Chapter 1Introduction

Referral of the inquiry

1.1The Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 (the bill) and the Superannuation (Better Targeted Superannuation Concessions) Imposition Bill [Provisions] (the imposition bill) were introduced in the House of Representatives and read a first time on 30 November 2023.[1]

1.2On 7 December 2023, the Senate referred the bill and the imposition bill to the Senate Economics Legislation Committee for inquiry and report by 19 April 2024. On 28 February 2024, the Senate granted an extension of time for reporting until 10 May 2024.[2]

Purpose of the bills

1.3The bill would amend several Acts to implement the Better Targeted Superannuation Concessions measure from the 2023-2024 Budget and to provide for various other measures not related to superannuation. The amendments implementing these measures are outlined in eight separate schedules:

Schedules 1 to 3 – Better targeted superannuation concessions;

Schedule 4 – Disclosures about recognised assessment activities;

Schedule 5 – Frequency of periodic reviews;

Schedule 6 – Miscellaneous and technical amendments;

Schedule 7 – Licensing exemptions for foreign financial services providers; and

Schedule 8 – Amendment of the Payment Systems (Regulation) Act 1998.

1.4In his second reading speech, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP (the Minister), described the overall objective of the bill as to make ‘targeted responsible reforms to support better economic, fiscal and regulatory outcomes’.[3]

1.5The Minister described the objective of the imposition bill as to ‘insert a new division 296 in the Income Tax Assessment Act 1997, which imposes a tax rate of 15 per cent for superannuation earnings corresponding to the percentage of an individual’s superannuation balance that exceeds $3 million for an income year’.[4]

Better targeted superannuation concessions

1.6Together, Schedules 1 to 3 and the imposition bill would reduce the tax concessions available to individuals with total superannuation balances (TSBs) exceeding $3 million. These amendments would implement the Better Targeted Superannuation Concessions measure from the 2023-2024 Budget.[5]

1.7In his second reading speech, the Minister stated that this change is consistent with the Government’s proposed objective of superannuation to ‘preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way’.[6]

1.8The Minister went on to say:

In line with this objective, the measure implemented by these schedules is a modest, responsible change to better target tax concessions in superannuation … This measure maintains concessional taxation within superannuation and does not place a limit on the total amount that can be held within superannuation, beyond what is constrained by relevant contribution caps. It ensures that concessions are better targeted at amounts that deliver income for a dignified retirement.[7]

1.9The Explanatory Memorandum (EM) provides that these changes would improve the equity and sustainability of the superannuation system while maintaining the concessions which assist Australians to save for retirement through their superannuation.[8]

Other measures

1.10In addition to the change outlined in Schedules 1 – 3 and the imposition bill, the bill contains several additional measures not related to superannuation.

Disclosures about recognised assessment activities

1.11Schedule 4 would amend the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act) to provide two new exceptions for the public disclosure of protected ACNC information, concerning new and ongoing investigations into allegations of misconduct by a charity or equivalent organisation.[9]

1.12In his second reading speech, the Minister stated that:

Secrecy provisions currently prevent the ACNC from disclosing whether it is investigating alleged misconduct by a charity. This adversely impacts public trust and confidence in the sector and in the ACNC as an effective regulator. This reform will allow the ACNC to assure charities and donors that it is acting on issues of public concern and strengthening compliance, which will boost public confidence that the sector is doing the right thing.[10]

1.13The Minister also stated that, by increasing public trust and confidence in charities and the ACNC, this reform will ensure that donors and philanthropists continue their support for the sector, contributing to the Government’s election commitment of doubling philanthropic giving by 2030.[11]

Frequency of periodic reviews

1.14Schedule 5 would amend the Financial Regulator Assessment Authority Act 2021 (FRAA Act) to reduce the frequency of the Financial Regulator Assessment Authority’s (FRAA) reviews of the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) to every five years.[12]

1.15In his second reading speech, the Minister stated:

Increasing the FRAA review cycles to every five years will support the FRAA to deliver more comprehensive reviews of ASIC and APRA. It will facilitate the delivery of more considered recommendations than is possible under the current biennial review cycle, which will improve the effectiveness of our financial system regulators.[13]

1.16The Minister also stated that this change will give regulators more time to respond to recommendations between reviews and allow future panels to better assess and achieve implementation of these recommendations.[14]

Miscellaneous and technical amendments

1.17Schedule 6 would make a number of minor and technical amendments to Treasury portfolio legislation.[15]

