Resources and Northern Australia) Share this | Hansard source

I would like to thank all the senators who contributed to this debate. There have been some considered contributions to it and I thank the senators who have indicated support for the government's position. This bill includes schedules that will extend tax relief for merging superannuation funds, provide ongoing funding to the Gateway Network Governance Body and transfer the early release of superannuation function to the ATO. In addition to those schedules, schedule 5 addresses phoenixing activity in the construction sector. It protects GST revenue and stops tax evasion by property developers by requiring purchasers of new residential premises or new residential subdivisions to remit the GST to the ATO. Senator Leyonhjelm has concerns about the obligation of the purchaser to remit the GST to the ATO. I note that the legislation allows for purchasers, through their solicitor or conveyancer, to hand over a bank cheque made out to the ATO for 1/11th of the purchase price on or before settlement. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.