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 replace the Income Tax (Superannuation Payments Withholding Tax) Act 2006 to reflect the new components of superannuation benefits created by the simplified superannuation bill. It realigns the tax treatment of departing Australia superannuation payments with the new superannuation taxation regime that applies from 1 July 2007. Full details of this bill are contained in the explanatory memorandum already presented.

Debate (on motion by Mr Edwards) adjourned.