Second Reading Speech
The Superannuation Laws Amendment (Small Accounts and Other Measures) Bill 1995, together with the Small Superannuation Accounts Bill 1995, gives effect to the statement on superannuation policy made by the Treasurer (Mr Willis) on 28 June 1994. The Bill repeals the Superannuation (Rolled-over Benefits) Levy Act of 1993 and makes consequential amendments to the Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1936, Superannuation Guarantee (Administration) Act 1992, Superannuation Industry (Supervision) Act 1993 and Taxation Administration Act 1953. Full details of the amendments are contained in the Explanatory Memorandum circulated to honourable members.
Amendments to the Social Security Act 1991, which I will move during the debate, will ensure that superannuation holding accounts reserve accounts are treated in the same way as superannuation for the social security income and assets tests. The amendments have no financial impact.
I commend the Bill to the House.