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SUPERANNUATION LEGISLATION AMENDMENT (SERVICE PROVIDERS AND OTHER GOVERNANCE MEASURES) BILL 2013E SUPERANNUATION (SUSTAINING THE SUPERANNUATION CONTRIBUTION CONCESSION) IMPOSITION BILL 2013E SUPERANNUATION LAWS AMENDMENT (MYSUPER CAPITAL GAINS TAX RELIEF AND OTHER MEASURES) BILL 2013E TAX AND SUPERANNUATION LAWS AMENDMENT (INCREASED CONCESSIONAL CONTRIBUTIONS CAP AND OTHER MEASURES) BILL 2013

Order read for the adjourned debate on the motions of the Minister for Finance and Deregulation (Senator Wong) and the Parliamentary Secretary for School Education and Workplace Relations (Senator Collins)—That these bills be now read a second time.

Debate resumed.

Limitation of debate: The time allotted for the consideration of these bills expired.

Question—That these bills be now read a second time—put.

Bills read a second time.

The following amendments in respect of the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013 circulated by the Opposition were considered:

 Clause 2, page 5 (table item 24), omit the table item, substitute:

24. Schedule 1, items 72 and 731 July 2013.1 July 2013

24A. Schedule 1, items 73A to 73E1 July 2015.1 July 2015

24B. Schedule 1, items 74 to 1101 July 2013.1 July 2013

Clause 2, page 5 (after table item 29), insert:

29AA. Schedule 1, items 119D to 119F1 July 2015.1 July 2015


Clause 3, page 6 (lines 7 to 12), omit the clause, substitute:

 

3 Schedule(s)

  (1) Each Act, and each set of regulations, that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

  (2) The amendment of any regulation under subsection (1) does not prevent the regulation, as so amended, from being amended or repealed by the Governor-General.

 Schedule 1, page 35 (after line 31), after item 73, insert:

 73A After section 89

  Insert:

 89A Public offer fund independence rule

   Basic rule

  (1) For the purposes of this Part, a fund complies with the public offer fund independence rule if:

 (a) both:

 (i) the fund has a group of individual trustees;

 (ii) at least one third of the group of trustees are independent directors or independent trustees, or a combination of both; or

 (b) both:

 (i) the fund has a single corporate trustee;

 (ii) at least one third of the board of the corporate trustee are independent directors or independent trustees, or a combination of both.

   Note:  Independent director and independent trustee are defined in subsection 10(1) of this Act.

   Vacancy

  (2) For the purposes of the application of the public offer fund independence rule, if:

 (a) a vacancy occurs in the membership of a group of trustees or of the board of a corporate trustee; and

 (b) immediately before the vacancy occurred, the fund complied with the public offer fund independence rule; and

 (c) the vacancy is filled within 90 days after it occurred; and

 (d) immediately after the vacancy is filled, the fund complies with the public offer fund independence rule;

   the fund is taken to have complied with the public offer fund independence rule at all times during the period of the vacancy.

 Schedule 1, page 35 (after line 31), after item 73, insert:

 73B Subparagraph 92(3)(a)(ii)

  Omit "basic equal representation rules", substitute "public offer fund independence rule".


 73C Paragraph 92(3)(c)

  Repeal the paragraph, substitute:

 (c) each prescribed policy committee must consist of equal numbers of employer representatives, independent representatives and member representatives.

 Schedule 1, page 35 (after line 31), after item 73, insert:

 73D Subparagraph 93(3)(a)(ii)

  Omit "basic equal representation rules", substitute "public offer fund independence rule".

 73E Paragraph 93(3)(c)

  Repeal the paragraph, substitute:

 (c) each prescribed policy committee must consist of equal numbers of employer representatives, independent representatives and member representatives.

 Schedule 1, page 52 (after line 15), after item 119, insert:

  

Superannuation Industry (Supervision) Regulations 1994

 119D Subregulation 3.05(4)

  Omit "basic equal representation rules stated in section 89", substitute "public offer fund independence rule stated in section 89A".

 119E Subregulation 3.05(5) (heading)

Note: The heading to subregulation 3.05(5) is replaced by the heading "Equal representation of employers, independent representatives and members on policy committees—effect of vacancy".

 119F Subregulation 3.05(5)

  Repeal the subregulation, substitute:

  (5) If a vacancy occurs in the membership of a policy committee of a public offer superannuation fund the policy committee is taken to consist of equal numbers of employer representatives, independent representatives and member representatives during the period of the vacancy, in accordance with paragraph 91(3)(c), 92(3)(c) or 93(3)(c) of the Act (whichever is applicable) if:

 (a) immediately before the vacancy occurred, the policy committee consisted of equal numbers of employer representatives, independent representatives and member representatives; and

 (b) the vacancy is filled within 90 days after it occurred; and

 (c) immediately after the vacancy is filled, the policy committee consists of equal numbers of employer representatives, independent representatives and member representatives.

Question—That the amendments be agreed to—put.


The Senate divided—

AYES, 32

Senators—

Abetz

Back

Bernardi

Birmingham

Boyce

Bushby

Cash

Colbeck

Cormann

Edwards

Eggleston

Fawcett

Fierravanti-Wells

Fifield

Humphries

Joyce

Kroger (Teller)

Macdonald

Madigan

Mason

McKenzie

Nash

Parry

Payne

Ronaldson

Ruston

Ryan

Scullion

Sinodinos

Smith

Williams

Xenophon

NOES, 36

Senators—

Bilyk

Bishop

Brown

Cameron

Carr, Kim

Collins

Crossin

Di Natale

Farrell

Faulkner

Feeney

Furner

Gallacher

Hanson-Young

Hogg

Lines

Ludlam

Ludwig

Marshall

McEwen (Teller)

McLucas

Milne

Moore

Polley

Pratt

Rhiannon

Siewert

Singh

Stephens

Sterle

Thorp

Urquhart

Waters

Whish-Wilson

Wong

Wright

Question negatived.

Question—That the remaining stages of these bills be agreed to and these bills be now passed—put and passed.

Bills read a third time.