1.18In his second reading speech, the Minister stated that the amendments in Schedule 6 would ensure that laws in the Treasury portfolio operate in accordance with their policy intent. The Minister also stated that these amendments would make minor changes to these laws to improve administrative outcomes, remedy unintended consequences as well as correct technical defects.[16]

Licensing exemptions for foreign financial services providers

1.19Schedule 7 would establish three exemptions from the requirement for foreign financial services providers to hold an Australian Financial Services (AFS) licence and fast-track the process for these entities when they apply for an AFS licence.[17]

1.20In his second reading speech, the Minister stated:

Schedule 7 provides licensing relief to facilitate access by Australiaprofessional and wholesale investors to global investment opportunities so they can diversify their financial holdings. This improves outcomes for millions of Australians as these services are commonly used by superannuation funds, among other financial firms.

To date, this relief has generally been provided by way of an ASIC instrument. However, this legislation will elevate this relief to primary legislation and improve oversight for the regulator. This gives certainty to the industry that financial institutes and eligible investors can access the financial products and services offered by foreign financial service providers.[18]

1.21The EM states that the amendments outlined in Schedule 7 would amend the Corporations Act 2001 (Corporations Act) to ensure regulatory oversight of activity by foreign financial services providers in Australian financial markets while facilitating the provision of cross-border financial services.[19]

Amendment of the Payment Systems (Regulation) Act 1998

1.22Schedule 8 would amend the Payment Systems (Regulation) Act 1998 (PSR Act) to modernise the regulatory framework of the payment systems industry, ensuring that it is fit-for purpose and able to respond to emerging risks in the sector.[20]

1.23In his second reading speech, the Minister stated that, by expanding the scope of the regulatory space and providing enhanced powers to the regulators, the amendments in Schedule 8 would ‘modernise our payments regulation framework to ensure it is fit for purpose, now and into the future’.[21]

Provisions of the bills

Overview of the amendments

Schedules 1 to 3 – Better targeted superannuation concessions

1.24Together, Schedules 1 to 3 and the imposition bill would reduce tax concessions available to individuals with TSBs exceeding $3 million.[22] Under these amendments, from the 2025-26 income year onwards, the headline concessional tax rates applying to superannuation earnings would be:

up to 15 per cent on earnings on superannuation balances $3 million and below; and

up to 30 per cent overall on a percentage of earnings equal to the percentage of the individual’s TSB above $3 million.[23]

1.25This tax would be calculated and levied by the Commissioner of Taxation under division 296, to be inserted into the Income Tax Assessment Act 1997 by the imposition bill.[24] Division 296 would impose a tax at a rate of 15 per cent on a percentage of earnings equal to the percentage of TSBs that exceed $3million for an income year, bringing the headline tax rate to a maximum of 30 per cent on these relevant earnings.[25]

1.26Special rules for calculating and levying division 296 tax would apply to the following categories of taxpayers:

Individuals with defined benefit interests;

State higher level office holders with superannuation contributions to constitutionally protected funds and/or other contributions to non-constitutionally protected funds made under their behalf;

Commonwealth justices and judges in respect of defined benefit interests in a superannuation fund established under the Judges’ Pensions Act 1968; and

Territory Supreme Court judges in respect of defined benefit interests in their judicial pension scheme.[26]

1.27These rates would be imposed directly on individuals and would be separate from the tax arrangements of the superannuation fund or scheme.[27]

1.28Individuals would have the choice of paying their tax liability by releasing amounts from their superannuation or using amounts outside of the superannuation system.[28] Negative superannuation earnings from balances above $3 million would be carried forward and used to reduce the amount of future superannuation earnings subject to this tax.[29]

1.29Balances in Australian superannuation accounts would be included for the purposes of calculating an individual’s TSB and earnings. This would include APRA-regulated funds, self-managed super funds (SMSFs) and exempt public sector schemes.

1.30This change is expected to apply to approximately 80 000 people or 0.5 per cent of Australians with a superannuation account in the 2025-26 income year.[30] This change would apply prospectively and would not impose a limit on the size of superannuation account balances.[31]

1.31Schedule 1 would also make consequential amendments to the following Acts:

Defence Force Retirement and Death Benefits Act 1973;

Governor-General Act 1974;

Income Tax Assessment Act 1997;

Income Tax (Transitional Provisions) Act 1997;

Judges’ Pensions Act 1968;

Parliamentary Contributory Superannuation Act 1948;

Superannuation Act 1976;

Superannuation Act 1990; and

Taxation Administration Act 1953.

