House of Representatives

Tax Bonus for Working Australians (Consequential Amendments) Bill (No. 2) 2009

Second Reading Speech

Senator Sherry (Minister for Superannuation and Corporate Law)

This bill provides for consequential amendments to various Acts in relation to the tax bonus payment provided for in the Tax Bonus for Working Australians Bill 2009.

It ensures that the tax bonus payments are not to be treated as income for tax and welfare-related purposes.

In particular, the bonus payment will be non-assessable and non-exempt income, which means that it will be disregarded for income tax purposes.

In addition, the payments will not be treated as income for the purposes of social security and family assistance benefits paid by Centrelink.

The bill also makes other consequential amendments relating to the administration of the bonus payment.

I commend the bill.