Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

by leave—I move government amendments, as circulated:

(1)    Schedule 3, item 4, page 13 (line 23) to page 16 (line 17), sections 275-5 and 275-10 to be opposed.

(2)    Schedule 3, item 4, page 16 (lines 24 to 26), omit paragraph 275-15(1)(b), substitute:

             (b)    every ^*member of the trust is a managed investment trust in relation to the income year (or a trust that is treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision).

(3)    Schedule 3, item 4, page 17 (lines 6 to 13), omit paragraphs 275-20(b) and (c), substitute:

             (b)    the trust would be a managed investment trust in relation to the income year (or a trust that would be treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision) if the trustee of the trust had made the first fund payment in relation to the income year on the first day of the income year; and

             (c)    the trust would be a managed investment trust in relation to the income year (or a trust that would be treated in the same way as a managed investment trust in relation to the income year through the operation of this Subdivision) if the trustee of the trust had made the first fund payment in relation to the income year on the last day of the income year.

(4)    Schedule 3, item 4, page 17 (lines 14 to 26), section 275-25 to be opposed.

(5)    Schedule 3, item 4, page 21 (lines 32 and 33), omit “year of income”, substitute “income year”.

(6)    Schedule 3, item 4, page 22 (line 1), after “Division 6C”, insert “of Part III”.

(7)    Schedule 3, item 4, page 22 (line 2), omit “year of income”, substitute “income year”.

I am not aware that there is any opposition to the amendments that have been circulated. I was here yesterday when Senator Milne raised some concerns about any potential interaction between these amendments and managed investment schemes. There is none, for the record. And I understand she has now been briefed on that.