Steven Ciobo (Moncrieff, Liberal Party, Parliamentary Secretary to the Minister for Foreign Affairs) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Excess Exploration Credit Tax Bill 2014 forms part of a package of legislation along with schedule 6 to the Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 to introduce an Exploration Development Incentive.

This bill imposes the excess exploration credit tax, which provides a mechanism to recover any costs to the Commonwealth that may arise where an exploration company distributes more exploration credits than they are entitled to under the Exploration Development Incentive.

This mechanism will ensure the fairness and integrity of the Exploration Development Incentive.

Further details of the bill and the Exploration Development Incentive more generally are set out in the explanatory memorandum.

Debate adjourned.