Matthew Canavan (Queensland, Liberal National Party) Share this | Link to this | Hansard source

I move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated in Hansard.

Leave granted.

The speeches read as follows—

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2016 AUTUMN SITTINGS

OFFSHORE PETROLEUM AND GREENHOUSE GAS STORAGE AMENDMENT BILL

Purpose of the Bill

Amendments to the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (OPGGS Act) are required to clarify the status of certain petroleum titles under the Act.

Reasons for Urgency

The bill is urgently required to resolve uncertainty as to the status of certain petroleum titles purported to be renewed or extended by Joint Authorities under the OPGGS Act without all required approvals in place. This uncertainty as to the status of the titles has potential associated risks to titleholders' investments.

STATEMENT OF REASONS FOR INTRODUCTION AND PASSAGE IN THE 2016 AUTUMN SITTINGS

TAX LAWS AMENDMENT (SMALL BUSINESS RESTRUCTURE ROLL-OVER) BILL

Purpose of the Bill

This bill will allow small businesses to change their entity structure without incurring a capital gains tax liability at that time.

Reasons for Urgency

As this measure is to commence on 1 July 2016, introduction and passage of the bill during the 2016 Autumn sittings is required to give taxpayers and the Australian Taxation Office sufficient time to put in place systems and processes to allow for the efficient administration of the tax system and a smooth roll-out of Tax Time 2016.

Debate adjourned.

Ordered that the bills be listed on the Notice Paper as separate orders of the day.