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

in reply—I take the opportunity to thank those members who have contributed to this debate on the Tax Laws Amendment (2007 Measures No. 1) Bill 2007. I want to make some comments in response to some of the issues discussed during the contribution of the previous speaker, the member for Rankin. I thought that he may well have taken the opportunity to clarify his position in his own misleading of listeners to Brisbane radio this morning. He was called to account by the presenter, Madonna King, for what could only be described as a dubious contribution to the Work Choices debate in this country which we are currently undertaking. This is a further demonstration of Labor’s inability to put forward a coherent policy. It was very similar to the way in which the Leader of the Opposition is conducting himself—that is, to walk both sides of the street. On this matter and others he cannot help himself but to say one thing to the unions and another to those people who were listening this morning. It was a terrible contribution, and if he had any sense of decency he would have taken the opportunity to present himself to this place to clarify the remarks and to apologise to the people of Brisbane for deliberately providing misleading comments about this debate to listeners of ABC radio this morning.

This bill amends various taxation and superannuation laws to implement a range of changes and improvements to Australia’s taxation system. Schedule 1 amends the tax secrecy and disclosure law to allow the Commissioner of Taxation to disclose certain taxpayer information to officers in the Project Wickenby task force. It also allows this disclosure of information for similar task forces that may be established in the future. Project Wickenby is a multi-agency task force that provides significant support to the difficulties that are faced by our law enforcement agencies.

As part of my contribution to this summing up speech I do want to thank members who have contributed, as I said in my opening remarks, but I should take the opportunity to answer some questions and points raised in the course of the debate. The member for Prospect noted a concern that personal tax information provided to ASIC under the Project Wickenby secrecy changes could be disclosed to a third party. I take the opportunity to thank the member for his question and I note that agencies who receive information as a result of those changes will be subject to secrecy obligations similar to those currently applicable to tax officers.

The amendments preserve the general protection of taxpayer privacy while removing impediments to the Commissioner of Taxation disclosing certain information to task force agencies to aid concerted law enforcement by Project Wickenby and similar task forces that may be established in the future to protect the public finances of this country.

As noted by the member for Riverina—and I thank her very much for her valuable contribution to this debate—this bill delivers on the government’s 2006-07 budget announcement to allow the Commissioner of Taxation to provide information to employees on the progress of their superannuation guarantee complaints. From 1 July this year, the commissioner will be able to provide employees who complain that their employer has not paid their superannuation entitlement with information about the steps taken to recover any superannuation guarantee charge from the employer. These changes from 1 July form part of the government’s commitment to improving the Australian Taxation Office’s responsiveness to superannuation guarantee inquiries and will remove a significant community irritant around the administration of the superannuation guarantee system.

Schedule 3 amends the tax law to extend employee share scheme concessions to certain stapled securities. Currently, it is difficult for employers without unstapled ordinary shares on issue to provide employees with access to the employee share scheme concessions. Industry has recognised that the amendments will dramatically simplify the operation of employee share schemes for employers with stapled securities. This will allow more employers to offer employee share schemes. The measures in this bill will make positive improvements to Australia’s taxation laws and are further evidence of the government’s commitment to individuals and businesses.

Over the past decade, the government’s strong economic performance has seen both individuals and businesses benefit from lower taxes and greater incentives to save and invest. Eighty per cent of taxpayers are now on a top marginal tax rate of less than 30 per cent and businesses face a top rate of 30 per cent. Real household wealth has doubled since 1996 and business profits are at record highs. These results have not been achieved by good fortune alone but as a consequence of a clear economic philosophy and experience. The amendments in this bill are further evidence of the government’s support for individual taxpayers and the business community and of our determination to see continued economic prosperity in this country. I commend this bill to the House.

Question agreed to.

Bill read a second time.

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