House of Representatives

Second Reading Speech

Mr Ciobo (Moncrieff - Parliamentary Secretary to the Treasurer)

The Tax Laws Amendment (Interest on Non-resident Trust Distributions) (Temporary Budget Repair Levy) Bill 2014 forms part of a package of Bills that ensures that tax rates set by reference to the top personal marginal tax rate, or by calculations comprising that rate, also reflect the introduction of the Temporary Budget Repair Levy.

This Bill contains consequential amendments to the Income Tax Assessment Act 1936.

These consequential amendments will maintain the integrity and fairness of the tax system, and minimise the opportunities for avoiding the levy.

Further details of the Bill are set out in the explanatory memorandum already tabled.