Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

So you'll take that information on notice? Thank you very much. I turn to Chartered Accountants Australia New Zealand and CPA Australia. They submitted to the Senate Economics Legislation Committee:

We believe the drafting in Schedule 5 is unnecessarily broad, making it difficult for companies to practically apply proposed section 207-159 of the Income Tax Assessment Act 1997 (ITAA 1997). The lack of specificity in the provisions and insufficient guidance in the Explanatory Memorandum (EM) means that companies will be heavily relying on the Australian Taxation Office (ATO) to provide sufficient certainty to enable companies to progress with their capital management strategies.

Has the Treasury subsequently identified or done any investigation of how much legitimate investment and market activity would be captured by this bill?