The PRESIDENT (Senator the Hon. Stephen Parry) took the chair at 12:30, read prayers and made an acknowledgement of country.
That the provisions of paragraphs (5) to (8) of standing order 111 not apply to the following bills, allowing them to be considered during this period of sittings:
Asian Infrastructure Investment Bank Bill 2015
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015.
Asian Infrastructure Investment Bank Bill 2015
Between 6 and 13 July 2015, Treasury sought views from state and territory governments on the AIIB Articles—
At the end of the motion add, "but the Senate:
(1) urges the Government to use its diplomatic influence to secure standards for labour rights, environmental preservation and the protection of local communities that face displacement from large projects; and
(2) calls on the Government to withdraw if policies addressing environmental and social impacts required by Article 13 of the 'Asian Infrastructure Investment Bank Articles of Agreements' are breached."
This move will be a huge fillip for Australian expertise in funds management, engineering, construction, architecture and legal services which could be widely applied to projects financed by the AIIB.
… … …
The activities of the AIIB will not only provide new opportunities to deploy capital but also export the funds’ know how in connecting pension savings to bankable projects.
… … …
The resources of the Asian Infrastructure Investment Bank will increase scope for pension and sovereign wealth funds to invest in long term, productive assets in the region.
Australia, like Asia, is dealing with the challenges of a shrinking workforce and an ageing population. To meet this challenge it is vital we better match the long term investment horizon of retirement savings to strengthen our economic capital base, while simultaneously producing superior risk-adjusted performance returns on retirement savings.
It's a win-win.
The Business Council of Australia (BCA) welcomes the government's decision to join the Asian Infrastructure Investment Bank (AIIB) as a founding member.
As a founding member, Australia can play a key role in setting the direction of this body and the decisions it will make to finance projects that address Asia's infrastructure gaps.
Australian companies will benefit from opportunities to participate in developing and building new AIIB financed infrastructure, as well as having access to improved infrastructure which facilitates trade in the region.
Infrastructure investment in Asia is essential to sustaining economic growth, and the AIIB's promise of an additional $100 billion will be important to meeting these infrastructure needs.
Ai Group welcomes Australia's participation in the Asian Infrastructure Investment Bank. We have argued for some time that the AIIB's objective of financing infrastructure development in the Asia-Pacific region will foster greater trade and economic development in the region of Australia's closest and most important economic partners.
Given our national ambitions to be more thoroughly engaged in the Asian region, it makes clear sense for Australia to become a founding member of the AIIB and to work to ensure its success.
This move will be a huge fillip for Australian expertise in funds management, engineering, construction, architecture and legal services which could be widely applied to projects financed by the AIIB.
The activities of the AIIB will not only provide new opportunities to deploy capital but also export super funds' know how in connecting pension savings to bankable projects.
The resources of the AIIB will increase scope for pension and sovereign wealth funds to invest in long term, productive assets in the region.
The Business Council of Australia (BCA) welcomes the government’s decision to join the Asian Infrastructure Investment Bank (AIIB) as a founding member.
As a founding member, Australia can play a key role in setting the direction of this body and the decisions it will make to finance projects that address Asia’s infrastructure gaps.
Australian companies will benefit from opportunities to participate in developing and building new AIIB financed infrastructure, as well as having access to improved infrastructure which facilitates trade in the region.
Ai Group welcomes Australia's participation in the Asian Infrastructure Investment Bank. We have argued for some time that the AIIB's objective of financing infrastructure development in the Asia-Pacific region will foster greater trade and economic development in the region of Australia's closest and most important economic partners.
Given our national ambitions to be more thoroughly engaged in the Asian region, it makes clear sense for Australia to become a founding member of the AIIB and to work to ensure its success.
To illustrate the disparity in voting power, China, the largest AIIB shareholder will have 297,804 Share Votes while the Maldives will have just 72 Share Votes.
