Senate

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.

The Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Bill 2003 will make amendments consequential on the Superannuation (Government Co-contribution for Low Income Earners) Bill 2003.

This will enable the government to fulfil an election commitment announced on 5 November 2001 in 'A Better Superannuation System' to further assist low-income earners to save for their retirement. The details of the arrangements for the government to pay superannuation co-contributions to low-income earners are contained in the Superannuation (Government Co-contribution for Low Income Earners) Bill 2003.

The Superannuation (Government Co-contribution for Low Income Earners) (Consequential Amendments) Bill 2003 will amend a number of taxation and superannuation laws that deal with: eligibility for and taxation treatment of government co-contributions, arrangements for certain Defence personnel and Commonwealth public servants regarding co-contributions, use of the Superannuation Holding Accounts Reserve for co-contributions in some circumstances, and review of certain decisions. It will also repeal the existing personal superannuation contribution taxation rebate.

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