Mr SLIPPER (12:30 PM) —I move:

That the amendments be agreed to.

I move these amendments to the Superannuation Legislation Amendment Bill (No. 4) 1999 , of course, on behalf of the government. Amendments Nos 1 to 4 have been made in response to concerns from a number of groups such as the Australian Superannuation Funds Association that there should be some scope for investments in non-geared related trusts.

These amendments will allow a regulation making power to be used to make an exception. This will apply only to a superannuation fund with fewer than five members that invests in a company or trust which meets the specified requirements. These requirements will include that the company or trust does not borrow; that it does not invest in, or loan money to, individuals or other entities other than deposits with financial institutions; that it has not acquired assets from a related party of the superannuation fund other than business real property; that it does not lease assets to related parties or enter into lease arrangements other than a legally binding lease of business real property to a related party on an arms-length basis; and that it conducts all other transactions on an arms-length basis. The government will consult with accounting and other industry bodies in developing a definition of non-geared company or trust that meets these requirements.

Amendments Nos 5 to 11 have been made in response to concerns expressed about the lapse of time since the original announcement on 12 May 1998. These amendments ensure that the changes to the in-house provisions will apply only from the date of the introduction of the legislation—that is, 11 August this year. As the amendments have only recently been agreed, they are not accompanied by a supplementary explanatory memorandum. I commend the amendments to the House.