A weighted voting system ensures decision-making reflects the relative size of a country’s capital contribution. However, it potentially creates a longer-term challenge because of the need to ensure the distribution of power within the organisation keeps pace with shifts in relative economic power. In multilateral organisations, representation and voice can be strongly linked to perceptions of legitimacy and effectiveness.
As China will have over a quarter of the votes, under the AIIB’s Articles of Agreement it will have an effective veto over issues requiring a ‘super majority’, defined as 75 per cent of votes and two-thirds of all member countries. The types of issues requiring a super majority include selecting the President, increasing the capital stock of the AIIB and changing the size and composition of the Board of Directors. However, this is not without precedent. The United States is the only country to have a veto over major governance decisions at the IMF and World Bank.
China is the biggest shareholder at 30%, Australia is 6th largest with 4.9% voting power—putting us at a great disadvantage.
Japan and US refuse to join—why? Well the AIIB doubles up on the World Bank and Asia Development Bank. There are still doubts surrounding the AIIB's transparency and governance standards, even though Australia waited for those to be improved before joining.
… self-serving as China hopes the AIIB will be a better way to deploy its massive foreign exchange reserves, which are earning almost nothing in the US Treasury bonds.
… China will use the new bank to expand its influence at the expense of America and Japan, Asia's established powers. China's decision to fund a new multilateral bank rather than give more to existing ones reflects its exasperation with the glacial pace of global economic governance reform.
… will have veto power on issues that require a supermajority vote, such as the board, the president, the capital, as well as the major operational and financial policies. Retention of a veto reflects China's determination to retain control on key aspects of the bank.
Never before has a Chinese naval drill come so close to Australia.
… … …
This month's exercise took the theory a good step closer to reality, bringing China's bold ambitions virtually to Australia's doorstep. In doing so, it has crystallised the challenge facing our military planners in preparing for a very different world.
With one in five Australian jobs linked to trade, these agreements turn the tyranny of distance into the era of opportunity.
… not been capable of providing the economic leadership our nation needs.
… not been capable of providing the economic leadership our nation needs.
… relying so heavily on market forces to address this challenging problem, the ETS is far more in the great traditions of modern Liberalism than any other available policy response.
… no doubt we will have an emissions trading scheme in Australia.
I do not support eroding the labour market testing or eroding the standards. But this agreement does not do that.
Having lived under the shadow of racism my whole life, the bigoted anti-ChAFTA campaign makes me deeply angry. It's embarrassing watching Labor dance around why they oppose ChAFTA when they didn't oppose similar deals with other countries; or why the labour market testing regime isn't good enough for Chinese companies when it's good enough for everyone else.
… will not lead a party that is not as committed to effective action on climate change as I am.
The China deal will make mining more competitive and that will be good for jobs in Australian businesses like ours … anything that gives our mining companies a better chance to compete abroad—
… unreservedly and wholeheartedly every element in the Budget. Every single one.
That the Senate take note of the answers given by the Minister for Employment (Senator Abetz) and the Minister for Finance (Senator Cormann) to questions without notice asked by Opposition senators today.
It is clear enough that the Government is not successful in providing the economic leadership that we need.
We need a style of leadership that explains those challenges and opportunities, explains the challenges and how to seize the opportunities.
To replace dirty coal fired power stations with cleaner gas fired ones, or renewables like wind let alone nuclear power or even coal fired power with carbon capture and storage is all going to cost money.
To get farmers to change the way they manage their land, or plant trees and vegetation all costs money.
Somebody has to pay.
So any suggestion that you can dramatically cut emissions without any cost is, to use a favourite term of Mr Abbott—
That the Senate—
(a) notes the extraordinary achievements of the Australian Matildas while playing and training under inappropriate work conditions for a world‑class sports team;
(b) applauds the Matildas efforts as leaders and role models for young women and all footballers across Australia;
(c) raises concern that, despite this best ever performance by an Australian football team in reaching the quarter finals at a World Cup, they are paid 1/15th of the men’s team, as part‑time employees with a full‑time commitment, and at a rate below the minimum wage; and
(d) supports strong and fair working conditions for all female Australian athletes.
