From 1 July 2006, up to 500,000 additional employees will be able to choose a superannuation fund, the Minister for Revenue and Assistant Treasurer, PeterDutton, said today.
“For many Australians, superannuation is their second largest investment after the family home. Superannuation choice allows Australian workers to choose the fund that suits their needs.”
“There is no time limit on when an employee can choose a new fund, so they can take the time to carefully consider their options,” he said.
These changes will apply to employees working for a corporation who were previously employed under a State industrial award. Known as ‘notional agreement preserving State awards' – these are old State awards which now have effect under the Federal workplace relations system.
Employers affected by this measure will have to give an employee who commences work on or after 1 July 2006 a Standard choice form. Existing employees can request a form after that date.
The form can be downloaded from the Superchoice website – www.superchoice.gov.au or by calling the Australian Taxation Office on 13 10 20. Questions related to choice of fund can also be directed to 13 10 20.