Andrew Gee (Calare, National Party, Minister for Decentralisation and Regional Education) Share this | Hansard source

Firstly, I would like to thank those members who have contributed to this debate.

Schedule 1 to the Treasury Laws Amendment (2020 Measures No. 6) Bill 2020 makes technical changes to the temporary full expensing and backing business investment regimes to provide more flexibility for entities and to clarify their operation. The schedule introduces an alternative test for the full expensing measure. Businesses with less than $5 billion in total statutory and ordinary income, excluding non-accessible and non-exempt income, in the 2018-19 or 2019-20 income year will be able to benefit from the full expensing measure when they also have a minimum $100 million in certain depreciating assets first held, used or installed in the period 2016-17 to 2018-19. This change is targeted at Australian businesses that have a track record of investment but were not initially eligible for the temporary full expensing measures, as their income was aggregated with that of their overseas parents or affiliates under the original test. Schedule 1 also allows businesses to opt out of full expensing and the backing business investment incentive on an asset-by-asset basis. This provides businesses with more flexibility and means they can choose to apply the capital allowance rules that they consider most appropriate to their circumstances. The changes are designed to support Australian businesses to withstand the impacts of COVID-19 on their business and to invest, to grow and to create jobs.

Schedule 2 to the bill amends the Competition and Consumer Act 2010 to better enable the consumer data right to continue in a way that is coordinated, accessible and secure. By allowing increased coordination in policy setting and increasing the accessibility of the consumer data right to interested digital businesses, these amendments will allow the range of benefits already being provided by the consumer data right to grow and to be shared with more businesses and consumers.

Schedule 3 to the bill amends the Australian Charities and Not-for-profits Commission Act 2012 to encourage charities that may have been responsible for past institutional child sexual abuse to participate in the National Redress Scheme. This measure will amend the definition of a 'basic religious charity', or BRC, to remove a religious institution's eligibility to be classified as a BRC if it has a claim against it under the Redress Scheme and does not join the scheme. A BRC that fails to take reasonable steps to participate in the Redress Scheme would be subject to a suite of the ACNC's existing compliance powers, including deregistration. Deregistration would result in the entity losing access to a suite of Commonwealth benefits and concessions, including tax concessions.

Schedule 4 to the bill makes minor and technical amendments to the Treasury portfolio legislation. This includes amendments that clarify the law to ensure that it operates in accordance with the policy intent, make minor policy amendments to improve administrative outcomes, or remedy unintended consequences and correct technical or drafting defects. I commend the bill to the House.

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