The Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, today released draft regulations for public consultation allowing temporary residents to access their superannuation upon permanent departure from Australia.
Senator Coonan said there had been a great deal of public interest in the Government's announcement and public consultation on the detailed regulations was important to ensure the measure would benefit those intended.
"This important measure delivers on an election commitment made as part of the Government's A Better Superannuation System," Senator Coonan said.
"The measure recognises that temporary residents who have made a contribution to the Australian workforce can lose track of their super savings and it seeks to address this issue."
"The consultation process is another step forward in ensuring that changes to the law better reflect the needs of members of superannuation funds and industry."
The measure is scheduled to commence on 1 July 2002 and will benefit many temporary residents, including those who have already permanently departed Australia and those who may depart in the future.
The measure does not extend to departing Australian citizens or permanent residents because although these individuals may leave the country, they always retain the option of returning and retiring in Australia and accessing the Age Pension.
Implementation of the measure requires modification to the Superannuation Industry (Supervision) regulations and the Retirement Savings Account regulations to insert a new condition of release. The regulations also specify the list of eligible visa classes.
The draft regulations are available at www.treasury.gov.au. The Department of the Treasury is seeking comment on the draft regulations by close of business on Friday, 22 March 2002. Further information about the regulations and any comments should be emailed to Mr John Riley at jriley@treasury.gov.au.
Legislation to give effect to the measure was introduced into Parliament on 21 February 2002 and is currently awaiting debate in the House of Representatives.