Second Reading Speech
Mr SLIPPER (Fisher - Parliamentary Secretary to the Minister for Finance and Administration)I move:
That this bill be now read a second time.
During the 2001 election campaign the government announced a package of superannuation reforms designed to make superannuation relatively more attractive compared to other forms of non-concessionally taxed savings.
One component of this package of measures is the proposal to reduce the maximum superannuation and termination surcharge rates from 15 per cent to 10.5 per cent over three years from 1 July 2002. Implementation of this measure was announced in the 2002-03 federal budget.
This bill will reduce the maximum surcharge rates to: 13.5 per cent for the 2002-03 income year, 12 per cent for the 2003-04 income year, and 10.5 per cent for the 2004-05 income year.
Full details of the measure in this bill are contained in the explanatory memorandum.
I present the explanatory memorandum and commend the bill to the House.