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representatives vote 2024-06-27#5
Edited by
mackay staff
on
2024-07-20 07:40:54
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Title
Bills — Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024; Consideration in Detail- Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 - Consideration in Detail - Delete Schedule 1
Description
<p class="speaker">Paul Fletcher</p><p>Due to a misunderstanding and no malice, I think, on any part, we moved to a third reading vote on the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 without giving the opposition the opportunity to move amendments in consideration of detail. I therefore seek leave of the House to move that the third reading vote be rescinded so that we can go to the consideration of detail stage.</p>-
- The majority voted against [amendments](https://www.openaustralia.org.au/debate/?id=2024-06-27.27.1) introduced by Petrie MP [Luke Howarth](https://theyvoteforyou.org.au/people/representatives/petrie/luke_howarth) (Liberal), which means they failed. The amendments would have deleted Schedule 1 from the bill.
- ### What did these amendments do?
- Mr Howarth [explained that](https://www.openaustralia.org.au/debate/?id=2024-06-27.27.1):
- > *The amendments omit schedule 1 from the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024. This schedule would create generous tax breaks for institutional investors who develop build-to-rent housing. We believe the government's handling of the housing crisis has been marked by significant failures, particularly in its approach to build-to-rent in this bill. Since the only housing policies that have delivered support to first home buyers are the housing policies Labor inherited from us, the coalition oppose the schedule with this build-to-rent policy. Labor has prioritised corporate homeownership over individual homeownership.*
- According to the [parliamentary library's digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2324a/24bd082):
- > *Schedule 1 to the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 proposes the following BTR [Build to Rent] tax incentives, provided certain eligibility criteria are met:*
- >
- > * *increasing the capital works deduction rate from 2.5% to 4% per year for eligible new BTR developments*
- >
- > * *reducing the final withholding tax rate on eligible fund payments and capital gains from Managed Investment Trust investments for eligible BTR developments from 30% to 15%, with application from 1 July 2024.*
- ### Amendment text
- > *(1) Clause 2, page 2 (table item 2), omit the table item.*
- >
- > *(2) Schedule 1, page 4 (line 1) to page 25 (line 16), omit the Schedule.*
<p class="speaker">Tony Burke</p><p>Given the circumstances, we want to make sure that we can facilitate that there is a sensible vote. I would ask in granting leave that the member concerned restrict his comments as much as he can so that we can just get to the vote on the amendment, and we'll go through the process from where it would have been.</p> <p class="speaker">Milton Dick</p><p>For clarity for all members, this is being actioned under standing order 120:</p><p class="italic">A resolution or other vote of the House may be rescinded during the same session …</p><p>Leave granted.</p> <p class="speaker">Paul Fletcher</p><p>I move:</p><p class="italic">That the third reading vote on the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 be rescinded under standing order 120.</p><p>Question agreed to.</p> <p class="speaker">Luke Howarth</p><p>by leave—I move amendments (1) and (2) as circulated in my name:</p><p class="italic">(1) Clause 2, page 2 (table item 2), omit the table item.</p><p class="italic">(2) Schedule 1, page 4 (line 1) to page 25 (line 16), omit the Schedule.</p><p>The amendments omit schedule 1 from the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024. This schedule would create generous tax breaks for institutional investors who develop build-to-rent housing. We believe the government's handling of the housing crisis has been marked by significant failures, particularly in its approach to build-to-rent in this bill. Since the only housing policies that have delivered support to first home buyers are the housing policies Labor inherited from us, the coalition oppose the schedule with this build-to-rent policy. Labor has prioritised corporate homeownership over individual homeownership.</p> <p class="speaker">Milton Dick</p><p>The question is that the amendments moved by the member for Petrie be agreed to.</p><p></p><p></p> -
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