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Thursday, 12 September 2019
Page: 2768

Mrs ANDREWS (McPhersonMinister for Industry, Science and Technology) (11:37): Firstly, I thank those members who have contributed to this debate. The government is acting to improve the integrity of the superannuation system and streamline compliance with the superannuation guarantee. The Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 allows employees with multiple employers to opt out of the superannuation guarantee where they would inadvertently breach the concessional contribution cap. And this bill safeguards the integrity of the government's comprehensive 2016-17 superannuation taxation reforms.

The bill ensures that related-party transactions and, in targeted circumstances, limited recourse borrowing arrangements cannot be used to circumvent the contribution caps. This will prevent flow-on effects to people who are not engaged in gaming behaviour. All of the changes apply from 1 July 2018. I commend this bill to the House.

The DEPUTY SPEAKER ( Ms Bird ): The original question was that this bill be now read a second time. To this the honourable member for Kingsford Smith has moved as an amendment that all words after 'That' be omitted with a view to substituting other words. The immediate question is that the amendment be agreed to.

Question negatived.

The DEPUTY SPEAKER: The question now before the chair is that this bill be read a second time.

Question agreed to.

Bill read a second time.