Senator ALLISON(8.03 p.m.) —by leave—I move:

(3)   Schedule 4, item 14, page 10 (line 16), after "regulations", insert ", provided that the regulations must not impose requirements on a provider with which the provider cannot readily comply".

(4)   Schedule 4, item 15, page 10 (line 21), after "regulations", insert ", provided that the regulations must not impose requirements on a provider with which the provider cannot readily comply".

(5)   Schedule 4, item 16, page 11 (line 8), after "regulations", insert ", provided that the regulations must not impose requirements on a provider with which the provider cannot readily comply".

These items have caused some concern amongst trustees that they will add significantly to the reporting requirements, and thereby compliance costs, because they will allow the commissioner to require any further additional matters by regulation.

The government says that this provision was requested by elements of the industry to deal with the situation where members' funds were rolled over from another fund, allowing the ATO to pursue the information from the appropriate fund. The single draft regulation that has been prepared confines itself to information which was readily accessible to the fund. On balance, I think the draft regulation is probably reasonable, but we are reluctant to approve a wide regulation making power to sustain a single reasonable regulation. Therefore, my amendment proposes to restrict the regulation making power to the current very reasonable circumstances; in other words, to information which is readily accessible by the fund. I commend the amendments to the Senate.