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

I table a supplementary explanatory memorandum relating to the government amendments to be moved to this bill. The memorandum was circulated in the chamber today. By leave—I move government amendments (1) and (2) on sheet BU259:

(1)    Schedule 1, item 13, page 9 (after line 10), after subsection 109CA(7), insert:

     (7A)    Subsection (1) does not apply to the provision of a dwelling to the entity if:

             (a)    the dwelling is a flat or home unit that is part of a complex of 2 or more flats or home units; and

             (b)    the provider of the dwelling is a company that owns a legal or equitable interest in the land on which the complex is erected; and

             (c)    there is more than one share in the company, and each share (whether singly or as part of a parcel of shares) gives the relevant shareholder the right to occupy a flat or home unit in the complex; and

             (d)    each flat or home unit in the complex is covered by a share, or a parcel of shares, in the company; and

             (e)    the dwelling is provided to the entity because a shareholder holds such a share, or parcel of shares; and

              (f)    the company does not have legal or equitable interests in any assets other than legal or equitable interests in:

                   (i)    the complex, and the land on which it is erected; and

                  (ii)    any related land and buildings; and

                 (iii)    any related plant, machinery, equipment, furniture or fittings; and

                 (iv)    any assets relating to the matters mentioned in paragraph (g); and

             (g)    the assessable income of the company is derived predominantly from:

                   (i)    managing and maintaining the complex (including the assets mentioned in subparagraphs (f)(i), (ii) and (iii)); and

                  (ii)    interest and dividends relating to income derived from managing and maintaining the complex (including the assets mentioned in those subparagraphs).

      (7B)    Subsection (7A) does not apply in a case to which Subdivision E (about interposed entities) applies, if the company mentioned in that subsection is interposed between:

             (a)    a private company; and

             (b)    a shareholder, or an associate of a shareholder, of the private company.

(2)    Schedule 1, item 13, page 9 (lines 12 and 13), omit “subsections (6) and (7)”, substitute “subsections (6) to (7A)”.

Question agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.