Joe Ludwig (Queensland, Australian Labor Party, Manager of Government Business in the Senate) Share this | Hansard source

I move:

That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

First Home Saver Accounts (Further Provisions) Amendment Bill 2008

First Home Saver Account Providers Supervisory Levy Imposition Bill 2008

International Tax Agreements Amendment Bill (No. 1) 2008.

I table a statement of reasons relating to the International Tax Agreements Amendment Bill (No. 1) 2008 and seek leave to have the statement incorporated into Hansard.

Leave granted.

The statement read as follows—

INTERNATIONAL TAX AGREEMENTS AMENDMENT BILL (No. 1)

Purpose of the Bill

The bill gives the force of law to the revised tax treaty with Japan.

Reasons for Urgency

The revised tax treaty with Japan will broadly update the taxation arrangements between Australia and Japan.  The new taxation arrangements will enhance Australia’s relationship with Japan by further assisting trade and investment flows.

Passage of the bill in the 2008 Spring sittings will permit the revised Japan treaty to commence from 1 January 2009.  Any delay would mean the treaty would not commence until 1 January 2010.  Advice has been received that the Japan treaty has been approved by the Parliament of Japan, and that all domestic procedures necessary for entry into force, for Japan, have been completed.

(Circulated by authority of the Treasurer)

Question agreed to.