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Thursday, 25 September 2008
Page: 9

Mr BOWEN (Minister for Competition Policy and Consumer Affairs, and Assistant Treasurer) (9:50 AM) —I move:

That this bill be now read a second time.

The Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2008 forms part of the government’s temporary residents’ superannuation measure.

Under the measure, departed temporary residents will retain the ability to claim their superannuation benefits through the existing departing Australia superannuation payment process, before it becomes unclaimed.

This provides consistent or better treatment to temporary residents compared to that in many other countries where temporary residents may be unable or limited in accessing compulsory social security contributions.

The departing Australia superannuation withholding tax currently applies to amounts claimed by departed temporary residents. The tax aims to ensure that taxation concessions provided to superannuation are appropriately targeted to those who retire in Australia. The amendments contained in this bill make a small increase to the departing Australia superannuation payment withholding tax rates by five percentage points to further recoup the taxation concessions provided to departed temporary residents.

I commend the bill to the House.

Debate (on motion by Mr Wood) adjourned.