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Tuesday, 17 September 1996
Page: 3540

Senator SHERRY (Deputy Leader of the Opposition in the Senate) —I give notice that, on the next day of sitting, I shall move:

(1)   That the Senate notes the Government's 1996-97 Budget announcements of:

   (a)   a phased-in 15 per cent surcharge on all future tax deductible contributions made to superannuation funds by or for high income earners, effective from 7.30 Australian Eastern Standard Time on 20 August 1996;

   (b)   the application of a 15 per cent surcharge on all those accounts without a tax file number;

   (c)   the introduction of a 15 per cent surcharge to defined benefit funds, to unfunded or constitutionally-protected superannuation schemes;

   (d)   the introduction of a 15 per cent surcharge to golden handshakes;

   (e)   the removal of the means test exemption for superannuation funds and roll-over assets for people aged between 55 and aged pension age who are without recent work experience;

   (f)   the requirement that people between 55 and aged pension age and who are retired or have poor prospects of returning to work use all assets at their disposal, including superannuation, to provide for themselves before turning to the social security system;

   (g)   allowing employees earning between $450 and $900 a month the option of choosing between superannuation guarantee contributions or the equivalent in wages;

   (h)   the introduction of an 18 per cent tax rebate for people who contribute a maximum of $3 000 to the superannuation fund or retirement savings account of a non-working or low income spouse; and

   (i)   the introduction of retirement savings accounts.

(2)   That the Senate refer the matters contained in paragraph (1) to the Select Committee on Superannuation for examination and report by the last sitting day in November 1996.