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representatives vote 2023-03-09#7
Edited by
mackay staff
on
2023-03-17 13:59:02
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Title
Bills — Treasury Laws Amendment (2023 Measures No. 1) Bill 2023; Report from Federation Chamber- Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 - Report from Federation Chamber - Franking credits
Description
<p class="speaker">Milton Dick</p><p>The question is that the amendment be disagreed to.</p>-
- The majority voted in favour of *disagreeing* with [amendments](https://www.openaustralia.org.au/debate/?id=2023-03-08.176.2) introduced by Hume MP [Angus Taylor](https://theyvoteforyou.org.au/people/representatives/hume/angus_taylor) (Liberal), which means they were rejected.
- ### What do these amendments do?
- Mr Taylor [explained that](https://www.openaustralia.org.au/debate/?id=2023-03-08.176.2):
- > *The coalition is moving these amendments to remove schedule 4 and schedule 5. The coalition support the measures in schedules 1 to 3. We think they are sensible paths forward...*
- >
- > *Schedule 4 amends the Income Tax Assessment Act to limit the ability of listed companies to offer franking credits on off-market share buybacks, raising $200 million a year in tax clawbacks, particularly from older Australians. Schedule 5 amends the Income Tax Assessment Act to limit the ability of listed companies to offer franking credits on capital, raising $50 million over five years. These two measures will limit the ability of companies to offer franking credits to shareholders.*
- ### Amendment text
- > *(1) Clause 2, page 2 (table item 6), omit the table item.*
- >
- > *(2) Schedules 4 and 5, page 34 (line 1) to page 44 (line 12), omit the Schedules.*
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