That there be laid on the table by the Minister representing the Minister for Infrastructure and Regional Development Senator Cash, by no later than noon on Thursday, 17 September 2015, the following documents:
(a) all briefing or background material; and
(b) all correspondence (including emails),
between the Department of Infrastructure and Regional Development to the Deputy Prime Minister and/or his office relating to claims made to a Senate inquiry by Mr Bill Milby of North Star Cruises relating to meetings with officials from the Department of Infrastructure and Regional Development on 20 May and 16 June 2015.
That the Senate—
(a) notes that:
(i) a New South Wales parliamentary inquiry has recommended that rail services and infrastructure that have been removed from the Newcastle heavy rail line be immediately reinstated, and
(ii) the rail line closure would be a public transport disaster for the Hunter region and for New South Wales, with patronage significantly lower since services were stopped at Hamilton in 2014; and
(b) calls on:
(i) the Federal Government to commit to funding public transport infrastructure in New South Wales, and
(ii) the New South Wales Government to reverse its decision to truncate the heavy rail line into Newcastle.
That the Senate—
(a) notes that:
(i) the continuing number of domestic violence attacks against women remains unacceptably high, and expresses great sadness at the spate of fatal domestic violence attacks on women in Queensland over the past week, and
(ii) on average, one woman loses her life as a result of intimate partner violence each week in Australia;
(b) re-affirms that domestic violence against women has no place in Australia;
(c) welcomes the Queensland State Government’s announcement that it will establish an ‘Implementation Council for domestic violence reforms’, to be chaired by Dame Quentin Bryce AD CVO, to enhance the ability of Queensland police officers to offer support and respond to complaints of domestic violence to ensure that women affected by domestic violence receive priority assistance;
(d) acknowledges that the Council of Australian Governments agreed to take urgent collective action in April 2015 to reduce the amount of violence perpetrated against women, after having endorsed the 2011 National Plan to Reduce Violence against Women and their Children 2010-2022 ;
(e) urges the Government and state and territory governments to prioritise the issue of domestic violence and act urgently to investigate and implement strategies to support and protect women from the scourge of domestic violence; and
(f) calls on the Government and state and territory governments to urgently work together to:
(i) investigate the establishment of a national domestic violence register to enable the national management and monitoring of domestic violence offenders across all state and territory borders,
(ii) increase criminal penalties for offences committed by perpetrators of domestic violence, including the breach of domestic violence orders by perpetrators of domestic violence, and
(iii) support the concept of a national domestic violence against women summit to bring all governments, stakeholders and support organisations together to develop and implement effective strategies and programs to increase support for women, raise awareness of domestic violence, and eliminate the occurrence of domestic violence against women.
That the Senate—
(a) notes that:
(i) the Harper Review into competition policy called for the introduction of an effects test in relation to the misuse of market power,
(ii) supporters for the introduction of an effects test include the National Farmers’ Federation, and the newly‑formed Independent Business Alliance for Competition made up of the Council of Small Business Australia, the Australian Retailers Association, Fresh Markets Australia, the Australian Newsagents’ Federation, the Australasian Convenience and Petroleum Marketers Association and the Master Grocers Association, and
(iii) the National Party unanimously passed a motion at its National Conference calling for the introduction of an effects test; and
(b) calls on the Government to bring forward legislation that amends Section 46 of the Competition and Consumer Act 2010 to introduce an effects test so as to better protect farmers and small business owners from anti‑competitive conduct.
The Senate divided. [15:42]
(The President—Senator Parry)
Pursuant to standing order 75, I propose that the following matter of public importance be submitted to the Senate for discussion:
The Coalition Government's failure to provide the economic leadership our nation needs.
… he has the capacity to explain economic concepts very clearly and very lucidly, and that, as he indicated yesterday, will be a very important part of the skill-set he brings to his new responsibilities.
I shot the sheriff
But I didn't shoot no deputy.
