Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

The coalition does not oppose the Tax Laws Amendment (2012 Measures No. 1) Bill 2012. The bill makes the following changes to existing taxation and superannuation laws. It disallows deductions against rebateable benefits from 1 July 2012, removes access to the trading stock exemption for superannuation funds, makes ex gratia payments to New Zealand special category visa holders impacted by the 2012 floods tax exempt, phases out the dependent spouse tax offset to implement a budget measure and makes some other minor changes to the tax laws. As I have mentioned, the coalition does not oppose this bill.

Question agreed to.

Bill read a second time.