Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Link to this | Hansard source

I table a supplementary explanatory memorandum relating to the government's amendments to be moved to the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 and the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024, and I seek leave to leave to move government amendments on sheet ZA243 and sheet ZA244 together.

Leave granted.

In respect of the Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 I move the amendment on sheet ZA243, and in respect of the Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024 I move the amendments on sheet ZA244:

SHEET ZA243

(1) Clause 34, page 31 (after line 29), after the definition of Rules, insert:

Securitisation Entity has the meaning given by the Rules.

_____

SHEET ZA244

(1) Schedule 1, item 27, page 13 (after line 18), after the definition of GloBE Rules in subsection 995-1(1), insert:

GloBE Securitisation Entity means a Securitisation Entity (within the meaning of the *Minimum Tax Act).

(2) Schedule 1, item 35, page 37 (lines 1 to 8), omit Subdivision 128-C, substitute:

Subdivision 128-C — Miscellaneous

Table of sections

Operative provisions

128-30 Provisions do not apply to GloBE Excluded Entities

128-35 Joint and several liability does not extend to GloBE Securitisation Entities

Operative provisions

128-30 Provisions do not apply to GloBE Excluded Entities

A reference in this Division to a *Group Entity does not include a reference to a *GloBE Excluded Entity.

128-35 Joint and several liability does not extend to GloBE Securitisation Entities

(1) For the purposes of paragraph 128-5(1)(b), treat a *Group Entity that is a *GloBE Securitisation Entity as being a Group Entity excluded by subsection 128-5(2).

(2) For the purposes of subsection 128-10(2), treat a *Group Entity that is a *GloBE Securitisation Entity as being an Entity excluded by subsection 128-10(3).

Jane Hume (Victoria, Liberal Party, Shadow Minister for the Public Service) Share this | Link to this | Hansard source

The opposition will be supporting these amendments, which address issues raised by stakeholders in relation to the bill's treatment of securitisation. This matter was raised during the committee hearing. At that time the Treasury indicated it was aware of the issue and considering the amendments. In considering amendments, this is yet another example of bills progressing into the Senate and being amended to fix issues that were in the drafting. While this certainly validates the critical work of Senate committees, it yet again calls into question the ability of this government to prepare and deliver legislation in the Treasury portfolio.

Stakeholders continually raise the short or non-existent consultation periods for Treasury legislation, the failure to take on board feedback and an indifference to the realities of commercial arrangements impacted by legislation. I take this opportunity to once again encourage the Treasurer and his junior ministerial colleagues to take their jobs seriously and realise that new laws do not exist in a vacuum. However meritorious, these changes add an additional burden to businesses and we must respect business enough to at least listen to it as we prepare the legislation before it is introduced into parliament.

Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Link to this | Hansard source

This government respects the Senate. We love the Senate—all of it. We love the Senate processes and we love the committee process. We listen intently and we listen to the business community and to stakeholders, and we're always looking for opportunities to improve legislation—and we don't get snarky about it when there are opportunities to do that—and that's what we've done.

Question agreed to.

Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 and Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024, as amended, agreed to; Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 agreed to.

Taxation (Multinational—Global and Domestic Minimum Tax) Bill 2024 and Treasury Laws Amendment (Multinational—Global and Domestic Minimum Tax) (Consequential) Bill 2024 reported with amendments; Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 reported without amendment or request; report adopted.