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Table Of Contents


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-
Hansard
- Start of Business
- COMMITTEES
-
PETITIONS
- Wicks, Lucy, MP
- Hastings: Medical Centre
- Great Barrier Reef
- Dental Health
- Legal Drinking Age
- Climate Change
- Climate Change
- Climate Change
- Aged Care
- Climate Change
- Animal Welfare
- Immigration Detention
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Climate Change
- Northern Rivers Rail Trail
- Climate Change
-
PETITIONS
- Responses
- Military Pensions
- Climate Change
- Former Child Migrants
- National Broadband Network
- Paid Parental Leave
- Food Labelling
- Food Certification
- Citizenship
- Citizenship
- Citizenship
- Citizenship
- Postcode Allocation
- Citizenship
- Development Assistance
- Assange, Mr Julian
- Citizenship
- Islam
- Saudi Arabia
- Climate Change
- Veterans
- Mobile Black Spot Program
- Development Assistance
- Senators and Members: Code of Conduct
- PETITIONS
- BILLS
- MOTIONS
- COMMITTEES
-
BILLS
- Social Services Legislation Amendment (Better Targeting Student Payments) Bill 2017
- Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017
- Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017, Fringe Benefits Tax Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax Rates Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax (TFN Withholding Tax (ESS)) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Family Trust Distribution Tax (Primary Liability) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Treasury Laws Amendment (Untainting Tax) (National Disability Insurance Scheme Funding) Bill 2017, Nation-building Funds Repeal (National Disability Insurance Scheme Funding) Bill 2017
-
STATEMENTS BY MEMBERS
- Petition: International Campaign to Abolish Nuclear Weapons
- Cyclone Debbie
- Walsh, Ms Deborah Margaret
- Banks Electorate: Local Government
- Whitlam, Hon. Edward Gough, AC, QC
- Boothby Electorate: Somerton Surf Life Saving Club
- Broadband
- Rural and Regional Health Services
- Energy Supplement
- Defence Equipment
- Burma: Rohingya People
- Barker Electorate: Relay For Life
- Petition: Rohingya People
- Rohingya People
- Dunkley Electorate: Small Business
- Broadband
- Westcourt Wines, Melbourne Cup: Westcourt
- Walk Together
- Moore Electorate: Joondalup Health Campus
- Upper Murray 2030 Vision Plan
- MINISTERIAL ARRANGEMENTS
-
QUESTIONS WITHOUT NOTICE
-
Broadband
(Shorten, Bill, MP, Turnbull, Malcolm, MP) -
Energy
(Henderson, Sarah, MP, Turnbull, Malcolm, MP) -
Broadband
(Rowland, Michelle, MP, Fletcher, Paul, MP) -
Energy
(Wilson, Tim, MP, Morrison, Scott, MP) -
Broadband
(Shorten, Bill, MP, Turnbull, Malcolm, MP) -
Asylum Seekers
(McGowan, Cathy, MP, Dutton, Peter, MP) -
Energy
(Evans, Trevor, MP, Frydenberg, Josh, MP) -
Broadband
(Rowland, Michelle, MP, Fletcher, Paul, MP) -
Energy
(Littleproud, David, MP, Joyce, Barnaby, MP) -
Broadband
(Chesters, Lisa, MP, Turnbull, Malcolm, MP) -
Energy
(Flint, Nicolle, MP, Pyne, Christopher, MP) -
Energy
(Butler, Mark, MP, Turnbull, Malcolm, MP) -
Energy
(Price, Melissa, MP, O'Dwyer, Kelly, MP) -
Energy
(Plibersek, Tanya, MP, Turnbull, Malcolm, MP) -
Energy
(Broad, Andrew, MP, Hunt, Greg, MP) -
Turnbull Government
(Shorten, Bill, MP, Turnbull, Malcolm, MP) -
National Security
(Hastie, Andrew, MP, Dutton, Peter, MP) -
Government Grants
(Jones, Stephen, MP, Turnbull, Malcolm, MP) -
National Security
(Coleman, David, MP, Chester, Darren, MP) -
Flood Mitigation
(Clare, Jason, MP, Joyce, Barnaby, MP) -
Second Battle of El Alamein: 75th Anniversary, Battle of Beersheba: 100th Anniversary
(Leeser, Julian, MP, Tehan, Dan, MP)
-
Broadband
- DOCUMENTS
-
BILLS
-
Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017, Fringe Benefits Tax Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax Rates Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax (TFN Withholding Tax (ESS)) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Family Trust Distribution Tax (Primary Liability) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Treasury Laws Amendment (Untainting Tax) (National Disability Insurance Scheme Funding) Bill 2017, Nation-building Funds Repeal (National Disability Insurance Scheme Funding) Bill 2017
-
Second Reading
- Bowen, Chris, MP
- Prentice, Jane, MP
- Mitchell, Brian, MP
- Sudmalis, Ann, MP
- Freelander, Mike, MP
- Wallace, Andrew, MP
- Dick, Milton, MP
- Evans, Trevor, MP
- Butler, Terri, MP
- Van Manen, Bert, MP
- Leigh, Andrew, MP
- Howarth, Luke, MP
- Plibersek, Tanya, MP
- Crewther, Chris, MP
- Husar, Emma, MP
- Macklin, Jenny, MP
- Thistlethwaite, Matt, MP
- Zappia, Tony, MP
- Hayes, Chris, MP
- Brodtmann, Gai, MP
-
Second Reading
-
Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017, Fringe Benefits Tax Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax Rates Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Income Tax (TFN Withholding Tax (ESS)) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Family Trust Distribution Tax (Primary Liability) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (National Disability Insurance Scheme Funding) Bill 2017, Treasury Laws Amendment (Untainting Tax) (National Disability Insurance Scheme Funding) Bill 2017, Nation-building Funds Repeal (National Disability Insurance Scheme Funding) Bill 2017
- ADJOURNMENT
- NOTICES
-
Federation Chamber
- Start of Business
-
CONSTITUENCY STATEMENTS
- Broadband
- Goldstein Electorate: Connor's Run 2017
- Luciano, Mr Michael
- Sunset Soaring Club, Eryldene Foundation and Trust
- Industrial Foundation for Accident Prevention, Headspace Fremantle
- Life Expectancy
- National Week of Deaf People
- Calare Electorate: Lions Clubs
