Bill
Treasury Laws Amendment (More Flexible Superannuation) Bill 2020
passed, as at 2021-06-22. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-05-13
- second reading — 2020-05-13
- second reading — 2020-08-25
- second reading — 2020-08-27
- second reading — 2020-08-31
- second reading — 2020-08-31
- third reading — 2020-08-31
- introduced — 2020-08-31
- second reading — 2020-08-31
- second reading — 2021-06-16
- second reading — 2021-06-17
- committee — 2021-06-17
- third reading — 2021-06-17
- other — 2021-06-17
- passed — 2021-06-17
- royal assent — 2021-06-22
Divisions
- Paul Fletcher I would like to thank those members who have contributed to the second reading debate on the Treasury Laws Amendment (More Flexible Superannuation) Bill 2020. This bill will extend access to the bring-forward arrangements to people aged 65 and 66 years. From 1 July 2020, people in this age group will be able to make up to three years worth of non-concessional contributions into their superannuation in a single year. This is an important change, which delivers on the government's commitment in the 2019-20 budget and 2019 election. The bring-forward measure, together with the government's changes to the work test and spouse contributions rules, improves the flexibility of the superannuation system to assist older Australians to save for their retirement. I commend this bill to the House. Tony Smith The question is that the words proposed to be omitted stand part of the question. — 2020-08-31, House of Representatives: affirmative, ayes 44, noes 32
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) "*That the amendments be agreed to.*" The amendments were passed in the Senate and returned to the House for our MPs' consideration. Because this vote was successful, this bill will [now become law](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). ### What does the bill do? The bill was introduced in order "*to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.*" [According to](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) the Shadow Assistant Treasurer and Whitlam MP [Stephen Jones](https://theyvoteforyou.org.au/people/representatives/whitlam/stephen_jones) (Labor): > *This is a provision which benefits a large group of politicians but a very small group of Australians. At a time when we are trying to resolve the complex issues around superannuation, it is extraordinary in the extreme that this is the priority of this government—a measure that benefits a large group of politicians but a very small group of Australians who earn over $275,000 a year. It's not a priority and Labor won't be supporting the measure.* — 2021-06-17, House of Representatives: affirmative, ayes 75, noes 64
- The majority voted against a [motion](https://www.openaustralia.org.au/senate/?gid=2021-06-17.45.1) "*That the bill be reported,*" which means the Senate can continue to discuss the bill in detail. ### What does the bill do? The bill was introduced in order "*to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.*" [According to](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) the Shadow Assistant Treasurer and Whitlam MP [Stephen Jones](https://theyvoteforyou.org.au/people/representatives/whitlam/stephen_jones) (Labor): > *This is a provision which benefits a large group of politicians but a very small group of Australians. At a time when we are trying to resolve the complex issues around superannuation, it is extraordinary in the extreme that this is the priority of this government—a measure that benefits a large group of politicians but a very small group of Australians who earn over $275,000 a year. It's not a priority and Labor won't be supporting the measure.* — 2021-06-17, Senate: negative, ayes 31, noes 32
- The majority voted against a [motion](https://www.openaustralia.org.au/senate/?gid=2021-06-17.53.3) "*That the bill be reported,*" which means the Senate can continue to discuss the bill in detail. ### What does the bill do? The bill was introduced in order "*to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.*" [According to](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) the Shadow Assistant Treasurer and Whitlam MP [Stephen Jones](https://theyvoteforyou.org.au/people/representatives/whitlam/stephen_jones) (Labor): > *This is a provision which benefits a large group of politicians but a very small group of Australians. At a time when we are trying to resolve the complex issues around superannuation, it is extraordinary in the extreme that this is the priority of this government—a measure that benefits a large group of politicians but a very small group of Australians who earn over $275,000 a year. It's not a priority and Labor won't be supporting the measure.* — 2021-06-17, Senate: negative, ayes 30, noes 33
- The majority voted in favour of [amendments](https://www.openaustralia.org.au/senate/?gid=2021-06-17.55.1) introduced by Queensland Senator [Pauline Hanson](https://theyvoteforyou.org.au/people/senate/queensland/pauline_hanson) (One Nation), which means they will now become part of the bill. Senator Hanson [explained the amendments](https://www.openaustralia.org.au/senate/?gid=2021-06-17.55.1): > *... with COVID last year, people were given the opportunity to draw out of their superannuation $10,000 in the first year and another $10,000 in the second year. These amendments will allow those Australians who have withdrawn their money the opportunity to put that money back into their account by 2030. This is a way of saving—for people to put their money back into their account with no penalties. I think it would be great for the Australian people to actually have the opportunity to put it in.* > > *[..]* > > *The second sheet of amendments I put up here is to do with people who have put in amounts past their $25,000 concessional cap. They pay tax on it on the way in. Actually, if they pay over the $25,000 threshold, they are paying full tax on it. They are given the opportunity to pull that money out in a certain period of time after the end of the financial year, but they are penalised another three per cent. Remember that they have already paid their full tax on it, and you want to penalise them again by having them pay another three per cent on that money. This will get rid of that three per cent and they can draw out their money within a specified period of time. So I think it would help a lot of people if they want it to.* ### What does the bill do? The bill was introduced in order "*to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.*" [According to](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) the Shadow Assistant Treasurer and Whitlam MP [Stephen Jones](h — 2021-06-17, Senate: affirmative, ayes 35, noes 29
- The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2021-06-17.58.1), "*That this bill now be read a [third time](https://peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/),*" which is parliamentary jargon for agreeing to pass the bill in the Senate. Because the Senate agreed to several amendments, the bill will now return to the House of Representatives, where our MPs will decide on whether they agree with the changes. ### What does the bill do? The bill was introduced in order "*to enable individuals aged 65 and 66 to make up to three years of non-concessional superannuation contributions under the bring forward rule.*" [According to](https://www.openaustralia.org.au/debates/?id=2021-06-17.129.1) the Shadow Assistant Treasurer and Whitlam MP [Stephen Jones](https://theyvoteforyou.org.au/people/representatives/whitlam/stephen_jones) (Labor): > *This is a provision which benefits a large group of politicians but a very small group of Australians. At a time when we are trying to resolve the complex issues around superannuation, it is extraordinary in the extreme that this is the priority of this government—a measure that benefits a large group of politicians but a very small group of Australians who earn over $275,000 a year. It's not a priority and Labor won't be supporting the measure.* — 2021-06-17, Senate: affirmative, ayes 35, noes 29
Plain-language summary
No machine-written summary in this export.
Sources
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