Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

I withdraw the amendments on sheet 8557 revised. I seek leave to move the Greens amendments on sheet 8635 revised together.

Leave granted.

I move Greens amendments (1) to (5), (7) to (13) and (15) to (22) on sheet 8635 together:

(1) Schedule 2, item 1, page 10 (line 14), omit "13", substitute "16".

(2) Schedule 2, item 1, page 10 (line 19), omit "13", substitute "16".

(3) Schedule 2, item 1, page 10 (line 28), omit "13", substitute "16".

(4) Schedule 2, item 1, page 11 (line 8), omit "13", substitute "16".

(5) Schedule 2, item 1, page 11 (line 11), omit "13", substitute "16".

(7) Schedule 2, item 1, page 14 (line 25), omit "Sections 68AAA, 68AAB and 68AAC do", substitute "Section 68AAA does".

(8) Schedule 2, item 1, page 14 (line 27), omit "Sections 68AAA, 68AAB and 68AAC do", substitute "Section 68AAA does".

(9) Schedule 2, item 2, page 15 (lines 22 and 23), omit the heading to subsection 68AA(8A), substitute:

Inactive accounts

(10) Schedule 2, item 2, page 15 (line 28), omit ", 68AAB or 68AAC".

(11) Schedule 2, item 2, page 15 (line 33), omit ", 68AAB or 68AAC".

(12) Schedule 2, item 3, page 16 (line 25), omit "13", substitute "16".

(13) Schedule 2, item 3, page 16 (line 33), omit "13", substitute "16".

(15) Schedule 2, item 6, page 20 (line 5), omit "items 3 and 4", substitute "item 3".

(16) Schedule 3, item 21, page 25 (lines 12 and 13), omit the definition of inactive low-balance account in section 8, substitute:

inactive low - balance account: see subsections 20QA(1) and (1A).

(17) Schedule 3, item 30, page 27 (line 13), omit "13", substitute "16".

(18) Schedule 3, item 30, page 27 (line 29 to 34), omit subparagraph 20QA(1)(a)(ix).

(19) Schedule 3, item 30, page 28 (line 2), omit "13", substitute "16".

(20) Schedule 3, item 30, page 28 (after line 15), after subsection 20QA(1), insert:

(1A) However, an account in a fund that is a regulated superannuation fund is taken not to be an inactive low-balance account if:

(a) the account is held on behalf of a member of the fund; and

(b) any of the following occurred in relation to the member in the last 16 months:

(i) the member changed the member's investment options under the fund;

(ii) the member made changes in relation to the member's insurance coverage under the fund;

(iii) the member made or amended a binding beneficiary nomination;

(iv) the member, by written notice given to the Commissioner, declared that the member was not a member of an inactive low-balance account;

(v) the superannuation provider was owed an amount in respect of the member.

(21) Schedule 3, item 30, page 28 (line 21), omit "(v), (viii) and (ix)", substitute "(v) and (viii)".

(22) Schedule 3, item 32, page 42 (after line 18), after subsection 24NA(1), insert:

(1A) The Commissioner must pay the superannuation amount in accordance with subsection (2) within 28 days after the Commissioner is satisfied it is possible to pay that amount in accordance with that subsection.

The Greens oppose schedule 2 in the following terms

(6) Schedule 2, item 1, page 12 (line 6) to page 14 (line 24), sections 68AAB and 68AAC, TO BE OPPOSED.

(14) Schedule 2, items 4 and 5, page 17 (line 23) to page 19 (line 35), TO BE OPPOSED.

Very quickly, in the few minutes that we have left: this retains group insurance as an opt-out for people under 25 and for people with account balances of less than $6,000. It amends the definition of 'inactivity' to a continuous period of 16 months. It amends the definition of 'inactivity' so that people who change their investment options, alter their insurance cover or nominate a beneficiary are considered active. It requires the ATO to consolidate accounts within 28 days. We originally had a delay of commencement to 1 January 2020, but that has been removed in the revised amendment.