- Australian Federal Police Bravery Awards
- Australian Defence Force Parliamentary Program
- PRIVATE MEMBERS' BUSINESS
-
STATEMENTS BY MEMBERS
- Remembrance Day
- Calare Electorate: Mullion Creek Public School
- Petition: Climate Change
- Murray Electorate: Energy
- Braddon Electorate: Burnie Ten
- Schools
- Workplace Relations
- Brisbane Electorate: Palliative Care
- Werriwa Electorate: Carers
- Swan Electorate: Mincon
- Fenner Electorate: Belconnen Magpies
- Veterans
- Cambodia
- Dunkley Electorate: Gretals Australia Pty Ltd
- Wrap with Love
- Marriage
- Asylum Seekers
- Boothby Electorate: Brighton Calisthenics Club
- Hunter Electorate: Schools
- Page Electorate: Infrastructure
- Alta-1 College
- Redcliffe City Junior Cricket Club
- Beattie, Ms Linda Ann, Yallop, Ms Neta May, OAM
- Baha'i Faith
- North Queensland Cowboys
- McKay, Mr Brett
- Preston, Mr Neil
- Baha'i Faith
- Climate Change
- PRIVATE MEMBERS' BUSINESS
- QUESTIONS IN WRITING
Content Window
Monday, 23 October 2017
Page: 11500
Page: 11500
Ms O'DWYER (Higgins—Minister for Revenue and Financial Services) (13:10): I'd like to thank those members who have contributed to this debate, in particular the very eloquent and thoughtful contribution from the member for Banks, who also takes a strong and special interest in this subject as the chair of the House Standing Committee on Economics. I commend you, Member for Banks, for the great work you're doing there.
The measures in the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 will ensure that choice of fund is provided for over one million more Australians and that salary sacrifice contributions are reflected in members' retirement savings. It is part of a broader package of government reforms that is squarely focused on protecting members' money and members' interests with a strong prudential regulator, APRA. Schedule 1 of this bill extends choice of fund to around one million people covered by federal enterprise bargaining agreements. David Murray, former chair of the financial system inquiry, said of the financial system inquiry at a recent Senate committee inquiry hearing:
… we found that the outcomes for members were weaker than they should be … driven by a weakness in competition around choice of fund, choice of product, a sameness of asset allocation in the system and weaknesses in information for members.
As a result of this measure, more people will be able to choose for themselves where their compulsory superannuation contributions are paid, including into a self-managed superannuation fund. It will no longer be possible to deny choice to individuals on the grounds that they are part of an enterprise bargaining agreement or similar determination.
An example which shows the problem that this bill will address is best demonstrated by evidence heard in the Heydon royal commission from Mr Bracegirdle, who, when he became a full-time employee of Toll Holdings Ltd, discovered that he was not able to have his choice of superannuation fund under the arrangements agreed between Toll Holdings Ltd and the TWU. Mr Bracegirdle has personal reasons for wanting to choose his superannuation fund. His daughter is disabled and will never be able to work. He wants to choose his own fund because he believes that it will enable him to plan the best future for her. The trade union royal commission also heard evidence that TWUSUPER provides a large income stream each year to the TWU.
The government wants people to be able to make choices about their deferred wages and to be active in making decisions about their future. It's great to see the member for McMahon here because I'm about to quote him. In 2015, the member for McMahon also agreed with extending choice of fund when he said in a television interview on the ABC:
… there's a relatively small number of circumstances where an enterprise agreement says you can only go to that fund: that fund alone. And the Government has said that they'd introduce more choice. Of course, that's something that's which would be fine. Who could argue with more choice for members?
We agree. To be clear, this measure does not prevent enterprise bargaining agreements from specifying a particular fund. It simply allows individuals to choose a different fund if it suits them better.
Schedule 2 of this bill will close a loophole that has been used by some unscrupulous employers to short-change employees who make salary sacrifice superannuation contributions. The CEO of CHOICE, Alan Kirkland, said of this measure:
Shutting down the salary sacrifice loophole which has seen an estimated $1 billion stripped from retirement savings by unscrupulous employers is also a great outcome for consumers.
… … …
This is a common sense reform which CHOICE fully supports.
There are instances where employees that enter salary sacrifice arrangements discover that their superannuation has increased by less than they were expecting because employers have used salary sacrifice amounts to satisfy their superannuation guarantee obligation or have based their superannuation guarantee contributions on the lower post-salary-sacrifice earnings base. To address these inappropriate practices, the changes in this bill will ensure that an individual's salary sacrifice contributions do not reduce their employer's superannuation guarantee obligation in any way.
If Australians are to continue to have confidence in the integrity of the superannuation system, we must ensure employers are paying workers their full entitlements, whether that be wages or superannuation. After all, it is their money. I commend this bill to the House.
Question agreed to.
Bill read a second time.
Message from the Governor-General recommending appropriation announced.