Michael Sukkar (Deakin, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank all the members who have spoken on the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019. We don't agree with the amendments moved by the opposition. They are finding longer, more complicated and more negative ways of displaying that they will be supporting this bill, and we welcome that support.

This bill contains a number of measures that improve the integrity of the tax system, provide flexibility in completing new financial adviser requirements and ensure existing legislation operates as intended. To recap, schedule 1 amends the Income Tax Assessment Act 1936 to clarify that, from 1 July 2019, the concessional tax rates available for minors receiving income from testamentary trusts will be limited to income derived from assets that are transferred from the deceased's estate or the proceeds of the disposal or investment of those assets. This is an integrity measure, which was first announced in the 2018-19 budget, to deter taxpayers from using testamentary trusts as tax planning vehicles rather than what they're intended to be, which is to provide for their family after death.

Schedule 2, as has been spoken about in the House today, delivers on the government's commitment to extend the time that existing financial advisers have to meet new exam and qualification requirements set by FASEA. In particular, the extension assists rural and regional advisers and working parents, including parents taking parental leave during this transition period, ensuring that we maintain a diverse adviser industry—a very responsible amendment from the government.

Finally, schedule 3 makes minor technical and machinery amendments to various Treasury portfolio legislation, including amendments to address technical deficiencies in those pieces of legislation, ensuring the law operates as intended, and to remove administrative inefficiencies. We don't support the opposition's amendments, and I commend the bill to the House.

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