Magic, madness, heaven, sin
Saw you there and I thought oh my god
Look at that face, you look like my next mistake
… … …
New money, suit and tie
I can read you like a magazine
Ain't it funny rumors fly
And I know you heard about me
… … …
So it's gonna be forever
Or it's gonna go down in flames
You can tell me when it's over
If the high was worth the pain
The Coalition Government’s failure to provide the economic leadership our nation needs.
… we're seeing robust levels of optimism against all sectors in the Australian business community.
Mr Turnbull made a number of claims about economic leadership that are completely unfounded. He has never said to me or to the cabinet that we are heading in the wrong economic direction.
It will be a thoroughly Liberal Government committed to freedom, the individual and the market.
That the Senate take note of the report.
That the Senate take note of the report.
That the Senate take note of the report.
Mr President
On behalf of the Parliamentary Standing Committee on Public Works, I present the Committee's eighth report of 2015 which deals with three projects referred to the Committee in June.
The first project is for the Australian Taxation Office. It concerns the refurbishment of currently leased premises at 121-125 Henry Street in Penrith, New South Wales. At the same time the ATO propose to relinquish nearly 4,500 square metres of excess space. The estimated cost of the project is $19.6 million.
This building was purpose-built for the ATO in 1994. The current fit-out, which has been in place since that time, requires upgrading. The building owner will use this opportunity to enhance base building services. Together these upgrades will deliver both energy and cost efficiencies. Additionally, the fit-out will increase work point occupancy density so that it is in line with the government target.
The Committee received a briefing from the ATO and conducted hearings on 24 August. The ATO told the Committee that similar works have achieved successful outcomes, in terms of cost and project delivery.
The Committee is satisfied that the project has merit in terms of need, scope and cost and recommends that it proceed.
Mr President, the second project I report on today is for the newly amalgamated Administrative Appeals Tribunal. From 1 July 2015, the AAT was expanded to include the Migration Review Tribunal, Refugee Review Tribunal and the Social Security Appeals Tribunal.
These Tribunals are currently spread across three different locations in Sydney's central business district. The AAT plans to undertake fit-out works at 83 Clarence Street, Sydney to accommodate all staff and operations in the one location. The works are expected to be completed by March 2016. The project is expected to cost $21.1 million.
Co-location will allow the AAT to share resources and reduce floor space. The AAT has negotiated cost savings and lease incentives for the fit-out.
The Committee received a briefing from the AAT and conducted hearings on 24 August. At the public hearing, the Committee received information regarding some of the special requirements for AAT fit-out. These will include office space for full-time Tribunal members, as well as security and acoustic requirements needed for the hearing rooms.
The Committee is satisfied that the project has merit in terms of need, scope and cost and recommends that it proceed.
The final project, Mr President, is for Airservices Australia and concerns constructing new equipment rooms in Melbourne and Brisbane. This Committee has previously reported that existing air traffic management systems used by Airservices and Defence will be replaced by the OneSKY system.
OneSKY will run in tandem with the current system for a four year period before it becomes fully operational. Airservices' existing equipment rooms in Melbourne and Brisbane do not have sufficient power, cooling, floor space and availability to accommodate both systems. Therefore Airservices proposes to construct new equipment rooms for the OneSKY system. The project is expected to cost $35.4 million.
The Committee received a briefing from Airservices and conducted a site inspection and hearings in Melbourne on 25 August. Airservices told the Committee that constructing new facilities at each location was the lowest-risk, being the least disruptive to air traffic service delivery and safety.
Mr President, the Committee notes that all federally-leased airports are required to produce a plan for major developments conducted on-site. This includes a public consultation phase and sign off by the Minister for Infrastructure and Regional Development. As the public consultations are still in progress, the Committee requires Airservices to report back on the outcomes.
However, the Committee is satisfied that the project has merit in terms of need, scope and cost and recommends that it proceed.
Mr President, I commend this report to the Senate.
Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015
That this bill may proceed without formalities and be now read a first time.
That this bill be now read a second time.