Schedule 4 – Disclosures about recognised assessment activities

1.32Schedule 4 would amend the ACNC Act to provide two new exceptions for the public disclosure of protected ACNC information concerning new and ongoing investigations into alleged misconduct by a charity or equivalent organisation.[32]

1.33Under these changes, the Commissioner would be able to direct ACNC officers to disclose protected ACNC information where disclosure would prevent or minimise the risk of significant harm, subject to a public harm test, or where the information to be disclosed concerns an alleged contravention or instance of noncompliance by a registered entity that is already in the public domain.[33]

1.34Schedule 4 implements Recommendation 17 of the Strengthening for Purpose: The Australian Charities and Not-for-profits Commission Legislation Review report.[34] This report recommended that ‘the Commissioner be given a discretion to disclose information about regulatory activities (including investigations) when it is necessary to protect public trust and confidence in the sector’.[35]

Schedule 5 – Frequency of periodic reviews

1.35Schedule 5 would amend the FRAA Act to reduce the frequency of the FRAA’s reviews of ASIC and APRA to every five years, rather than on a rolling biennial basis as is currently in place.[36]

1.36Schedule 5 would also provide that there is no requirement that the FRAA have members at any particular time, to allow for periods between reviews where there are no members.[37]

1.37The amendments in Schedule 5 would provide that the first of these five-yearly assessments must take place between 1 July 2023 and 30 June 2028 and that subsequent assessments be undertaken once in each successive period of five financial years thereafter.[38]

Schedule 6 – Miscellaneous and technical amendments

1.38Schedule 6 would make a number of miscellaneous and technical amendments to Treasury portfolio legislation. The amendments would simplify provisions, clarify intended outcomes and reduce red tape. These amendments would also make a number of other technical alterations.[39]

1.39The Acts that would be amended by Schedule 6 are listed as follows:

Australian Consumer Law;

Corporations Act 2001;

Fuel Tax Act 2006;

A New Tax System (Goods and Services Tax Act) 1999;

Tax Administration Act 1953; and

Income Tax Assessment Act 1997.[40]

Schedule 7 – Licensing exemptions for foreign financial services providers

1.40Schedule 7 would amend the Corporations Act to ensure regulatory oversight of activity by foreign financial services providers in Australian financial markets while facilitating the provision of cross-border financial services.[41]

1.41To this end, the amendments in Schedule 7 would provide new exemptions from the requirement to hold an AFS licence for the following classes of financial services providers;

persons that provide financial services from outside Australia to professional investors (the professional investor exemption);

persons regulated by comparable regulators and that provide financial services to wholesale clients (the comparable regulator exemption); and

persons that provide financial services that involve making a market for derivatives that are able to be traded on a specified licenced market (the market maker exemption).[42]

1.42The amendments would also fast-track the licensing process for providers seeking to establish more permanent operations in Australia by providing an exemption for persons regulated by comparable regulators from the fit and proper person test when applying for an AFS licence. The person seeking this exemption must be doing so for the purpose of providing financial services to wholesale clients (the fit and proper person test exemption).[43]

Schedule 8 – Amendment of the Payment Systems (Regulation) Act 1998

1.43Schedule 8 would amend the PSR Act to modernise the regulatory framework for payment systems.[44]

1.44The amendments would expand the regulatory coverage of the PSR Act by updating the definitions of ‘payment system’ and ‘participant’ to ensure that the regulatory framework remains flexible and is able to regulate new elements of the payment systems as they emerge.[45]

1.45Schedule 8 would also provide the Minister with the power to designate a payment system as a special designated payment system if they consider that doing so is in the national interest.[46] These amendments would also provide that, when determining if a particular action is in the national interest, the Minister may consider the same matters the Reserve Bank of Australia (RBA) would be required to regard when considering the public interest in addition to a supplementary matter that the RBA would not be required to take into account.[47]

1.46Schedule 8 would also amend the penalty regime in the PSR Act. These amendments would repeal the existing offence provisions for failure to comply with a direction and failure to provide the RBA with information, replacing them with new provisions covering both criminal and civil penalties.[48] These amendments would also introduce enforceable undertakings and increase existing maximum criminal penalties.[49]

