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SUPERANNUATION LEGISLATION AMENDMENT BILL (NO. 1) 1995
SMALL SUPERANNUATION ACCOUNTS BILL 1995
SUPERANNUATION LAWS AMENDMENT (SMALL ACCOUNTS AND OTHER MEASURES) BILL
1995

Order read for the adjourned debate on the motions of the Ministers for

Family Services (Senator Crowley) and Small Business, Customs and

Construction (Senator Schacht)--That these bills be now read a second

time.

Debate resumed.

Question put and passed.

Bills read a second time.

The Senate resolved itself into committee for the consideration of the

bills.

In the committee

SMALL SUPERANNUATION ACCOUNTS BILL 1995--

Bill, taken as a whole by leave, debated.

Senator Watson moved the following amendments together by leave:

After clause 93, page 61, insert the following clause:

Negotiations with finance industry etc. during period of operation of

Act

"93A.(1) During the period of operation of this Act specified by

sections 2 and 93B, the Commissioner of Taxation after consultation

with the Insurance and Superannuation Commission must confer with

representatives of the finance industry and other appropriate persons

with a view to the finance industry assuming responsibility for

administering, for the purposes specified by this Act, the funds

constituting the Superannuation Holding Accounts Reserve.

"(2) The Commissioner of Taxation must include details of

consultations conducted pursuant to subsection (1) in the report to

the Minister required under section 93.".

After clause 93, page 61, insert the following clause:

Cessation of operation of Act

"93B. This Act, unless sooner repealed, ceases to be in force at the

expiration of 2 years after the date of commencement of this Act.".

Debate ensued.

Senator Margetts moved the following amendment to Senator Watson's

proposed amendments:

Clause 93B, omit the clause, substitute the following clause:

Review of operation of Act

"93B. This Act, unless sooner repealed, shall be reviewed by the

Commissioner of Taxation at the expiration of 2 years after the date

of commencement of this Act and a report of that review shall be laid

before each House of the Parliament.".

Debate ensued.

Question--That Senator Margetts' amendment to Senator Watson's proposed

amendments be agreed to--put and negatived.

Question--That the amendments be agreed to--put and negatived.

Bill agreed to.

SUPERANNUATION LEGISLATION AMENDMENT BILL (NO. 1) 1995

SUPERANNUATION LAWS AMENDMENT (SMALL ACCOUNTS AND OTHER MEASURES) BILL

1995--

Bills, taken together and as a whole by leave, agreed to.

Bills to be reported without amendment.

The Acting Deputy President (Senator Watson) resumed the Chair and the

Temporary Chairman of Committees (Senator McKiernan) reported

accordingly.

On the motion of the Parliamentary Secretary to the Minister for Primary

Industries and Energy (Senator Sherry) the report from the committee was

adopted and the bills read a third time.