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Thursday, 21 March 2013
Page: 3019

Mr RIPOLL (OxleyParliamentary Secretary to the Treasurer) (10:55): Firstly, I thank those members who have participated in the debate—the member for Dunkley, the member for Bradfield, the member for Higgins, the member for Blair and the member for La Trobe—for their fine contributions. This Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013 ensures that the levy paid by self-managed superannuation funds is collected in a more timely way and that the Australian Taxation Office's costs of regulating the sector are fully recovered.

The bill allows for a change in timing of the collection of the levy so that it is levied and paid in the same financial year. The bill also increases the maximum levy payable by SMSFs. The SMSF levy is intended to help offset the costs of implementing the government's SMSF Stronger Super reforms, which aim to improve the operation, efficiency and integrity of the self-managed fund sector. The bill will enhance the ATO's ability to deliver these important reforms and continue to effectively regulate the SMSF sector, thus providing better protection for fund members.

A cost recovery impact statement will be published on the Australian Taxation Office's website by 1 July this year—2013—which is when the changes are scheduled to come into effect. The statement will transparently document how the levy complies with the Australian government's cost recovery guidelines.

I will also take this opportunity to table a correction to update the financial impact section of the explanatory memorandum. The update is to allow for revised costing estimates which will be reflected in the explanatory memorandum when the bill is introduced in the Senate. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Ordered that the bill be reported to the House without amendment.