Second Reading Speech
Mr Costello (Treasurer)I move:
That this bill be now read a second time.
This bill is a companion bill to the Tax Laws Amendment (Simplified Superannuation) Bill 2006. The purpose of the bill is to facilitate the collection of a self-managed superannuation fund's supervisory levy with its income tax liability, by removing the current specific penalty for late lodgement of a fund's regulatory return. This will allow the general interest charge to be applied for late lodgement of the return, consistent with income tax arrangements. Full details of this bill are contained in the explanatory memorandum already presented.
Debate (on motion by Mr Edwards) adjourned.
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