The Government has amended the Superannuation Industry (Supervision) Regulations 1994 to clarify the meaning of employee for the purposes of the new definition of self managed superannuation fund. The regulations were prepared following consultations with peak bodies in the superannuation industry.
Specifically, the amending regulations will allow the directors of an employer sponsor to be members of the same self managed superannuation fund.
MELBOURNE
16 December 1999
Contact:
Richard Allsop
Assistant Treasurer’s Office
(03) 9650 7274