House of Representatives

Second Reading Speech

Mr Morrison (Treasurer)

I move:

That this bill be now read a second time.

The Treasury Laws Amendment (Major Bank Levy) Bill 2017 is the second bill to introduce the major bank levy.

This bill makes a number of amendments to support the effective operation of the major bank levy. These include:

•

setting out how to index the levy's $100 billion threshold to growth in nominal gross domestic product, ensuring that only the largest banks are levied in the future;

•

allowing the Australian Prudential Regulation Authority (APRA) to collect the data necessary for the major banks to calculate the levy;

•

allowing APRA to provide information relating to the major bank levy to the Australian Taxation Office (ATO) to assist the ATO in monitoring compliance with the levy, and for the ATO to give information relating to the levy to APRA;

•

ensuring that when the major bank levy is payable to the ATO the ordinary collection and recovery provisions apply; and

•

introducing an anti-avoidance provision to protect the integrity of the levy.

Full details of this measure and the major bank levy are contained in the explanatory memorandum.

Debate adjourned.