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Thursday, 23 September 1999
Page: 10346

Mr SLIPPER (10:06 AM) —I move:

That the amendments be agreed to.

Amendment No. 1, the government amendment, changes the commencement date of the bill from 1 July 1999 to the date of royal assent. The bill was due to commence on 1 July 1999, but the passage of the bill was delayed due to the backlog of legislation in the Senate. To avoid an unintended retrospective element, the bill will commence from the date of the royal assent.

With respect to amendments 2, 3 and 4, these are opposition amendments agreed to by the government and remove the family business linkage requirement that was designed to protect the interests of third-party members of a self-managed superannuation fund. To be honest, the government's preferred position is in the original bill. However, the amended bill will still ensure that all the members of a self-managed superannuation fund are trustees of the fund. It will also prevent one member of a self-managed employer sponsored superannuation fund from being an employee of another member of the fund except where they are relatives.

The government considers that, despite these changes, the bill will continue to improve the ability of members of self-managed funds to protect their own interests. On this basis, the government is prepared to accept these amendments, which I now commend to the House.