Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I present a supplementary explanatory memorandum to the bill. I ask leave of the House to move government amendments (1) and (2) as circulated together.

Leave granted.

I move government amendments (1) and (2):

(1) Clause 2, page 2 (table items 3, 4, 5 and 6), omit the table items.

(2) Schedule 3, page 8 (line 1) to page 40 (line 16), omit the Schedule.

In response to a recommendation from the House of Representatives Standing Committee on Economics, the government has decided to remove schedule 3 to this bill, together with the Pay As You Go Withholding Non-compliance Tax Bill 2011. In their report of 3 November 2011, the committee recommended that the schedule be deleted so that more consultation could be devoted towards identifying additional defences that allow innocent directors to avoid exposure to the director penalty regime. I have asked Treasury to undertake further consultation to explore further defences. The government intends to bring these amendments back into the parliament in the next available sittings next year.

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