Pauline Hanson (Queensland, Pauline Hanson's One Nation Party) Share this | Hansard source

by leave—I move One Nation amendments (1) and (2) on sheet 8997 and amendments (1) and (2) on sheet 1005 revised 2 together:

SHEET 8997

(1) Clause 2, page 2 (at the end of the table), add:

(2) Page 3 (after line 9), at the end of the Bill, add:

Schedule 3—Re -contribution of COVID -19 early release superannuation amounts

Income Tax Assessment Act 1997

1 Subsection 290 -150(2)

After "290-168", insert ", 290-169".

2 After section 290 -168

Insert:

290 -169 Contribution must not be a COVID -19 re -contribution

You cannot deduct the contribution if it is a contribution that is covered under section 292-103 (about COVID-19 re-contributions).

3 After subparagraph 292 -90(2 )( c )( iiia)

Insert:

  (iiib) a contribution covered by section 292-103 (COVID-19 re-contributions);

4 After section 292 -102

Insert:

292 -103 COVID -19 re -contributions

(1) A contribution is covered by this section if:

(a) the contribution is made by you to a *complying superannuation plan in respect of you in a *financial year; and

(b) the contribution is made in the financial year beginning on 1 July 2021, or a later financial year ending on or before 30 June 2030; and

(c) one or more amounts (the COVID-19 early release amounts) have been paid to you from a complying superannuation plan, in either or both of the financial years beginning on 1 July 2019 or 1 July 2020, because you satisfied:

  (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations1994; or

  (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations1997; and

(d) the amount of the contribution is not more than the total of your COVID-19 early release amounts; and

(e) if you made one or more previous contributions covered by this section—the sum of:

  (i) the amount of the contribution; and

  (ii) the amounts of those previous contributions;

is not more than the total of your COVID-19 early release amounts; and

(f) you choose, in accordance with subsection (2), to apply this section to the contribution.

(2) To make a choice for the purposes of paragraph (1) (f), you must:

(a) make the choice in the *approved form; and

(b) give it to the *superannuation provider in relation to the *complying superannuation plan on or before the time when the contribution is made.

_____

SHEET 1005 REVISED 2

(1) Clause 2, page 2 (table item 2, column headed "Provisions"), omit "Schedule 1", substitute "Schedules 1 and 2".

(2) Page 3 (after line 9), at the end of the Bill, add:

Schedule 2—Excess concessional contributions

Part 1—Amendments

Income Tax Assessment Act 1997

1 Section 26-74

Repeal the section.

2 Section 291-1 (note)

Omit "about a charge you may be liable to pay, and".

3 Section 291-15 (note 2)

Repeal the note.

4 Subsection 995-1(1) (definition of excess concessional contributions charge )

Repeal the definition.

Taxation Administration Act 1953

5 Subsection 8AAB(4) (table item 44Q)

Repeal the item.

6 Division 95 in Schedule 1

Repeal the Division.

7 Section 97-1 in Schedule 1

Omit "and any excess concessional contributions charge".

8 Section 97-5 in Schedule 1 (heading)

Omit "and charge".

9 Section 97-5(1) in Schedule 1

Repeal the subsection, substitute:

(1) If you have *excess concessional contributions for a *financial year, the Commissioner must make a written determination stating the amount of those excess concessional contributions.

10 Subsection 250-10(2) in Schedule 1 (table item 37AD)

Repeal the item.

11 Subsection 250-10(2) in Schedule 1 (table item 135Q)

Repeal the item.

12 Subsection 280-100(4) in Schedule 1

Repeal the subsection.

Part 2—Repeal

Superannuation (Excess Concessional Contributions Charge) Act 2013

13 The whole of the Act

Repeal the Act.

Part 3—Application

14 Application

The amendments made by this Schedule apply in relation to excess concessional contributions for a financial year starting on or after 1 July 2021.

On sheet 8997: 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.

Labor were quite happy to stop this point in the last vote we had; they were quite happy for the bill not to proceed with my amendment. Therefore, I take it that Labor are totally opposed to people being able to put their money back into their account without any penalties over the next 10 years. They are going to vote against those people who had to pull money out due to not having work and finding it financially difficult. It is important to these people back in the workforce now, these Australians, these battlers out there, to get as many savings away into their superannuation as they possibly can.

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.

I think a lot of Australians would agree that they pay far too much tax in this country, especially personal tax plus also the GST. Those are the taxes we pay, so why tax people again on funds that they have already paid their full tax on? I hope that Labor will actually support the battling Australians on these amendments that I'm putting forward and give Australians the opportunity to put their money back into their accounts and save for their future retirement years.