House of Representatives

Second Reading Speech

Mrs ANDREWS (McPherson - Minister for Industry, Science and Technology)

I move:

That this bill be now read a second time.

The Payment Times Reporting (Consequential Amendments) Bill 2020 complements the main bill, the Payment Times Reporting Bill 2020.

This bill amends the Taxation Administration Act 1953 to specify the circumstances in which certain tax information can be disclosed by the Commissioner of Taxation to the Payment Times Reporting Regulator as established in the main bill.

The disclosure of tax information is necessary for the administration and operation of the new reporting framework and will provide the regulator with information about entities that will be required to report.

I commend this bill to the chamber.

Debate adjourned.