Second Reading SpeechMr SUKKAR (Deakin - Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing)
That this bill be now read a second time.
Schedule 1 to the Treasury Laws Amendment (2021 Measures No. 5) Bill 2021 increases the producer offset for films that are not feature films released in cinemas to 30 per cent of total qualifying Australian production expenditure, and to make various threshold and integrity amendments across the three screen tax offsets.
This will ensure the Australian Screen Production Incentive tax offsets effectively target areas that require support and encourage production and commercial distribution of quality Australian screen content in a digital environment.
The changes will also encourage the creation of productions that can compete on a global stage and unlock export opportunities.
Schedule 2 to the bill makes amendments in relation to small business insolvency. The main small business insolvency reforms, which came into effect on 1 January 2021, introduced new insolvency processes suitable for small businesses, reducing complexity for them, and time and costs. These processes enable more Australian small businesses to quickly restructure. Where restructure is not possible, businesses are now able to wind up faster, enabling greater returns for creditors and employees.
This bill makes some consequential amendments which will support the operation of these new insolvency processes.
Finally, schedule 3 to the bill contains a number of amendments to Treasury portfolio legislation to ensure that Treasury laws continue to operate as intended. The amendments clarify legislation to ensure it operates in accordance with policy intent, make minor policy changes to improve administrative outcomes or remedy unintended consequences, and correct technical or drafting defects.
Full details of the measures are contained in the explanatory memorandum.