Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I would like to thank all members who have contributed to this important debate. Schedule 1 of this bill makes minor technical amendments to the income tax law to ensure that two National Innovation and Science Agenda measures operate in accordance with their original policy intent. These measures are the tax incentives for early stage investors measure, which provides a tax offset and capital gains tax relief for eligible investments in innovative, high-growth-potential start-ups, and the new arrangements for venture capital limited partnerships measures, which reforms the existing venture capital arrangements to improve access to capital and make the regime more user-friendly and internationally competitive.

In order to provide certainty to investors who are looking to invest through these vehicles, this schedule makes minor technical amendments to clarify the income tax law to ensure that investors who invest through a single interposed trust are able to access the capital gain concessions provided by the tax incentive for early stage investors and the new arrangements for venture capital limited partnership measures. These measures demonstrate the government's commitment to promoting a culture of entrepreneurship, as well as supporting innovative new businesses.

Schedule 2 of this bill amends the Australian Securities and Investments Commission Act 2011 to streamline the process by which the Australian Securities and Investments Commission may share confidential information with the Australian Taxation Office for its use in the performance of its functions. The amendment will enable a more timely collaboration between the Australian Securities and Investments Commission and the Australian Taxation Office during investigations into illegal or high-risk activities, for example illegal phoenixing activity. I commend the bill to the House.

Question agreed to.

Bill read a second time.

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