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Thursday, 27 May 2004
Page: 29320

Mr ROSS CAMERON (Parliamentary Secretary to the Treasurer) (9:51 AM) —I move:

That this bill be now read a second time.

The bill implements a number of superannuation measures.

The government has significantly improved the retirement income system since being elected in 1996. With the ageing population, the retirement income system needs to be more flexible and adaptable. On 25 February 2004 the Treasurer announced a number of government initiatives to enhance the retirement income system by further broadening the availability of superannuation and making it more adaptable to changing work arrangements. The amendments contained in this bill relate to a number of the announced initiatives and will:

simplify the superannuation guarantee earnings base arrangements;

remove the requirement for prescribed pension providers to obtain an actuary's certificate; and

introduce an integrity measure to require those under age 18 to satisfy a work test in order to claim a tax deduction for personal superannuation contributions.

This bill also aligns the portability time frame applying to retirement savings account providers with that of superannuation providers. The bill also contains a technical amendment to correct a cross-referencing error in the Superannuation Industry (Supervision) Act 1993 relating to the cancelling of registrable superannuation entity licences.

Full details of the measures in this bill are contained in the explanatory memorandum.

I commend the bill and present the explanatory memorandum.

Debate (on motion by Mr Swan) adjourned.