A consultation paper to assist in the development of the choice of superannuation fund regulations was released today by Minister for Revenue and Assistant Treasurer, Mal Brough.
"From 1 July 2005 many individuals will, for the first time, be able to select the superannuation fund into which their employer makes superannuation contributions," Mr Brough said.
"The choice of fund legislation requires a number of matters to be prescribed in the regulations. These include the need for default funds to offer a minimum level of life insurance, the key messages to be included in the standard choice form, the information an employee must give their employer about their chosen fund, and exemptions from the employer 'kick-back' rule."
"The Government wishes to consult widely on the development of the regulations to ensure that all interested parties have an opportunity to comment," Mr Brough announced.
The consultation paper can be found at www.treasury.gov.au.
Submissions are invited to be made until 30 November 2004. Please forward these
to:
General Manager
Superannuation, Retirement and Savings Division
Treasury
Langton Crescent
PARKES ACT 2600
Alternatively, electronic submissions can be sent to: superannuation@treasury.gov.au
Media Contact: Carlie Hogan - 0408 960 905