Consultation

1.47To inform the policy design of the amendments outlined in Schedules 1 to 3 and the imposition bill, the Department of the Treasury (Treasury) sought feedback from stakeholders and the broader community through an extensive consultation process. This process included the release of a consultation paper, technical working groups, roundtables and the release of exposure draft legislation.[50]

1.48Consultation specific to the change effected by Schedules 1 to 3 and the imposition bill was undertaken on 24 February 2023 and 28 February 2023 prior to the announcement of the change by the Prime Minister and the Treasurer on 28 February 2023.[51] This consultation was undertaken with representatives across the superannuation industry.[52]

1.49Following the announcement, the Government released a consultation paper entitled ‘Better Targeted Superannuation Concessions’ on the Treasury website inviting submissions until 17 April 2023.[53]

1.50Subsequently, Treasury established three technical working groups for further targeted consultation with individuals who had industry expertise in tax, law, accounting and other related fields. These working groups were tasked with refining the implementation options for this reform and met throughout March and April of 2023.[54]

1.51During the public consultation period, Treasury invited key industry associations to attend roundtable discussions on the proposed reforms and discuss issues outlined in the consultation period. Across this timeframe, Treasury held a total of eight roundtables.[55]

1.52On 3 October 2023, the Government released exposure draft legislation on the Treasury website inviting submissions from interested parties until 18 October 2023. Treasury received a total of 68 submissions, of which 10 were confidential.[56]

1.53Throughout the consultation period, there was consistent support from a majority of stakeholders across the community and the superannuation industry to improve the sustainability and equity of the superannuation system. Several changes were made to the proposed reform to incorporate this feedback.[57]

Commencement

1.54The various schedules of the bill come into effect as outlined in the table below:

Source: Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023.

1.55The imposition bill comes into effect on the first 1 January, 1 April, 1 July or 1 October to occur after the day it receives the Royal Assent.[58]

Financial impact

1.56According to the EM, the measures in the bill and the imposition bill are estimated to have the following financial impact over the forward estimates period:

Source: Explanatory Memorandum, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023.

Legislative scrutiny

1.57In its Scrutiny Digest 1 of 2024, the Senate Standing Committee for the Scrutiny of Bills (the Scrutiny Committee) raised concerns with elements of Schedules 7 and 8.[59]

Schedule 7 – Licensing exemptions for foreign financial services providers

1.58The Scrutiny Committee noted that section 911F in Schedule 7, item 5 seeks to insert a provision into the Corporations Act which would allow for the substantive modification of primary legislation by delegated legislation, constituting a ‘Henry VIII clause’.[60]

1.59The Scrutiny Committee noted that Henry VIII clauses have implications for the level of parliamentary scrutiny which a provision may attract and the relationship between the Parliament and the Executive.[61] The Scrutiny Committee also expressed concerns about the impact of provisions which enable delegated legislation to exempt persons or entities from the operation of primary legislation on parliamentary scrutiny.[62] Accordingly, the Scrutiny Committee expects a sound justification in the EM for any such clauses.

1.60The EM states that regulations made under this provision are only intended to be made in exceptional circumstances and notes that delegated legislation made under this power would be subject to disallowance by the Senate.[63]

1.61The Scrutiny Committee questioned why there is nothing on the face of the bill to limit the delegated legislation made under this provision to exceptional circumstances.[64]

1.62Accordingly, the Scrutiny Committee requested the Treasurer’s advice on what would constitute exceptional circumstances for the purposes of this provision, whether there is any guidance or relevant matters to be considered in exercising this power and whether section 911F can be amended to restrict the power to make regulations to exceptional circumstances.[65]

Schedule 8 – Amendment of the Payment Systems (Regulation) Act 1998

1.63The Scrutiny Committee noted that Schedule 8 would insert a range of powers to make legislative instruments which are not subject to parliamentary oversight.[66]

1.64The Scrutiny Committee noted that instruments made under proposed subsections 11B(1), 12(1A), 18(1B) and 18(6) of the bill would be exempt from parliamentary scrutiny.[67]

1.65The Scrutiny Committee noted the June 2021 resolution of the Senate which provides that delegated legislation should be subject to disallowance except in cases where exceptional circumstances can be shown which would justify such an exemption.[68] In addition, the Senate resolved that these exceptional circumstances would themselves be subject to scrutiny by the chamber.[69]

