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SOCIAL SECURITY LEGISLATION AMENDMENT (CARER PENSION AND OTHER MEASURES)
BILL 1995
EMPLOYMENT SERVICES AMENDMENT BILL 1995
SOCIAL SECURITY AND VETERANS' AFFAIRS LEGISLATION AMENDMENT BILL 1995

Order read for the further consideration of the bills in committee of

the whole.

In the committee

SOCIAL SECURITY AND VETERANS' AFFAIRS LEGISLATION AMENDMENT BILL 1995--

Consideration resumed of the bill--and of the postponed requests for

amendments moved by Senator Knowles (see entry no. 2).

Debate resumed.

Question--That the requests for amendments be agreed to--put and

negatived.

Bill further debated.

On the motion of the Minister for Family Services (Senator Crowley) the

following amendments, taken together by leave, were debated and agreed

to:

Schedule 1, page 21, item 30, after proposed section 1084 insert the

following section:

Valuation and revaluation of certain financial investments

" "1084A. The total value of a person's listed securities and managed

investments (being listed securities and managed investments that

fluctuate depending on the market) (the relevant investments) is

determined in accordance with the following:

(a) an initial total valuation is to be given to the relevant

investments on 1 July 1996, or when a new claim is determined,

by the method set out in departmental guidelines;

(b) that total valuation continues in effect until the relevant

investments are revalued by the method set out in departmental

guidelines, and that revaluation must occur:

(i) on 20 March in each calendar year after 1996; and

(ii) on 20 September in each calendar year after 1996; and

(iii) when the person requests a revaluation of one or more of

the person's listed securities and managed investments;

and

(iv) following an event that affects the relevant investments

and is the subject of a recipient notification notice.".

Schedule 16, page 213, item 27, after proposed section 46L add the

following section:

Valuation and revaluation of certain financial investments

" "46LA. The total value of a person's listed securities and managed

investments (being listed securities and managed investments that

fluctuate depending on the market) (the relevant investments) is

determined in accordance with the following:

(a) an initial total valuation is to be given to the relevant

investments on 1 July 1996, or when a new claim is determined,

by the method set out in departmental guidelines;

(b) that total valuation continues in effect until the relevant

investments are revalued by the method set out in departmental

guidelines, and that revaluation must occur:

(i) on 20 March in each calendar year after 1996; and

(ii) on 20 September in each calendar year after 1996; and

(iii) when the person requests a revaluation of one or more of

the person's listed securities and managed investments;

and

(iv) following an event that affects the relevant investments

and is the subject of a recipient notification notice.".

On the motion of Senator Chamarette the following amendment was debated

and agreed to:

Schedule 1, page 11, item 28, proposed section 1073, after "an amount"

insert "of income".

Bill, as amended, further debated and agreed to.

The Social Security Legislation Amendment (Carer Pension and Other

Measures) Bill 1995 and the Social Security and Veterans' Affairs

Legislation Amendment Bill 1995 to be reported with amendments and the

Employment Services Amendment Bill 1995 to be reported without

amendments.

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

Chairman of Committees (Senator Reid) reported accordingly.

On the motion of Senator Crowley the report from the committee was

adopted and the bills read a third time.