The Tax and Superannuation Laws Amendment (Better Targeting of the Income Tax Transparency Laws) Bill 2015 will ensure that the release of information by the Commissioner of Taxation under the income tax public disclosure laws does not jeopardise the privacy, personal security and market environments of Australian owned private companies.
The Government is committed to combatting tax avoidance and we are implementing well-considered and balanced measures.
As G20 President in 2014, Australia led the global response to tax avoidance by multinational companies and ensured that it remained at the top of the international agenda. Under Australia's leadership, the first of the G20/OECD's Base Erosion and Profit Shifting recommendations were delivered last year.
The Budget continued the Government's strong international leadership by actioning the 2014 G20/OECD Base Erosion and Profit Shifting recommendations on Country-by-Country reporting, anti-hybrid rules, harmful tax practices, and treaty abuse rules.
Australia will implement the OECD's Country-by-Country reporting from 1 January 2016. We are one of the first countries to commit to implementing it.
Country-by-Country reporting to tax administrations will require large multinationals to report annually for each jurisdiction in which they do business the amount of revenue, profit, income tax and economic activity. For the first time tax administrations will get a global picture of multinationals' operations. This is a significant step in improving transparency for tax administrations.
The Government has asked the Board of Tax to commence consultation on the implementation of the OECD's anti-hybrid rules.
Australia has no harmful tax practices, but the ATO has already commenced exchanging information with other tax administrations on preferential tax regimes. This will help the ATO identify secret tax deals provided to multinationals by other countries that may contribute tax avoidance in Australia.
On treaty abuse, the Government is acting now to incorporate the OECD's recommendations into Australia's treaty practice, so that multinationals do not exploit treaties to avoid tax.
The Government is also going further and faster than these BEPS recommendations.
The Government released exposure draft legislation for the new Multinational Anti-Avoidance Law to stop multinationals artificially avoiding a taxable presence in Australia and force them to pay tax in Australia on profits from economic activities undertaken here. The legislation will be introduced shortly.
The Government will also double penalties for large companies that use tax avoidance and profit shifting schemes.
We will close the tax loophole that currently means digital products and services imported by consumers are not subject to GST. Foreign providers will now be required to charge GST in the same way as domestic providers.
The Government has asked the Board of Taxation to work with businesses to develop a voluntary code for greater disclosure by companies of their tax information. I expect that the Board of Taxation will look at ways to provide more information to help inform the public about companies' tax information.
The Budget also announced that Australia will sign a multilateral international agreement to enable Common Reporting Standard information to be exchanged between tax administrations. This agreement was signed on the third of June.
The Common Reporting Standard will combat tax evasion by exposing taxpayers with hidden offshore investments.
The Government has committed to implementing the Common Reporting Standard from 2017 and signing the Multilateral Competent Authority Agreement is a further step towards implementation.
These are all well-considered and balanced measures.
Labor's income tax public disclosure laws require the Commissioner of Taxation to publish the name and the Australian Business Number, total income, taxable income and tax payable of companies with total income of $100 million or more.
In Opposition we opposed Labor's legislation because it got the balance wrong.
These laws abrogate the fundamental right to confidentiality. The information to be disclosed, already in the hands of the Australian Taxation Office, will not help the ATO in assessing additional tax.
Public disclosure of the information as Labor has legislated will not better inform the public and will not enhance the quality of debate and will provide a confusing picture.
Submissions on the measure before it was introduced by Labor highlighted the risk that disclosing the tax affairs of closely held companies will effectively disclose the tax affairs of the companies' owners. They also highlighted the risk of making public, the commercial in‑confidence information of private companies.
The concerns about Labor's laws were also raised when this Government consulted on exposure draft legislation to carve-out Australian owned private companies.
The concerns were not heeded by Labor.
We have taken them seriously.
For closely held Australian owned private companies, the publication of company tax affairs would effectively reveal the owners' private financial affairs.
