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TEMPORARY RESIDENTS' SUPERANNUATION LEGISLATION AMENDMENT BILL 2008E SUPERANNUATION (DEPARTING AUSTRALIA SUPERANNUATION PAYMENTS TAX) AMENDMENT BILL 2008

Order of the day read for the adjourned debate on the motion of the Minister for Superannuation and Corporate Law (Senator Sherry)—That these bills be now read a second time.

Debate resumed.

Question put and passed.

Bills read a second time.

The Senate resolved itself into committee for the consideration of the bills.

In the committee

Bills taken together and as a whole by leave.

Explanatory memorandum: Senator Sherry tabled a supplementary explanatory memorandum relating to the government amendments to be moved to the Temporary Residents' Superannuation Legislation Amendment Bill 2008.


Question—That the Temporary Residents' Superannuation Legislation Amendment Bill 2008 be agreed to—divided in respect of Schedule 1, item 12.

Schedule 1, item 12 debated.

Question—That Schedule 1, item 12 stand as printed—put and negatived.

On the motion of Senator Sherry the following amendments in respect of the Temporary Residents' Superannuation Legislation Amendment Bill 2008, taken together by leave, were agreed to:

 Schedule 1, item 16, page 6 (lines 27 and 28), omit ", by the next date set for the purpose by the Commissioner".

 Schedule 1, item 16, page 7 (line 2), after "interest", insert "by the next date set for the purpose by the Commissioner".

 Schedule 1, item 16, page 10 (line 13), omit "by scheduled statement day".

 Schedule 1, item 16, page 10 (line 23), omit "day.", substitute "day; or".

 Schedule 1, item 16, page 10 (after line 23), at the end of subsection 20F(1), add:

 (c) if a day is identified for the superannuation provider under the regulations that is later than the day described in paragraph (a) and later than the day described in paragraph (b) if it is relevant—that later day.

 Schedule 1, item 16, page 12 (after line 4), after subsection 20F(4), insert:

   Regulations for the purposes of paragraph (1)(c)

  (4A) Regulations for the purposes of paragraph (1)(c) may provide for a day to be identified by the Commissioner or the Australian Prudential Regulation Authority. This does not limit the provision that the regulations may make for identification of a day for those purposes.

 Schedule 1, item 16, page 15 (after line 31), after subparagraph 20J(6)(a)(i), insert:

 (ia) paragraph 20F(1)(c); and

Senator Xenophon moved the following amendment in respect of the Temporary Residents' Superannuation Legislation Amendment Bill 2008:

 Schedule 1, item 16, page 20 (after line 22), after Part 3A, insert:

  

Part 3B—Administration of taxation of superannuation of eligible temporary residents

 

20Q Retention scheme

  (1) The Commissioner must, within 45 days of the commencement of the Temporary Residents' Superannuation Legislation Amendment Act 2008, determine by legislative instrument a scheme that enables an eligible temporary resident to retain a superannuation interest in a fund until the person reaches the age of 60 or some other later date determined by the person.

  (2) Despite anything in section 44 of the Legislative Instruments Act 2003, section 42 of that Act applies to a legislative instrument made under subsection (1).

  (3) Section 48 of the Legislative Instruments Act 2003 does not apply to an instrument made under subsection (1).


  (4) If, under section 42 of the Legislative Instruments Act 2003, an instrument made under subsection (1) or a provision of such an instrument is disallowed or is taken to have been disallowed (the deemed disallowance), the Commissioner must, within 30 days after the disallowance or deemed disallowance, determine a replacement legislative instrument for the purposes of subsection (1).

  (5) In this section:

   eligible temporary resident means a person:

 (a) for whom the superannuation provider has a current address and who maintains regular contact with the superannuation provider; and

 (b) who would otherwise be subject to Part 3A.

 

20R Application of Part 3B

   Part 3B does not apply to any person unless the Commissioner has determined a scheme in accordance with section 20Q and the scheme has been implemented.

Debate ensued.

At 11 pm: The President resumed the chair and the Temporary Chair of Committees (Senator Forshaw) reported progress.