SIMPLIFIED SUPERANNUATION – EXPOSURE OF ADDITIONAL DRAFT REGULATIONS
The Member for Berowra, Philip Ruddock MP said today that the Federal government has released for public comment draft regulations to support the Simplified Superannuation reforms.
“The Simplified Superannuation reforms are a real investment by the Government in the standard of living of Australians in retirement as well as the country’s future economic prosperity,” Mr Ruddock said.
“This is an important measure that complements super choice. It will give Australian workers greater certainty when they choose to change superannuation funds that their money will be transferred promptly.”
The draft regulations also support the concessional and non-concessional contributions caps, and provide guidance to funds on the handling of member contributions made without a tax file number.
The Tax Laws Amendment (Simplified Superannuation) Bill 2006 provides for regulations to set out the circumstances where a superannuation interest should be combined or separated. The draft regulations also ensure that different tax components of an interest are drawn down proportionally.
The Government invites parties to provide comments on the draft regulations and draft standard portability form by 14 March 2007. The draft regulations and draft standard portability form are available from the website, http://simplersuper.treasury.gov.au; or Email: simplersuper@treasury.gov.au
Comments can be sent to the following address: General Manager, Superannuation, Retirement and Savings Division, The Treasury, Langton Crescent, PARKES ACT 2600.