Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

As I indicated earlier, we have circulated a second amendment to the Tax Bonus for Working Australians Bill 2009. I intend to make some comments on this, so those who are anticipating a vote in the next five minutes might be being a little optimistic. But my comments will be short. They are made in the context of some issues that I outlined earlier in respect of the amendment that has just been passed, but there is some specific detail.

Before I do that, I thought I had formally tabled the explanatory memorandum; apparently that has not happened, so I table the replacement supplementary explanatory memorandum relating to the government amendments to be moved to this bill. The memorandum was circulated in the chamber today. I present the explanatory memorandum and I seek leave to move government amendments (1) to (3) on sheet QV418 to the Tax Bonus for Working Australians Bill 2009 together.

Leave granted.

I move:

(1)    Clause 6, page 4 (line 16), omit “$950”, substitute “$900”.

(2)    Clause 6, page 4 (line 18), omit “$650”, substitute “$600”.

(3)    Clause 6, page 4 (line 20), omit “$300”, substitute “$250”.

The purpose of the amendments to the Tax Bonus for Working Australians Bill 2009 is to reduce the amount received by eligible taxpayers by $50. This means that eligible taxpayers will receive $900 where taxable income is up to $80,000; $600 where taxable income exceeds $80,000 but does not exceed $90,000; and $250 where taxable income exceeds $90,000 but does not exceed $100,000.

The adjustment balances the requirement for fiscal responsibility with the need to deliver the fiscal stimulus now. We did not reduce these payments slightly—sorry, lightly—