Alan Tudge (Aston, Liberal Party, Assistant Minister to the Prime Minister) Share this | Hansard source

I would like to thank those members who have contributed to this debate. It is disappointing, however, that those opposite would stand in the way of this bill simply because they do not understand how the changes outlined in schedule 1 to the bill benefit business, particularly small businesses. That said, this government will not subject people to needless red tape, which is why the government is proceeding with the other important measures in this bill.

Schedule 2 to this bill will amend superannuation laws to enable the Australian Taxation Office to pay lost member superannuation amounts directly to people with a terminal medical condition. Enabling the Australian Taxation Office to pay these amounts directly will cut out needless paperwork and delays for terminally ill and injured patients wishing to access their super benefits. Schedule 2 will also remove the requirement for superannuation funds to lodge a lost member statement with the Australian Taxation Office. Removing this report will reduce regulatory costs for funds that already provide similar information to comply with other reporting obligations.

Schedule 3 to this bill amends the Corporations Act 2001 to simplify the notification and reporting obligations applying to licenced trustee companies and other corporations that a property in receivership or property in respect of which a controller is acting. This will remove the unnecessary compliance costs, reputational damage and investor confusion caused by having to include 'in receivership' on all of a company's public documents, rather than on only those documents that relate to the affected trust. These amendments will also reduce the administrative burden on corporations' officers by reducing the matters upon which they are required to report to a controller.

Schedule 4 to this bill repeals inoperative acts and provisions of the tax law. This includes: the repeal of the Commonwealth borrowing levy, which has been inoperative since 1997; the repeal of the tax-exempt infrastructure borrowing concession, which has been inoperative since 2012; and the repeal of various provisions relating to tax concessions for equity investments in small and medium enterprises, which have effectively been inoperative since 1999. Removal of these inoperative acts and provisions will make it easier for businesses, agencies and other stakeholders to identify the current law. On our fourth repeal day, we are building on the progress we have already made right across government to cut red tape. I commend this bill to the House.

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