Glenn Sterle (WA, Australian Labor Party) Share this | Link to this | Hansard source

The question is that the second reading amendment moved by Senator Dean Smith be agreed to.

David Pocock (ACT, Independent) Share this | Link to this | Hansard source

I move the amendment on sheet 2116:

At the end of the motion, add ", but the Senate notes that:

(a) concerns have been raised by small and medium-sized businesses, especially family businesses, regarding the potential impact of measures contained in this Bill on the ability of private companies to undertake capital raisings and franked dividend distributions to facilitate the departure of one or more shareholders from a company; and

(b) the measures are not intended to affect these ordinary family or commercial dealings of private companies; and

(c) this includes dealings undertaken for the purpose of succession planning and in other scenarios where shareholders exiting a company are paid a franked dividend funded by a capital raising from those shareholders who remain as shareholders in the company".

Question agreed to.

Original question, as amended, agreed to.

Bill read a second time.