Doug Cameron (NSW, Australian Labor Party, Shadow Minister for Human Services) Share this | Hansard source

Labor also opposes Senator Storer's amendment. As noted earlier in the debate on schedule 2, stakeholders have informed Labor that the additional conditions for eligibility for the capital gains tax concessions are detailed in a way that makes the changes more akin to a policy change than an integrity change and, as such, catches taxpayers who engaged in good faith according to the intent of the concessions.

We believe that the amendment to move the start date to 8 February 2018 deals with unintended consequences that arose when the exposure draft was released—that is, we accept the interpretation of many stakeholders that this went beyond just an integrity measure and had elements of policy change, capturing those who structured their affairs before the exposure draft and in good faith.

By removing retrospectivity, as the change in the start date does, we are comfortable with the bill passing. Nonetheless, I do want to note that Senator Storer and his staff engaged with us on this matter in a considered, thoughtful and constructive manner.

Labor is sympathetic to some of the broader concerns that this measure and the intent of Senator Storer's amendment has raised—that is, what can be seen as a policy change as put forward just as an integrity measure. That does raise broader issues on how government and parliament address process issues around what defines an integrity measure. So, while we won't support the senator's amendment today, I think it's important to reflect on the broader issues that Senator Storer is addressing, and we thank him for his constructive approach.

Question negatived.

Bill, as amended, agreed to.

Bill reported with amendments; report adopted.