Second Reading Speech
Mr JONES (Whitlam - Assistant Treasurer and Minister for Financial Services)I move:
That this bill be now read a second time.
The Income Tax Amendment (Labour Mobility Program) Bill 2022 makes amendments which support schedule 1 to the Treasury Laws Amendment (2022 Measures No. 4) Bill 2022. Together these bills ensure that foreign resident workers participating in the Pacific Australia Labour Mobility (PALM) scheme will pay a final withholding tax of 15 per cent on income earned under the scheme.
Schedule 1 to the bill specifies that the term 'the Seasonal Labour Mobility Program' will be substituted with 'certain labour mobility programs' to enable relevant workers in the PALM scheme and workers in potential future visa schemes (for which the same tax treatment is appropriate) to access the final 15 per cent withholding tax rate, from the 2022-23 income tax year.
The PALM scheme will help meet workforce shortages in Australia as well as support the economic development of Pacific nations and Timor-Leste.
Further details of the measure are contained within the explanatory memorandum.
Debate adjourned.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
