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Thursday, 16 December 1993
Page: 4791

Senator SHORT (10.55 a.m.) —I have a couple of additional points I want to raise. If I do not, apart from anything else, Senator Watson will kill me. The points refer to part 10 of the bill, which deals with amendments to the Superannuation Guarantee (Administration) Act 1992. I am referring to clauses 144 to 152 of the Taxation Laws Amendment Bill (No. 3) 1993. I note with some concern the proposed amendments to the shortfall provisions of the Superannuation Guarantee (Administration) Act. Those amendments are designed to allow a superannuation guarantee shortfall component to be paid into a complying approved deposit fund, or ADF, and to ensure that any shortfall component received by a complying ADF is a taxable contribution. Could the minister tell us briefly what evidence there is, empirical or otherwise, to indicate that this additional measure to handle superannuation guarantee shortfalls is necessary.