Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024, Capital Works (Build to Rent Misuse Tax) Bill 2024

Nick McKim

by leave—I withdraw Australian Greens amendments on sheet 2727, 2730 revised and 2732 revised.

Sue Lines

I will now deal with Committee of the Whole amendments circulated by Pauline Hanson's One Nation. As these amendments were not circulated in the required timeframe, they can only be considered by leave.

Malcolm Roberts

I seek leave to have the Pauline Hanson's One Nation amendments on sheet 2836 revised considered.

Leave granted.

Sue Lines

The question is that the amendments on sheet 2836 revised be agreed to.

Pauline Hanson's One Nation's circulated amendments to the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024

(1) Clause 2, page 3 (at the end of the table), add:

(2) Page 83 (after line 13), at the end of the Bill, add:

Schedule 8 — Small amount credit contracts and consumer leases for household goods

National Consumer Credit Protection Act 2009

1 Section 133CC (heading)

Omit "the prescribed requirements", substitute "certain requirements".

2 Subsection 133CC(1)

Repeal the subsection (including the note), substitute:

Requirement

(1) A licensee must not enter into, or offer to enter into, a small amount credit contract with a consumer who will be the debtor under the contract if the repayments that would be required under the contract would not meet the requirement in subsection (1A).

Civil penalty: 5,000 penalty units.

(1A) The requirement for a repayment that would be required during a contract repayment period under such a contract with a consumer is that the sum of:

(a) the amount of the repayment; and

(b) any other amounts the consumer is required to pay under:

(i) any other small amount credit contract during the contract repayment period; and

(ii) any consumer lease for household goods during the contract repayment period;

would be equal to or less than 20% of the available income the consumer is reasonably expected to receive during the contract repayment period.

3 At the end of section 133CC

Add:

Definitions

(4) In this section:

available income, for a consumer, means the consumer's income less any amount required to be withheld under Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 (Pay as you go (PAYG) withholding).

contract repayment period: each of the following is a contract repayment period in relation to a small amount credit contract:

(a) the period:

(i) starting on the day the contract is entered into; and

(ii) ending on the first repayment date in relation to the contract;

(b) a period:

(i) starting on the day after a repayment date in relation to the contract; and

(ii) ending on the subsequent repayment date in relation to the contract.

income means income within the ordinary meaning of that expression.

4 Subsection 133CD(6)

Repeal the subsection.

5 Section 156B (heading)

Omit "the prescribed requirements", substitute "certain requirements".

6 Subsection 156B(1)

Repeal the subsection (including the note), substitute:

Requirement

(1) A licensee must not enter into, or offer to enter into, a consumer lease for household goods with a consumer who will be the lessee under the lease if the amount that would be required to be paid under the lease by the lessee would not meet the requirement in subsection (1A).

Civil penalty: 5,000 penalty units.

(1A) The requirement for the amount is that, for any part of the amount that would be required to be paid during a lease repayment period under such a lease with a consumer, the sum of:

(a) that partof the amount; and

(b) any other amounts the consumer is required to pay under:

(i) any other consumer lease during the lease repayment period; and

(ii) any small amount credit contract during the lease repayment period;

would be equal to or less than 20% of the available income the consumer is reasonably expected to receive during the lease repayment period.

7 At the end of section 156B

Add:

Definitions

(4) In this section:

available income, for a consumer, means the consumer's income less any amount required to be withheld under Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 (Pay as you go (PAYG) withholding).

income means income within the ordinary meaning of that expression.

lease repayment day, in relation to a consumer lease for household goods, means the day on or by which a repayment is required to be made under the lease.

lease repayment period: each of the following is a lease repayment period in relation to a consumer lease for household goods:

(a) the period:

(i) starting on the day the lease is entered into; and

(ii) ending on the first lease repayment day in relation to the lease;

(b) a period:

(i) starting on the day after a lease repayment day in relation to the lease; and

(ii) ending on the subsequent lease repayment day in relation to the lease.

8 Application provisions

(1) The amendments of section 133CC of the National Consumer Credit Protection Act 2009 made by this Schedule apply in relation to a small amount credit contract entered into, or offered to be entered into, on or after the commencement of this Schedule.

(2) The amendments of section 156B of the National Consumer Credit Protection Act 2009 made by this Schedule apply in relation to a consumer lease for household goods entered into, or offered to be entered into, on or after the commencement of this Schedule.