The following Bills were debated in Parliament yesterday:
- Tax Laws Amendment (Research and Development) Bill 2013 was debated in the Senate. Debate was adjourned. This Bill proposes to deny access to the research and development (R&D) tax incentive for companies with aggregated assessable income of $20 billion or more for an income year commencing on or after 1 July 2013. A number of amendments to the Bill were also debated (but not yet agreed), including a revised start date of 1 July 2014 (announced by the Government in the Mid-Year Economic and Fiscal Overview) and the replacement of the $20 billion turnover threshold with a $100 million spending cap (Palmer United Party amendments).
- Biosecurity Bill 2014 and related Bills passed the House of Representatives without amendment, and will now proceed to the Senate. These Bills propose to replace the Quarantine Act 1908 to become the primary source for managing Australia’s biosecurity system, including the management of the risk of pests and diseases entering Australia.