Julian McGauran (Victoria, National Party) Share this | Link to this | Hansard source

On behalf of Senator Parry, I present the 14th report of 2007 of the Selection of Bills Committee. I seek leave to have the report incorporated in Hansard.

Leave granted.

The report read as follows—

SELECTION OF BILLS COMMITTEE

REPORT NO. 14 OF 2007

(1)

The committee met in private session on Thursday, 16 August 2007 at 11.07 am.

(2)

The committee resolved to recommend—That—

(a)

the provisions of the Tax Laws Amendment (2007 Measures No. 5) Bill 2007 be referred immediately to the Economics Committee for inquiry and report by 5 September 2007 (see appendix 1 for statements of reasons for referral);

(b)

the provisions of the Indigenous Education (Targeted Assistance) Amendment (Cape York Measures) Bill 2007 be referred immediately to the Employment, Workplace Relations and Education Committee for inquiry and report by 5 September 2007 (see appendix 2 for statements of reasons for referral);

(c)

the provisions of the Higher Education Endowment Fund Bill 2007 and the Higher Education Endowment Fund (Consequential Amendments) Bill 2007 be referred immediately to the Employment, Workplace Relations and Education Committee for inquiry and report by 5 September 2007 (see appendix 3 for statements of reasons for referral);

(d)

the provisions of the Health Insurance Amendment (Medicare Dental Services) Bill 2007 be referred immediately to the Community Affairs Committee for inquiry and report by 5 September 2007 (see appendix 4 for statements of reasons for referral); and

(e)

the provisions of the Commonwealth Electoral Amendment (Democratic Plebiscites) Bill 2007 be referred immediately to the Finance and Public Administration Committee for inquiry and report by 4 September 2007 (see appendix 5 for statements of reasons for referral).

The committee recommends accordingly.

Stephen Parry)

Chair

16 August 2007

Appendix 1

SELECTION OF BILLS COMMITTEE

Proposal to refer a bill to a committee

Name of bill(s):

Tax Laws Amendment (2007 Measures No. 5) Bill 2007

Reasons for referral/principal issues for consideration

Tax Laws Amendment (2007 Measures No. 5) Bill 2007 The bills measures are as follows:

• modifies the tax treatment of leasing and similar arrangements between taxable entities and tax-exempt entities for the financing and provision of infrastructure and other assets (RBT reforms);
• thin capitalisation—changes to the definition of ‘excluded equity interest’;
• thin capitalisation—modifies the rules applying to authorised deposit taking institutions to take account of the special prudential rules applying to specialist credit card institutions;
• extends the capital gains tax (CGT) marriage breakdown rollover to transfers of personal superannuation interests from a small super fund to another complying fund (2007 Budget measure);
• exempt from income tax, the PM’s prizes from Australian history and science in the unusual circumstances in which they would be considered taxable;
• amends the CGT rules to provide a rollover for holders of statutory licences where a statutory licence ends and is replaced with one or more new licences;
• to facilitate the restructure of stapled entities - provides a CGT roll-over and amendments to the trust rules;
• lists nine new deductible gift recipients and extends the listing of another (all previously announced);
• introduces new tax incentives for the Australian film industry (2007 Budget measure);
• extends the premium 175% research and development tax concession to multinational corporate groups; and
• establishes a new board (Innovation Australia) to administer and oversight the Industry portfolio’s innovation and venture capital programmes.

Possible submissions or evidence from:

Committee to which bill is to be referred:

Economics

Possible hearing date(s):

Possible reporting date:

5 September 2007

(signed)

Stephen Parry

Whip/Selection of Bills Committee member

Appendix 2

SELECTION OF BILLS COMMITTEE

Proposal to refer a bill to a committee

Name of bill(s):

Indigenous Education (Targeted Assistance) Amendment (Cape York Measures) Bill 2007

Reasons for referral/principal issues for consideration

OUTLINE

The purpose of the Bill is to amend the Indigenous Education (Targeted Assistance) Act 2000 to appropriate additional funding to facilitate the provision of improving opportunities for Indigenous students in the communities of Coen, Hope Vale, Aurukun and Mossman Gorge in the Cape York region of Queensland through:

The embedding of the MULTILIT (Making Up for Lost Time in Literacy)

teaching methodology in classrooms and in MULT1LIT Tutorial Centres to

enhance literacy teaching and improve the literacy levels of Indigenous students

identified as requiring additional support; and

Student Education Trusts (SETs), individual trust accounts which will enable parents/guardians and members of a child’s extended family to save to support their child’s education costs.

