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Wednesday, 30 August 2000
Page: 19612


Dr KEMP (Minister for Education, Training and Youth Affairs and Minister Assisting the Prime Minister for the Public Service) (9:44 AM) —I move:

That the bill be now read a second time.

The purpose of this bill is to impose the requirement to pay annual contributions and special levies to the ESOS Assurance Fund.

This is being done in a separate bill as the compulsory contributions to the assurance fund could constitute a tax. I must emphasise, however, that the ESOS Bill 2000 provides that these contributions may be used only for the purposes of the fund and that, if the fund is ever wound up, any surplus in it will be returned to the members then current. This bill is an important adjunct to the main bill, which provides detailed provisions for the assurance fund, and which I have already addressed in detail.

The financial impact of the bill will be minimal.

I commend the bill to the House and present the explanatory memorandum to the bill.

Debate (on motion by Mr Lee) adjourned.