Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

This bill is a companion bill to the Tax Laws Amendment (Simplified Superannuation) Bill 2006. The purpose of the bill is to impose the top marginal tax rate, plus Medicare levy, on excess lump sum payments made from untaxed schemes—that is, lump sum payments in excess of $1 million. These arrangements ensure comparable treatment of taxed and untaxed schemes, given annual contribution limits apply to taxed schemes. Full details of this bill are contained in the explanatory memorandum already presented.

Debate (on motion by Mr Edwards) adjourned.