1.66According to the EM, these instruments have been exempted from parliamentary scrutiny because they are either administrative in character or the potential for disallowance by the Senate may cause significant commercial uncertainty and delay.[70]

1.67The Scrutiny Committee does not consider the exceptional circumstances provided by the EM as sufficient justification for the exemption of delegated legislation created under the provisions of the bill from disallowance by the Senate or other mechanisms of parliamentary scrutiny.[71]

1.68Accordingly, the Scrutiny Committee requests the Treasurer’s advice as to why it is necessary and appropriate for instruments made under these provisions to be exempt from parliamentary scrutiny.[72]

Human rights implications

1.69The Statement of Compatibility with Human Rights (the Statement) provides that the bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

1.70As outlined further below, the bill engages, or has the potential to engage, the following human rights:

criminal process rights – including the right to due judicial process, the right to procedural fairness, the right to a fair trial and the right to the presumption of innocence;

the right to protection from unlawful or arbitrary interference with privacy; and

the right to work and associated rights in work.[73]

1.71The EM concludes that to the extent that the bill places limitations on these rights, those ‘limitations are reasonable, necessary and proportionate’ to achieving a legitimate objective and are therefore permissible.[74]

Criminal process rights

1.72The EM states that the bill engages the rights to due judicial process, a fair trial, procedural fairness and the presumption of innocence outlined in Articles 14 and 15 of the International Covenant on Civil and Political Rights (ICCPR).[75]

1.73Schedule 4 engages these rights by imposing an evidential burden on a defendant who is accused of having used or disclosed protected ACNC information without the authorisation of the Commissioner.[76] The bill would impose this evidential burden via the creation of the exceptions for disclosure of protected ACNC information outlined in Schedule 4.[77]

1.74Schedule 7 also engages these rights by introducing a new civil penalty provision for persons seeking to use the professional investor, market maker or the comparable regulator exemptions inserted into the Corporations Act who fail to comply with certain conditions.[78]

1.75The EM concludes that the amendments in both Schedules 7 and 8 engage these rights in a reasonable, necessary, and proportionate way to achieve a legitimate objective and are therefore permissible.[79]

Right to protection from unlawful or arbitrary interference with privacy

1.76The EM states that the bill engages the right to protection from unlawful or arbitrary interference with privacy outlined in Article 17 of the ICCPR.[80]

1.77Schedule 4 engages this right by allowing ACNC officers to disclose protected ACNC information relating to investigations and other matters in select circumstances. The EM provides that this may include information relating to individuals associated with the entity which is subject to an ACNC investigation.[81]

1.78The EM notes that the Commissioner of the ACNC may only authorise disclosure of information where necessary to prevent or reduce the risk of significant harm and must consider the harm caused by disclosure.[82]

1.79Schedule 8 also engages this right by allowing individuals to use or disclose information obtained under or for the purposes of the PSR Act to a nominated special regulator without committing an offence.[83]

1.80The EM notes that these changes are aimed at legitimate objectives, are reasonable and proportionate to achieving those objectives and are therefore permissible and consistent with this right.[84]

Right to work

1.81The EM states that the bill engages the right to work outlined in Article 6 of the International Covenant on Economic, Social and Cultural Rights (ICESCR). Article 6 provides that everyone must be able to freely accept or choose their work, not be unfairly deprived of work and that state-parties must provide a system of protection guaranteeing access to employment.[85]

1.82Schedule 7 engages this right by amending the Corporations Act to allow ASIC to cancel the exemption of a person that uses the professional investor, market maker or comparable regulator exemptions if ASIC reasonably believes that the person is not a fit and proper person to provide financial services.[86]

1.83The EM notes that this change is aimed at achieving a legitimate objective, is reasonable and proportionate to achieving that objective and is therefore permissible and consistent with this right.[87]

Other schedules

1.84The Statement notes that Schedules 1 to 3, 5 and 6 do not engage any applicable rights and freedoms and are therefore compatible with human rights.

Regulatory impact statements

1.85The EM provides no discussion about a Regulatory Impact Statement (RIS) for any of the schedules.

Conduct of the inquiry

1.86The Senate Economics Legislation Committee advertised the inquiry on its website and wrote to relevant stakeholders and interested parties seeking written submissions by 23 February 2024.

1.87The committee received 42 submissions, as well as additional information and answers to questions on notice, which are listed at Appendix 1.

1.88The committee held one public hearing for the inquiry on 18 April 2024. The names of witnesses who appeared at the hearing can be found at Appendix 2.

