Bruce Billson (Dunkley, Liberal Party, Shadow Minister for Small Business, Competition Policy and Consumer Affairs) Share this | Hansard source

Could the minister confirm that the superannuation contributions paid by employers that are legislated to increase from nine to 12 per cent are indeed paid for by employers and have been legislated? There has been some suggestion from Labor members that this is subject to some kind of negotiation and wiggle room. That came as news to most people. Could he confirm that that is the case. Could he also turn his mind to a question that has been put to the coalition which relates to the number of small businesses that are suffering at the moment through a 48 per cent increase in small business insolvencies. A number of them point to their business being their retirement nest egg and thank the coalition for the capital gains tax rollover relief and other measures that they had planned to rely upon for their retirement. They point to the lack of appetite for purchasing new businesses or instances where a business has hit the wall and there may be a limited window within which to accumulate a retirement nest egg. Has the minister any plans to examine the contribution cap for mature age people, particularly in light of the reduction that the government has introduced where there might be a limited period of time—say, for the people over the age of 50—to accumulate a retirement nest egg and whether that is on his radar screen?

I move to a related area about the accountants exemption that the minister would be aware of and FOFA changes first announced by then minister Bowen. It was proposed by the government that this exemption would be changed. This has created some uncertainty and concerns for accountants across Australia. Can he update us on progress of the proposed changes to the accountants exemption allowing them to provide advice on setting up or closing SMSF funds? I believe that was to come within weeks back in February. I think the minister was reported as saying that that was forthcoming within the next two weeks. So there is a bit of date slippage, but we are just wondering where that has got to and whether any changes to this measure are being contemplated that deviate from what Mr Bowen had to say. What action is being taken and when will this next two weeks arise as the minister promised?

I will just more onto another related area, mindful that I suspect the clock will be run down by Labor colleagues. In the investment manager space, can he explain the delay in finalising the investment manager regime legislation? Is one of the issues resourcing of Treasury? I note there was a report of about some four dozen—

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