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Tuesday, 17 February 1987
Page: 5

(Question No. 943)

Senator Messner asked the Minister representing the Treasurer, upon notice, on 20 February 1986:

(1) Have some Trade Unions indicated that they will not accept guidelines on superannuation where it prefers balanced trustees in union superannuation funds.

(2) What action does the Government propose to ensure adherence to its guidelines.

Senator Walsh —The Treasurer has provided the following answer to the honourable senator's question:

(1) In my statement of 11 June 1986 on operational standards I indicated that compliance with those standards will be a condition for eligibility for relevant taxation concessions. This would include compliance, where appropriate, with the standards relating to composition of trustees (see answer to Question No. 938).

It is judged unlikely that a trade union fund would forgo tax concessions through non-compliance with standards.

(2) If, in the opinion of the Occupational Superannuation Commissioner, a fund does not satisfactorily comply with the standards, including the operational standards referred to in (1) above, it will not qualify for taxation concessions.