Ben Morton (Tangney, Liberal Party, Assistant Minister to the Prime Minister and Cabinet) 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 (COVID-19 Economic Response No. 2) Bill 2021amends the payments and benefits act to allow the Treasurer to make rules for economic response payments to provide support to an entity where it is adversely affected by restrictions imposed by a state or territory to control COVID-19. This measure gives effect to the government's commitment to assist any state that is unable to administer its own business support payments in the event of a significant lockdown imposed by a state or territory between 1 July 2021 and 30 December 2022.

Schedule 2 to the bill amends the information-sharing provisions of the Taxation Administration Act 1953 to allow the ATO to share data with Australian government agencies for the purpose of administering a relevant COVID-19 business support program. Relevant business support programs are those that have been included in a declaration by the Treasurer for this purpose. The Treasurer can make this declaration by legislative instrument if satisfied that the program responds to the economic impacts of COVID-19 and supports businesses that have had their operations impacted by public health orders.

Schedule 3 to the bill introduces a new power in the income tax laws that enables, by legislative instrument, eligible Commonwealth COVID-19 business grants to be declared free from income tax. States and territories are also able to apply for the same tax treatment where they have grant programs focused on supporting small and medium businesses facing exceptional circumstances related to COVID-19.

Schedule 4 to the bill extends the operation of a temporary mechanism introduced in 2020 which permits responsible ministers to allow electronic signatures for relevant documents in response to the challenges posed by the coronavirus pandemic.

Schedule 5 to the bill makes COVID-19 disaster payments received by individuals from the 2020-21 income year onwards free from income tax. I commend this bill to the House.

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