Bill Shorten (Maribyrnong, Australian Labor Party, Parliamentary Secretary for Disabilities and Children's Services) Share this | Hansard source

I would like to thank those members who took part in this debate. The Tax Laws Amendment (Foreign Source Income Deferral) Bill (No. 1) 2010 bill, which gives effect to the repeal of the foreign investment fund, or FIF, and deemed present entitlement rules, delivers the first tranche of reforms that were announced in the 2009-10 budget. As part of wider reforms to Australia’s foreign source income anti-tax-deferral attribution rules, this measure will assist Australian managed funds and other businesses to compete internationally by reducing complexity and compliance costs that are associated with the making of foreign investments. The repeal of the FIF and deemed present entitlement rules further contributes to the government’s objective of promoting Australia as a pre-eminent financial hub in our region. This will support Australian jobs. This measure, being part of wider reforms to better target Australia’s attribution rules, will also further simplify the taxation law and bring consolidation of the two-income tax acts a significant step closer. This bill deserves the support of the parliament. I commend the bill to the House.

Question agreed to.

Bill read a second time.

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