House of Representatives

Second Reading

Mr Miles (Braddon--Parliamentary Secretary [Cabinet] to the Prime Minister) (12.37 p.m.)--I move:

That the Bill be now read a second time.

This Bill is the third of three Bills which implement a new windfall tax which is one element of the Commonwealth safety net arrangements to protect State and Territory revenue. This Bill makes consequential amendments to the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997 as a result of the introduction of the windfall tax. The changes made by this Bill were mentioned in my Second Reading Speech on the Franchise Fees Windfall Tax (Collection) Bill 1997.

I commend the Bill to the House.