Division
Mathias Cormann I move: That these bills be now read a second time. I seek leave to have the second reading speech incorporated in _Hansard_. Leave granted. _The speech read as follows—_ TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) BILL 2016 SUPERANNUATION (EXCESS TRANSFER BALANCE TAX) IMPOSITION BILL 2016 These Bills implement the Government's election commitment to improve the fairness, sustainability, flexibility and integrity of the superannuation system. We want superannuation to keep working for all Australians in their retirement as we move through the twenty-first century and grapple with some key challenges, including the ageing of our population and the need to return the Budget to surplus. The measures in these Bills also reduce the extent to which the superannuation system can be used for tax minimisation and estate planning. But the changes recognise that in a modern economy, working patterns are changing across the population and over the course of people's lives. That's why our reforms will allow the system to work more flexibly for Australians; it will reflect their changing work-life patterns, particularly for those whose work patterns and incomes vary over time. While some measures place limits on the amount of contributions that can be made to superannuation or amounts that will receive tax-free earnings status, at the same time these measures target the tax concessions to ensure they are fairer and more fiscally sustainable. A key change to ensure the sustainability of the superannuation system is the introduction of the transfer balance cap, which is contained in Schedule 1 to the Fair and Sustainable Superannuation Bill. This introduces a $1.6 million cap on the total amount of superannuation savings that can be transferred from an 'accumulation account', where earnings are concessionally taxed, to a 'retirement account', where earnings are tax-free. Importantly, the cap only limits the amount that can be transferred into the t
Senate, 2016-11-23. negative: ayes 12, noes 45.
Question
Mathias Cormann I move: That these bills be now read a second time. I seek leave to have the second reading speech incorporated in _Hansard_. Leave granted. _The speech read as follows—_ TREASURY LAWS AMENDMENT (FAIR AND SUSTAINABLE SUPERANNUATION) BILL 2016 SUPERANNUATION (EXCESS TRANSFER BALANCE TAX) IMPOSITION BILL 2016 These Bills implement the Government's election commitment to improve the fairness, sustainability, flexibility and integrity of the superannuation system. We want superannuation to keep working for all Australians in their retirement as we move through the twenty-first century and grapple with some key challenges, including the ageing of our population and the need to return the Budget to surplus. The measures in these Bills also reduce the extent to which the superannuation system can be used for tax minimisation and estate planning. But the changes recognise that in a modern economy, working patterns are changing across the population and over the course of people's lives. That's why our reforms will allow the system to work more flexibly for Australians; it will reflect their changing work-life patterns, particularly for those whose work patterns and incomes vary over time. While some measures place limits on the amount of contributions that can be made to superannuation or amounts that will receive tax-free earnings status, at the same time these measures target the tax concessions to ensure they are fairer and more fiscally sustainable. A key change to ensure the sustainability of the superannuation system is the introduction of the transfer balance cap, which is contained in Schedule 1 to the Fair and Sustainable Superannuation Bill. This introduces a $1.6 million cap on the total amount of superannuation savings that can be transferred from an 'accumulation account', where earnings are concessionally taxed, to a 'retirement account', where earnings are tax-free. Importantly, the cap only limits the amount that can be transferred into the t
How each member voted
Per-member votes are not present in this static export. Consult the original division record.
Related bills
- Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016
- Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016
Only formal divisions leave a per-member record. A procedural vote is not necessarily a vote for or against a bill.