The Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan, today announced that the measure to allow access to superannuation for departing non-residents would now commence on 1 July 2002.
The measure, which was announced during the election by the Prime Minister as part of a package of superannuation initiatives, has been delayed by six months. This will provide sufficient time for the passage of the legislation and will give superannuation funds time to update their systems, allowing for a smooth implementation.
The Minister has also clarified that the measure only applies to individuals who hold or have held a temporary residence visa, not all possible non-residents.
The measure does not apply to Australian citizens and permanent residents because although these individuals may leave the country, they always retain the option of returning and retiring in Australia.
The measure will benefit many temporary residents including those who have already permanently departed Australia and those who may depart in the future.