The Government today announced the next phase of public consultations into superannuation choice of fund, inviting Australians to comment on the draft regulations that set out the obligations for employers and employees.
The choice of fund legislation requires a number of matters to be prescribed in the regulations. This includes the standard choice form to be provided to employees, the minimum level of death cover to be offered by default funds, the information an employee must give their employer about their chosen fund, and exemptions from the employer 'kick-back' rule.
"This is about making sure we consult with employers, employees and industry groups every step of the way to make the transition to choice a smooth one," Minister for Revenue and Assistant Treasurer, Mal Brough, said today.
"The standard choice form will provide a guide to the information employees need to consider before choosing a super fund. It will be simple to complete for employers and will explain what an employee has to do to make a choice," Mr Brough said today.
"In November last year we released the choice of fund consultation paper, and invited feedback. We have taken those comments and suggestions into account in preparing the draft regulations for further consultation."
The Government is seeking comments on both the draft regulations and standard choice form.
The draft regulations and standard choice form can be found at www.treasury.gov.au.
Submissions are invited to be made until 14 February 2005. 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.