FINANCIAL IMPACT

The Bill will increase the appropriation under section 14A of the Indigenous Education (Targeted Assistance) Act 2000 by a net $2.0 million over the 2008 programme year (in initial 2005 prices) to support the expansion of MULTILIT and Student Education Trusts in selected Cape York communities.

Additional funding of $8.1 million approved for the years 2009-2012 will be appropriated through the legislation for the 2009-2012 Indigenous Education Quadrennium.

These amounts are subject to supplementation as prescribed in the Act.

Possible submissions or evidence from:

Committee to which bill is to be referred:

Employment, Workplace Relations and Education

Possible hearing date(s):

Possible reporting date:

5 September 2007

(signed)

Stephen Parry

Whip/Selection of Bills Committee member

Appendix 3

SELECTION OF BILLS COMMITTEE

Proposal to refer a bill to a committee

Name of bill(s):

Higher Education Endowment Fund Bill 2007 and the Higher Education Endowment Fund (Consequential Amendments) Bill 2007

Reasons for referral/principal issues for consideration

The Higher Education Endowment Fund Bill 2007 (the Bill) gives effect to the Government’s announcement, made in the 2007-08 Budget, to establish a perpetual endowment fund to generate earnings for capital expenditure and research facilities in higher education institutions.

The Bill:

• Establishes the Higher Education Endowment Fund (REEF) which, like the Future Fund, is a financial asset fund consisting of cash and investments.
• Grants the Treasurer and the Finance Minister, as the responsible Ministers, the power to credit cash amounts to the IIEEF through a Special Account (also established by the Bill).
• Grants the Future Fund Board of Guardians (the Board) statutory responsibility for managing the investments of the I IEEF. These powers are the same as provided for in the Future Fund Act 2006 (Future Fund Act).
• Expands the Future Fund Management Agency’s (the Agency) operational activities to include its functions under the Bill but its role will remain the same – to provide executive support for the Board and will be responsible for the operational activities associated with the investment of the REEF.
• Requires responsible Ministers to issue an Investment Mandate—a collection of Ministerial directions – to the Board regarding the investment of the HEEF. The purpose of the Investment Mandate is the same as provided for in the Future Fund Act.
• Requires the responsible Ministers to determine rules for the maximum level of payments from the HEEF. The Education Minister is responsible for authorising grants of financial assistance to eligible higher education institutions consistent with these rules.
• Establishes the Higher Education Endowment Fund Advisory Board to advise the Education Minister on matters related to the making of grants to eligible higher education institutions.

Possible submissions or evidence from:

Committee to which bill is to be referred:

Employment, Workplace Relations and Education

Possible hearing date(s):

Possible reporting date:

5 September

(signed)

Stephen Parry

Whip/Selection of Bills Committee member

Appendix 4

SELECTION OF BILLS COMMITTEE

Proposal to refer a bill to a committee

Name of bill(s):

Health Insurance Amendment (Medicare Dental Services) Bill 2007

Reasons for referral/principal issues for consideration

Consideration of the bill as necessary

Possible submissions or evidence from:

Committee to which bill is to be referred:

Community Affairs

Possible hearing date(s):

Possible reporting date:

5 September 2007

(signed)

Stephen Parry

Whip/Selection of Bills Committee member

Appendix 5

SELECTION OF BILLS COMMITTEE

Proposal to refer a bill to a committee

Name of bill(s):

Commonwealth Electoral Amendment (Democratic Plebiscites) Bill 2007

Reasons for referral/principal issues for consideration

Examination of the bill as necessary.

Possible submissions or evidence from:

Committee to which bill is to be referred:

Finance and Public Administration

Possible hearing date(s):

Possible reporting date:

4 September 2007

(signed)

Stephen Parry

Whip/Selection of Bills Committee member

Ordered that the report be adopted.