Richard Colbeck (Tasmania, Liberal Party, Minister for Senior Australians and Aged Care 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. 7) BILL 2021

SECOND READING SPEECH

This Bill implements a number of streamlining and integrity measures.

Schedule 1 to the Bill extends existing third-party reporting requirements to operators of electronic platforms. Platform operators will be required to report to the ATO information regarding certain transactions that occur on their platforms, such as seller identification and payment details. This information will assist the ATO in its administration of the tax system and ensure sellers on these platforms are meeting their tax obligations.

These platforms are commonly used in what is known as the sharing or gig economy and provide a range of innovative opportunities for earning an income. As Australia's sharing economy continues to grow, a transparency gap has emerged as existing tax reporting requirements do not adequately capture information about transactions in this part of the economy.

Schedule 2 to the Bill amends the Treasury Laws Amendment (Putting Consumers FirstEstablishment of the Australian Financial Complaints Authority) Act to facilitate the closure of the Superannuation Complaints Tribunal and any transitional arrangements associated with AFCA replacing the Superannuation Complaints Tribunal (SCT).

The AFCA Act will be amended to allow for the transfer of SCT records and documents to the Australian Securities and Investments Commission for ongoing records management, and will also allow the Federal Court to remit appealed cases back to AFCA, where previously these had been remitted to the SCT.

Schedule 2 also introduces a rule-making power to the AFCA Act, to allow the Minister to prescribe matters of a transitional nature that may be required to facilitate the closure of the SCT.

Schedule 3 to the Bill amends the Income Tax Assessment Act 1936 and makes consequential amendments to the Fringe Benefits Tax Act 1986, to remove the exclusion of the first $250 of deductions for prescribed courses of education.

These amendments will reduce compliance costs for individuals claiming self-education expense deductions.

The changes will apply to assessments for the 2022-23 income year and later income years, following Royal Assent.

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

Debate adjourned.