Senate debates

Tuesday, 27 February 2007

Tax Laws Amendment (Simplified Superannuation) Bill 2006; Superannuation (Excess Concessional Contributions Tax) Bill 2006; Superannuation (Excess Non-Concessional Contributions Tax) Bill 2006; Superannuation (Excess Untaxed Roll-over Amounts Tax) Bill 2006; Superannuation (Departing Australia Superannuation Payments Tax) Bill 2006; Superannuation (Self Managed Superannuation Funds) Supervisory Levy Amendment Bill 2006; Superannuation Legislation Amendment (Simplification) Bill 2007; Income Tax Amendment Bill 2007; Income Tax (Former Complying Superannuation Funds) Amendment Bill 2007; Income Tax (Former Non-Resident Superannuation Funds) Amendment Bill 2007; Income Tax Rates Amendment (Superannuation) Bill 2007

Second Reading

6:01 pm

Photo of Guy BarnettGuy Barnett (Tasmania, Liberal Party) Share this | Hansard source

Yes—but your responses over the years to a range of tough government reforms—including the Work Choices reforms, which I referred to earlier in my speech—have been very disappointing. I acknowledge the work of the Senate Standing Committee on Economics and its report of February 2007, and I acknowledge the chair of that committee, Senator Brandis, who is now a minister. I notice that the deputy chair of that committee, Senator Ursula Stephens, has signed off on the report, and I commend her and her Senate colleagues on the report. I notice that the introduction of the report says:

The proposals, which are due to take effect from 1 July 2007, represent the most significant reform to the superannuation system in decades. They will potentially affect over 10 million individuals, 1.3 million employers and more than 310,000 superannuation funds. The cost of the reforms, including additional costs associated with the transitional and administrative arrangements announced by the government in September 2006, is estimated at $7.2 billion over four years, which is less than one per cent of Commonwealth government revenue.

That indicates the extent and breadth of the reforms that the Senate is considering today.

In conclusion, I acknowledge and thank the Treasurer, Peter Costello, and the Minister for Revenue, Peter Dutton, for their leadership on this matter. They have put a great deal of time and effort into pulling all of this together. This emanated from some of the budget announcements last year. Those initiatives have been followed through and they have been very successful indeed. I acknowledge that and thank the Treasurer and the Minister for Revenue for their contribution to the good of Australia and the working men and women of Australia, who will benefit under this particular policy.


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