Linda Reynolds (WA, Liberal Party, Minister for Government Services) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

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

Leave granted.

The speech read as follows—

TREASURY LAWS AMENDMENT (2021 MEASURES NO. 5) BILL 2021

Schedule 1 to the Bill increases the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure, and to make various threshold and integrity amendments across the three screen tax offsets.

This will ensure the Australian Screen Production Incentive tax offsets effectively target areas that require support and encourage production and commercial distribution of quality Australian screen content in a digital environment.

The changes will also encourage the creation of productions that can compete on a global stage and unlock export opportunities.

Schedule 2 to the Bill makes amendments in relation to small business insolvency. The main small business insolvency reforms, which came into effect on 1 January 2021, introduced new insolvency processes suitable for small businesses, reducing complexity, time and costs. These processes enable more Australian small businesses to quickly restructure. Where restructure is not possible, businesses can wind up faster, enabling greater returns for creditors and employees.

This Bill makes consequential amendments which will support the operation of the new insolvency processes.

Schedule 3 to the Bill contains a number of amendments to Treasury portfolio legislation to ensure that Treasury laws operate as intended. The amendments clarify legislation 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.

Full details of the measures are contained in the Explanatory Memorandum.

Slade Brockman (WA, Liberal Party) Share this | Link to this | Hansard source

In accordance with standing order 115(3), further consideration of this bill is now adjourned to 20 August 2021.