House of Representatives

Second Reading Speech

Ms COLLINS (Franklin - Minister for Housing, Minister for Homelessness and Minister for Small Business)

I move:

That this bill be now read a second time.

This bill amends the International Tax Agreements Act 1953 to clarify the interaction between foreign investment fees, similar state and territory property taxes, and Australia's double tax agreements. This change ensures that the foreign investment fees and similar imposts prevail so that they can continue to be imposed on foreign nationals who purchase Australian property. This change will have a retrospective effect.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.