Temporary residents seeking the prompt return of superannuation deducted from Australian wages and salaries are flocking to the new Australian Tax Office website at the rate of more than 13,000 a week, the Minister for Revenue and Assistant Treasurer, Senator Helen Coonan said today.
"The growth in demand for the electronic service has been phenomenal since it was launched in April, backed up by a domestic and overseas advertising campaign, jumping ten-fold from about 1300 a week in April to 13,000 a week in June," Senator Coonan said.
"In April, the Tax Office launched an on-line application system for this measure to complement the paper based system in place since instigation in July 2002," Senator Coonan said.
"During April, the secure web-site recorded more than 5,000 hits, while in the first fortnight of June 26,200 hits were recorded."
"It is notable that 1593 applications have been submitted electronically since mid-April by departed temporary residents seeking access to their superannuation funds."
Senator Coonan said the people visiting the web-site are both temporary residents who have returned to their homes and are seeking to recover their superannuation, and temporary residents still in Australia who have set up electronic records of where they work to facilitate their recovery of funds when they depart Australia permanently.
"These temporary residents include a large number of health, communications and IT professionals as well as backpackers who may work for several Australia employers."
"It is important that we reduce any barriers preventing them from visiting and contributing to the Australian economy, as their contribution provides a pool of short, medium and longer stay labour in areas of identified shortages."
The legislation allows people not intending to retire in Australia ease of access to their superannuation so they can repatriate the money home.
It also ensures a reduction in the number of low balance, inactive accounts in Australia and the costs of maintaining those accounts.
Details of the measure are available on www.ato.gov.au/super or by calling 131020.