Mitch Fifield (Victoria, Liberal Party, Assistant Minister for Social Services) Share this | Hansard source

I give notice that on the next day of sitting I shall move:

That the provisions of paragraphs five to eight of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:

Asian Infrastructure Investment Bank Bill 2015, and

Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2014.

I also table statements of reasons justifying the need for these bills to be considered during these sittings and seek leave to have the statements incorporated in Hansard.

Leave granted.

The statements read as follows

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2015 SPRING SITTINGS

ASIAN INFRASTRUCTURE INVESTMENT BANK BILL

Purpose of the Bill

This Bill will approve Australia becoming a member of the Asian Infrastructure Investment Bank (AIIB), ratify the Articles of Agreement (the Articles), provide an appropriation for the payment of Australia's capital contribution and make any necessary consequential amendments.

Reasons for Urgency

Australia signed the AIIB Articles of Agreement at the earliest possible opportunity on 29 June 2015. It must now pass legislation to ratify the Articles in order to become a formal member of the AIIB.

Introduction and passage of the Bill in the 2015 Spring sittings is essential to ensure that Australia is able to formally participate in the management of the AIIB when it commences operations, expected to occur by the end of 2015.

If the Bill is not finalised in one sitting period, there is a risk that the AIIB will begin operations before Australia formally becomes a member. This could result in Australia being excluded from key decisions taken by the AIIB's management.

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE SPRING SITTINGS

TAX AND SUPERANNUATION LAWS AMENDMENT (2015 MEASURES NO. 4) BILL 2015

Purpose of the Bill

The purpose of the Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 is to:

amend the exemption applying to income earned overseas;

strengthen the Capital Gains Tax scrip for scrip rollover integrity provisions;

increase the account balance threshold at which superannuation funds transfer lost member accounts to the Australian Taxation Office from $2,000 to $6,000 in two incremental stages; and

Reasons for Urgency

Introduction and passage of the Bill during the Spring sittings is required to give taxpayers and the Australian Taxation Office sufficient time to put in place systems and processes to allow for the efficient administration of the tax system and a smooth roll out of new tax measures applying to the 2015-16 tax year and Tax Time 2016.