Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and another

The majority voted against an amendment to the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill).

Amendment text

That all words after "That" be omitted with a view to substituting the following words: "the House:

(1) notes that the inclusion of unrealised capital gains in the measurement of earnings will:

(a) add further complexity, red tape, and costs to the superannuation legislative framework;

(b) lead to unintended consequences that contradict the stated objective of the bill;

(c) impact small business owners and farmers who hold land and business premises in self-managed super funds;

(d) risk substantial liquidity stress and financial stress for members of self-managed super funds;

(e) constitute a significant departure from the long-established principles of our tax system; and

(2) calls on the Government to replace the current measurement of earnings with a simplified measurement that reduces uncertainty and the severity of including unrealised capital gains, such as using a deemed rate of return (adjusted for unrealised gains) as a proxy for earnings".