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

Firstly I'd like to thank those members who've contributed to this debate. Schedule 1 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 forms part of the government's ongoing regulatory reform agenda by making a number of regulatory improvements to Treasury portfolio laws. The schedule continues the government's focus on renewing our existing regulatory systems to ensure that they remain fit for purpose, flexible and capable of adapting to new business models as and when they emerge. It will reduce compliance costs for both individuals and business.

Schedule 2 to this bill extends tax relief for merging superannuation funds. This measure is important for the efficiency of the superannuation system and to protect members' balances when mergers take place.

Schedule 3 to this bill enables the government to provide ongoing funding on a cost recovery basis for the governance and maintenance of the superannuation transaction network through the existing superannuation supervisory levy.

Schedule 4 to this bill transfers the regulator role for early release of superannuation benefits on compassionate grounds from the Chief Executive Medicare, Department of Human Services, to the Commissioner of Taxation, Australian Taxation Office.

Schedule 5 to this bill tackles tax evasion by companies that phoenix. It delivers on the 2017-18 budget commitment to address GST integrity in the property development sector. The measure has a start date of 1 July 2018. Schedule 5 to this bill protects GST revenue by making purchasers of new residential premises or new residential subdivisions remit the GST on the purchase price directly to the ATO as part of the settlement process.

I commend the bill to the House.

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