Second Reading Speech
Mr Brough (Longman - Minister for Revenue and Assistant Treasurer)I move:
That this bill be now read a second time.
This bill makes amendments to the Superannuation Guarantee (Administration) Act 1992.
The Howard government has demonstrated its commitment to a superannuation system offering choice of fund, incentives to save and flexibility to assist people to retire when they are ready. For instance, under the co-contribution scheme-which the Labor Party promised to abolish at the last election-the government contributes $1.50 for every $1 of voluntary personal contributions, to a maximum of $1,500 for employees on incomes of up to $28,000. Unfortunately, the Labor Party saw fit to propose at the last election, and is yet to repudiate, a failed policy initiative which would rip $3.8 billion out of Australia's future.
This bill demonstrates this government's commitment to reducing compliance costs for employers. As announced in the Prime Minister's statement titled Committed to Small Business on 6 July this year, we are removing the superannuation guarantee reporting requirement from the superannuation guarantee arrangements for all employers, not just small business employers. It is proposed that these amendments should take effect from 1 January 2005. Employees will still be provided with information on at least an annual basis from their superannuation fund and many will receive information more frequently on pay slips as required by various Australian workplace legislation provisions and awards.
Full details of the amendments in this bill are contained in the explanatory memorandum.
I commend this bill to the House and present the explanatory memorandum.
Debate (on motion by Mr Bevis) adjourned.