I move:

That this bill be now read a second time.

This bill is a companion bill to the Superannuation Legislation Amendment (Simplification) Bill 2007 and a related bill to the Tax Laws Amendment (Simplified Superannuation) Bill 2006.

The purpose of the bill is to make consequential amendments to the Income Tax Act 1986, necessary due to the simplified superannuation reforms.

Full details of this bill are contained in the explanatory memorandum.

Debate (on motion by Mr Crean) adjourned.