Treasury Laws Amendment (2023 Measures No. 1) Bill 2023

The majority voted in favour of disagreeing with amendments introduced by Hume MP Angus Taylor (Liberal), which means they were rejected.

What do these amendments do?

Mr Taylor explained that:

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.