James McGrath (Queensland, Liberal National Party, Assistant Minister to the Prime Minister) Share this | Hansard source

Let me firstly thank senators who have contributed to this debate. The Treasury Laws Amendment (2016 Measures No. 1) Bill 2016 is a bill that empowers Australians to participate in the economy with greater certainty. Schedule 1 of this bill makes an important clarification to the Terrorism Insurance Act 2003 to ensure it provides insurance against a declared terrorist incident, including when carried out by chemical, biological or other similar means.

Schedule 2 amends the disclosure requirements for eligible employee share schemes. These changes ensure that schemes' disclosure documents lodged by eligible companies will no longer need to be made public if all companies in the group are unlisted, have been incorporated for less than 10 years and have an aggregated turnover of less than $50 million.

Schedule 3 of this bill adds six entities to the deductible gift recipient specific listings in division 30 of the Income Tax Assessment Act 1997. Schedule 4 provides ongoing income tax relief to ex gratia disaster assistance payments made to eligible New Zealand special category visa subclass 444 holders. Finally, schedule 5 of this bill introduces amendments to the client money regime which will close a loophole to ensure that all retail client money is protected in the event of a firm's insolvency. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.