I table a supplementary explanatory memorandum relating to the government amendment to be moved to the Tax Laws Amendment (2006 Measures No. 7) Bill 2006. The explanatory memorandum was circulated in the chamber on 27 March 2007. The government opposes schedule 2 in the following terms:

(1)    Schedule 2, page 33 (line 1) to page 34 (line 17), to be opposed.

I should indicate that this proposal by the government is in accord with the view of the Labor senators and the Democrats, as outlined in their recommendation which was attached to the Senate Standing Committee on Economics report. I want to reiterate that I commend both the Treasurer and the Treasury for withdrawing this whilst they consult further and before reintroducing an amended version of schedule 2.

The question is that schedule 2 stand as printed.

Question negatived.

Bills, as amended, agreed to.

Tax Laws Amendment (2007 Measures No. 1) Bill 2007 reported without amendment and Tax Laws Amendment (2006 Measures No. 7) Bill 2006 reported with an amendment; report adopted.