In Japan, public disclosure of corporate tax information was required from 1950 until 2004. This disclosure was abolished in 2005 due to the information:
'being utilized in various ways inconsistent with its initial aim, and there are various reports of the disclosure being a factor in causing crimes and harassment…'
The Government will not trivialise or ignore the reputational or personal safety concerns from making public the confidential information of private companies.
The Government's amendment will continue to ensure that publicly-listed companies and foreign owned private companies would continue to have information published, but it will ensure a balanced approach to the public disclosure of companies' tax affairs.
Civil Law and Justice (Omnibus Amendments) Bill 2015
Aged Care Amendment (Independent Complaints Arrangements) Bill 2015
That intervening business be postponed till after consideration of government business Asian Infrastructure Investment Bank Bill 2015.
Asian Infrastructure Investment Bank Bill 2015
The decision to join the bank was made following extensive consultations with key partners inside the Asian region and outside the Asian region. This included participating on negotiations on the bank's design with 56 other prospective founding member countries.
This move will be a huge fillip for Australian expertise in funds management, engineering, construction, architecture and legal services which could be widely applied to projects financed by the AIIB.
The Senate divided. [17:56]
(The Deputy President—Senator Marshall)
The Bank shall enjoy immunity from every form of legal process, except in cases arising out of or in connection with the exercise of its powers to raise funds, through borrowings or other means, to guarantee obligations, or to buy and sell or underwrite the sale of securities …
(1) Clause 3, page 3 (lines 5 to 9), omit:
Regulations may confer privileges and immunities on:
(a) the Bank; and
(b) officers and employees of the Bank; and
(c) experts and consultants performing missions or services for the Bank.
The nature of the proposed privileges and immunities are consistent with privileges and immunities afforded to the Asian Development Bank and the European Bank for Reconstruction and Development. Australia is a member of both of these multilateral development banks.
That this bill be now read a third time.
That intervening business be postponed until after consideration of the government business order of the day relating to the Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015.
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015
These amendments ensure that all employees of an Australian government agency are treated equally …
… temporarily suppressing the ownership rights of a party in a scrip for scrip exchange through the use of instruments including convertible shares, options and rights.
Since 1964, under Article 34 of the Vienna Convention on Diplomatic Relations, a ‘diplomatic agent’ is exempt from personal income tax of the host country on income sourced from that agent’s home country. For the purposes of this Convention a diplomatic agent is the head of the mission or a member of the diplomatic staff of the mission. Thus Australian government staff, attached to an Australian diplomatic mission, are exempt from the host country personal income tax where that host country has signed this Convention (and the overwhelming majority of host countries have now signed).
Under section 23AG of the ITAA—
the foreign earnings of Australian residents for tax purposes, who have been engaged in foreign service for a continuous period of not less than 91 days, are also exempt from Australian personal income tax. This applies to periods of foreign service arising from:
Therefore, those persons attached to Australian diplomatic missions, who are Australian residents for taxation purposes, meeting the requirements of section 23AG of the ITAA 1936, engaged in foreign services for not less than 91 days are exempt from both Australian and host country personal income tax regimes on their foreign income.
Those Australian residents engaged in foreign services, that do not meet the requirements of section 23AG of the ITAA 1936, are subject to Australian personal income tax; for example ordinary Australian diplomatic staff on foreign postings.
The Explanatory Memorandum notes that this exemption under section 23AG was originally provided to avoid double taxation of those engaged in government service.
As individuals move between jobs it is possible that superannuation payments made on their behalf are paid to different funds. Sometimes this is a deliberate choice made by the individual or is the result of restrictions on moving balances between funds (such as for certain defined benefit schemes). If an individual does not make a choice about their superannuation fund upon commencing employment, it is likely that they will be a member of multiple funds.
The holding of multiple superannuation accounts may disadvantage individuals through the imposition of fixed administration fees. Multiple accounts can also impose additional costs on the superannuation system. However, it is important not to assume that each individual should only have a single account. Multiple accounts may be an active choice that a member makes to obtain certain insurance benefits, to facilitate investment choice or as a transition to retirement arrangement.
