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Thursday, 15 June 1989
Page: 4072

Senator WATSON(10.55) —We have really got to take issue with what the Minister for Finance has just said. It indicates that he has not adequately read all the amendments that have been put forward by the Opposition. Senator Bishop has moved a necessary amendment to exclude the income of the pooled superannuation trusts (PSTs) under the Taxation Laws Amendment Bill (No. 2). But if one looks very clearly, one will see that there is a further set of amendments that also pick it up in the Taxation Laws Amendment (Superannuation) Bill. So we will pick up the issue that the Minister is referring to in the next superannuation Bill as well. The situation has been adequately covered. It was necessary, in order to follow these Bills through in a logical sequence, to have done it in this particular manner.

I come back to my earlier comment that the confusion surrounding this Bill stems from the manner in which the Government has presented a very complex set of proposals to this Senate. It was necessary to put that amendment that Senator Bishop has moved in this Bill. Perhaps a similar amendment of wider scope will be moved and debated in the superannuation Bill itself. So I support the amendment that has just been moved. It extends the exemption to the investment income of PSTs, which cover registered organisations. There is a wide group of people and superannuation funds and trusts within those funds.