I move:

That this bill be now read a second time.

This bill inserts a new division 296 in the Income Tax Assessment Act 1997, which imposes a tax rate of 15 per cent for superannuation earnings corresponding to the percentage of an individual's superannuation balance that exceeds $3 million for an income year.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.