Certain ‘lost’ accounts are required to be identified and transferred biannually from superannuation funds and retirement savings account providers to the Commissioner of Taxation.
While the identification of lost superannuation has been part of superannuation industry arrangements since 1996, requirements for the transfer of these funds to the Commissioner of Taxation first applied from 1 July 2010, after being announced in the 2009-10 Budget. Prior to this, these funds remained with the relevant superannuation fund or were transferred to eligible roll-over funds. At that time, the transfer to the Commissioner of Taxation of these funds was expected to increase net revenue by almost $230 million over the period 2010-11 to 2012-13.
The justification for the transfer of such funds—which was already in place for unclaimed bank account and life insurance fund moneys—was that it would improve the efficiency of the superannuation system overall by removing the need for superannuation funds to administer or apply member protection to small accounts that are transferred and improve the equity for other members of the fund that were cross-subsidising the member protection arrangements.
The requirements to be a ‘lost member’ are set out in the Retirement Savings Accounts Regulations 1997 and Superannuation Industry (Supervision) Regulations 1994. These require the account holder to be ‘uncontactable’ or ‘inactive’:
– the provider has never had an address for the account holder or
– at least one written communication has been sent to the account holder’s last known address and has been returned unclaimed
and the provider has not received a contribution or roll-over in respect of the account holder within the last 12 months
There are two strands to a superannuation account being classified as a ‘lost member account’ under the Superannuation (Unclaimed Money and Lost Members) Act 1999:
– the superannuation provider has not received an amount in respect of the member within the last 12 months and
– the superannuation provider is satisfied that it will never be possible for the provider, having regard to the information reasonably available to the provider, to pay an amount to the member.
Schedule 3 of this Bill proposes to change the account balance threshold relating to ‘small accounts’ from $2,000 to $4,000 from 31 December 2015 and then to $6,000 from 31 December 2016.
Item 4 of Schedule 1 amends section 127-780 of the ITAA 1997 to add a new condition for a scrip for scrip roll-over to apply. This new condition is that where a purchasing entity is part of a wholly owned group, no member of that group may issue equity (other than the necessary replacement equity), or owe new debt:
Under section 124-780—
only an original interest holder can obtain a roll-over of share interests. Under section 124-781 only an original interest holder can obtain a roll-over of trust interests. The transfer of a cost base for the purposes of a scrip for scrip roll-over can, under section 124-782, only be applied to the holder of an ‘original interest’ in an entity who is either a significant stake holder or a common stake holder. This makes the definitions of the terms ‘significant stake’ and ‘common stake’ critical for the functioning of the scrip for scrip roll-over provisions. Both terms are defined at section 124-783 and apply where the entities involved are not ‘widely-held’—that is they have less than 300 shareholders (if they are a company) or beneficiaries (if they are a trust).
An entity has a ‘significant stake’ in a company if it and its associates own shares with 30 per cent or more of the voting rights, or the right to receive 30 per cent or more of any dividends or capital distributions (subsection 124-783(6)).
An entity has, or two or more entities have, a ‘common stake’ if they and their associates own shares with 80 per cent or more of the voting rights, or the right to receive 80 per cent or more of any dividends or capital distributions …
Equivalent tests are applied to trusts …
While on this ride called 'life', you have to take the good with the bad, smile when you're sad, love what you've got and remember what you had. Always forgive, but not forget. Learn from your mistakes, but never regret. People change. Things go wrong. Just remember, the ride goes on.
Pete Davies was a true Territorian up front and honest. Regardless of whether you agreed with Pete or not, you couldn't help but admire his passion and love for the Northern Territory and willingness to represent the best interests of those who didn't have a voice.
He took them all to task, Prime Ministers and Ministers, Departmental Heads or leaders from the Private sector, he treated them with fairness and let them have their say.
Pete had a sharp intellect and a quick wit on air however away from the cut and thrust of morning radio he was a gentleman and a true friend to many people.
