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Thursday, 7 June 1984
Page: 2753

Senator Sir JOHN CARRICK —My question, which is directed to the Minister representing the Treasurer, refers to the Hawke Government's proposed lump sum superannuation tax. I refer to the widespread practice, over history, for individuals, including those of pensionable age, to purchase an annuity from a member of their family or some other person, with real and adequate consideration, mostly drawn up by a lawyer and generally accepted by the Department of Social Security. Am I correct in understanding that the proposed legislation will forbid the purchase of annuities from individuals and will force their purchase from specified institutions? Since there can be no question of double dipping involved, why is the Government forcing capital savings out of the hands of individuals and into institutions?

Senator WALSH —I am afraid I do not know the answer to that question. I will have to refer it to the Treasurer and get Senator Sir John Carrick a definitive reply .

Senator Sir JOHN CARRICK —I ask a supplementary question, Mr President. Since this matter is of very considerable importance concerning an impending debate may I ask that the Minister give some urgency to getting the answer?

Senator WALSH —I will endeavour to get it today.