Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

r GALLAGHER (—) (): I'd like to begin by thanking senators who have contributed to this debate on the Treasury Laws Amendment (2022 Measures No. 1) Bill 2022. Schedule 1 of the bill provides an income tax exemption for qualifying grants made to primary producers and small businesses affected by Tropical Cyclone Seroja, which had a devastating impact on communities in Western Australia between 11 and 12 April 2021. Affected primary producers and small businesses were eligible to receive recovery grants of up to $25,000, which were activated as a category C measure under the joint Commonwealth-state Disaster Recovery Funding Arrangement 2018. Schedule 1 makes these qualifying grants non-assessable, non-exempt income for tax purposes. These grants provide support in addition to other assistance that the Australian and Western Australian governments have provided to assist communities as they begin to rebuild and recover following this devastating event.

Schedule 2 of the bill amends the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018 to support the practical closure of the Superannuation Complaints Tribunal and any transitional arrangements associated with the Australian Financial Complaints Authority replacing the Superannuation Complaints Tribunal.

Schedule 3 of the bill is part of a package of commitments to host the FIFA Women's World Cup in 2023, with the government providing an income and withholding tax exemption to FIFA and a local Australian entity. The exemption will apply to income in relation to the event. This event is a major international sporting event and will strengthen our international reputation, promote women's sport and provide opportunities to support Australia's economy.

Schedule 5 of this bill amends various laws in the Treasury portfolio to ensure that those laws operate in accordance with the policy intent, make minor policy changes to improve administrative outcomes or remedy unintended consequences, and correct technical or drafting defects. The amendments have been identified by Treasury portfolio agencies, the Office of Parliamentary Counsel and policy divisions within Treasury. This includes amendments that clarify the law to ensure it operates in accordance with the policy intent, make minor policy changes to improve administrative outcomes or remedy unintended consequences, and correct technical or drafting defects.

I commend the bill to the Senate.