Second Reading Speech
Mr Briggs (Assistant Minister for Infrastructure and Regional Development)I move that this bill be now read a second time.
The Tax and Superannuation Laws Amendment (Norfolk Island Reforms) Bill 2015 amends taxation and superannuation legislation to fully apply Australia's income tax, Medicare Levy and superannuation guarantee system to Norfolk Island.
The bill will see the taxation system apply to Norfolk Island in the same way it currently applies to mainland Australia, with the exception of indirect taxes including the GST, customs duty and excise duties.
This bill will establish transitional arrangements which phase in the superannuation guarantee over the next twelve years.
This bill also establishes transitional arrangements in respect of capital gains tax. This will ensure that Norfolk Islanders are only taxed on capital gains that accrue from 1 July 2016.
I commend the bill to the House.
Debate adjourned.
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