Minister for Revenue and the Assistant Treasurer
27 January 2006 - 3 December 2007
Sunday, 19 March 2006
MORE WORKERS CAN CHOOSE THEIR SUPERANNUATION FUND
From 1 July 2006, up to 500,000 additional employees will be able to choose a superannuation fund under amendments released today to the superannuation guarantee law by the Workplace Relations Amendment (Work Choices) (Consequential Amendments) Regulations 2006, the Minister for Revenue and Assistant Treasurer, the Hon Peter Dutton, said today.
The Government is committed to providing Australian workers with choice. We want to allow as many employees as possible to be able to choose a fund that suits their needs, Mr Dutton said.
There is no time limit on when an employee can choose a new fund, so they can take the time to carefully consider their options, he said.
Information on what employees should consider and links to the Super Choices booklet can be found on www.superchoice.gov.au.
These changes will apply to employees working for a corporation who were previously employed under a State industrial award. Known as notional agreement preserving State awards' these are old State awards which now have effect under the Federal workplace relations system.
If employers are an incorporated business and they have employees under a State award, they should check whether they are now under one of these new federal workplace agreements. Employers and employees can get information on WorkChoices on the website www.workchoices.gov.au or by calling the WorkChoices Infoline on 1300 363 264.
Employers affected by this measure will have to give an employee who commences work on or after 1 July 2006 a Standard choice form. Existing employees can request a form after that date. The form can be downloaded from the superchoice website or by calling the Australian Taxation Office on 13 10 20 and quoting NAT number 13080. Questions related to choice of fund can also be directed to 13 10 20.
Media Contact: Brad Emery (02) 6277 7360