The Minister for Revenue and Assistant Treasurer, Senator Helen Coonan, today released for public comment a consultation paper on allowing members of accumulation funds to split future personal and employer superannuation contributions with their spouse from 1 July 2003.
The Government reaffirmed in the 2002-03 Budget its election commitment to introduce contributions splitting.
"The release of the consultation paper today is a part of the Government's commitment to consult widely on the implementation of this measure," Senator Coonan said.
"Allowing employees to split contributions with their spouse is a key element of the Government's superannuation reforms and will assist families, and in particular Australian women.
"This measure will help families maximise the benefits available in superannuation and provide an avenue for spouses to share their superannuation benefits.
"This is particularly important for families with one spouse working in the home or receiving a low income."
The consultation paper is available at www.treasury.gov.au. A limited number of hard copies are available from the Treasury by contacting Julie Wallace on 6263 3799.
Written submissions will be accepted up until 26 August 2002.
Senator Coonan said that contribution splitting, along with co-contributions for low income earners, reducing the superannuation surcharge, quarterly superannuation guarantee payments, superannuation choice and a range of other measures was part of a package of reforms announced by the Government before the last election.