Acknowledgements

1.89The committee thanks all individuals and organisations who assisted with the inquiry, especially those who made written submissions and participated in the public hearing.

Footnotes

[1]House of Representatives Votes and Proceedings, No. 96, 30 November 2023, pp. 1221–1222.

[2]Journals of the Senate, No. 94, 7 December 2023, pp. 2774–2775.

[3]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8929.

[4]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[5]Explanatory Memorandum, p. 1.

[6]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[7]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[8]Explanatory Memorandum, p. 11.

[9]Explanatory Memorandum, p. 2.

[10]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8929.

[11]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8929.

[12]Explanatory Memorandum, p. 3.

[13]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, pp. 8929–8930.

[14]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[15]Explanatory Memorandum, p. 4.

[16]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[17]Explanatory Memorandum, pp. 4–5.

[18]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[19]Explanatory Memorandum, pp. 80–81.

[20]Explanatory Memorandum, p. 6.

[21]The Hon Stephen Jones MP, Assistant Treasurer and Minister for Financial Services, House of Representatives Hansard, 30 November 2023, p. 8930.

[22]Explanatory Memorandum, p. 9.

[23]Explanatory Memorandum, pp. 9–10.

[24]Explanatory Memorandum, pp. 11–12.

[25]Explanatory Memorandum, pp. 11–12.

[26]Explanatory Memorandum, pp. 10–11.

[27]Explanatory Memorandum, p. 11.

[28]Explanatory Memorandum, p. 11.

[29]Explanatory Memorandum, p. 11.

[30]Explanatory Memorandum, p. 10.

[31]Explanatory Memorandum, p. 10.

[32]Explanatory Memorandum, p. 51.

[33]Explanatory Memorandum, pp. 52–53.

[34]Explanatory Memorandum, p. 52.

[35]Explanatory Memorandum, p. 52.

[36]Explanatory Memorandum, p. 65.

[37]Explanatory Memorandum, p. 66.

[38]Explanatory Memorandum, p. 67.

[39]Explanatory Memorandum, p. 69.

[40]Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, schedule 6.

[41]Explanatory Memorandum, p. 80.

[42]Explanatory Memorandum, p. 80.

[43]Explanatory Memorandum, p. 80.

[44]Explanatory Memorandum, p. 131.

[45]Explanatory Memorandum, p. 133.

[46]Explanatory Memorandum, p. 138.

[47]Explanatory Memorandum, p. 138.

[48]Explanatory Memorandum, p. 155.

[49]Explanatory Memorandum, pp. 154–156.

[50]Explanatory Memorandum, p. 225.

[51]Explanatory Memorandum, p. 225.

[52]Explanatory Memorandum, p. 225.

[53]Explanatory Memorandum, p. 225.

[54]Explanatory Memorandum, p. 227.

[55]Explanatory Memorandum, p. 227.

[56]Explanatory Memorandum, p. 228.

[57]Explanatory Memorandum, p. 228.

[58]Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023.

[59]Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD p. 7.

[60]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD 7, 24.

[61]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD 7, 24.

[62]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD 7, 24–25.

[63]Explanatory Memorandum, p. 99.

[64]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 25–26.

[65]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 26.

[66]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 26.

[67]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 26.

[68]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 27.

[69]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 27.

[70]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 28.

[71]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 27–28.

[72]Senate Standing Committee for the Scrutiny of Bills, Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023, Scrutiny Digest 1 of 2024; [2024] AUSStaCSBSD pp. 7, 28.

[73]Explanatory Memorandum, pp. 165–179.

[74]Explanatory Memorandum, pp. 165–179.

[75]Explanatory Memorandum, pp. 168, 173, 178.

[76]Explanatory Memorandum, p. 62.

[77]Explanatory Memorandum, p. 168.

[78]Explanatory Memorandum, pp. 173–176.

[79]Explanatory Memorandum, pp. 169, 174, 178.

[80]Explanatory Memorandum, pp. 174, 178.

[81]Explanatory Memorandum, pp. 169–170.

[82]Explanatory Memorandum, pp. 169–170.

[83]Explanatory Memorandum, pp. 178–179.

[84]Explanatory Memorandum, p. 179.

[85]Explanatory Memorandum, pp. 176–177.

[86]Explanatory Memorandum, p. 176.

[87]Explanatory Memorandum, p. 177.