The Government has decided on new start dates for choice of superannuation fund for new employees and for the Superannuation Guarantee 'opt out' measure, the Assistant Treasurer, Senator Rod Kemp, announced today.
Senator Kemp announced that choice of superannuation fund for new employees will begin on 1 July 1999.
The Government will move an amendment to this effect when the legislation is considered in the Senate during the current sittings of Parliament.
Other aspects of the choice of fund legislation remain unchanged, including the 1 July 2000 start date for existing employees.
The new start date for choice of fund has been chosen following consideration of the views of relevant stakeholders.
Choice of fund for new employees was originally scheduled to start from 1 July 1998. The deferral was necessitated by the failure of the legislation to be passed in the Autumn sitting of the Parliament.
Senator Kemp also announced that the commencement date for the superannuation opt out arrangements will now be 1 July 1999. Last year's Budget announced the details of these arrangements. Legislation to implement these arrangements is expected to be introduced into the Parliament this Sitting.
CANBERRA
13 May 1998
Contact:
Penny Farnsworth (02) 6277 7360