I worked with him when I was a Member of Parliament, to put issues effecting the Territory front and centre in the minds of his listeners, we enjoyed a beer together and a good laugh.
I miss Pete Davies, a great friend and Territorian who loved his wife Vicky, his boys and the Territory lifestyle. Rest in Peace Pete Davies.
As owners and operators of dive and snorkel businesses across Australia, we have significant concerns about any loss of protection for unique underwater environments through the Abbott Government’s current review of Australia’s network of marine parks and sanctuaries.
We call on all Members of Federal Parliament to support the health and growth potential of the Australian dive and snorkel industry by retaining and improving Australia’s world-leading network of marine sanctuaries where the industry and science suggests and commencing their operation as soon as possible.
… substantial board experience either in a large listed company or a significant government business enterprise.
The Australian Federation of Disability Organisations (AFDO), and people with disability and family organisations are extremely concerned that the proposed process and timeline to appoint a new Board will undermine the continued good governance of the NDIS.
I think it’s fair to say that the government has had a policy or a practice of, by and large, not reappointing people, with a view to refreshing government boards … That has certainly been the preference.
Committee recommends that … sales to India only commence when the following conditions are met:
Within the first decade or two there could be tonnes of plutonium derived from Australian uranium that would be well beyond any information available to Australia. The same situation applies to the uranium recovered from reprocessing, most of which could be recycled many times. Without a proper accounting system, once material loses its initial identity, there is no way of knowing where that material goes, or even quantifying it. There is no substitute or "equivalent" for accounting and tracking.
… has a number of loopholes which mean that under the terms of the NCA India could use our uranium in the production of material that could end up in bombs.
… such a hypothetical situation could occur.
Given India's uranium ore crunch and the need to build up our nuclear deterrent arsenal as fast as possible, it is to India's advantage to categorise as many power reactors as possible as civilian ones to be re-fuelled by imported uranium and conserve our native uranium fuel for weapons-grade plutonium production. Clearly, Australian uranium would boost India's nuclear weapons capacity.
The statistics are now well known: a woman is murdered at least every week, another hospitalised every three hours.
The fraud allegedly included payments to non-existent companies for non-existent services, with money channelled back to family interests.
Brian Loughnane was informed by me of the full extent of the circumstances surrounding Mr Mantach's departure …
There is a file note that confirms in writing that the federal director was advised of this issue on the 6th of March, 2008.
Any person who steals anything is guilty of a crime.
Any person who solicits, receives, or obtains, or agrees to receive or obtain, any property or benefit of any kind for himself or any other person, as a consideration for any agreement or understanding that he will compound or conceal a crime, or will abstain from, discontinue, or delay a prosecution for a crime, is guilty of a crime.
Tasmania Police does not investigate alleged property offences without a complaint from a victim, or a person acting on behalf of a victim.
I was quite embarrassed about not being able to read and write, but I had to do something about it. After hiding for 40 years I started some training through the local Community House and realised—this isn't so hard. When I first started my writing it was like a doctor's scrawl because I was hiding it.
This will be a thoroughly Liberal government. It will be a thoroughly Liberal government committed to freedom, the individual and the market.
… we have a great example of good Cabinet Government, John Howard’s Government most of us served in.
… that state and territory government consider reforming the current system whereby wind farm developers directly retain acoustic consultants to provide advice on post-construction compliance.
There is little point in giving permission for a WEF to operate under certain conditions unless compliance with those conditions can and is demonstrated.
The available Australian and international evidence does not support the view that the infrasound or low frequency sound generated by wind farms, as they are currently regulated in Australia, causes adverse health effects on populations residing in their vicinity.
To some minds, including those of fair-minded lay observers, it might seem strange that a person complaining about the bias of a Royal Commissioner should make application for disqualification not to a court, but to the person accused of bias or apprehended bias. What are the prospects of success in making an application against a Royal Commissioner on that ground, it might be said, when that Commissioner hears the application?
… before disqualification there must be something more than mere party membership or attendance at party functions …