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11 Aug 088 Government announces new approach for temporary residents' super

In a media release issued on 8 August 2008, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced the final form of the Government measure to require temporary residents’ superannuation to be paid to the Commonwealth. This includes significant changes to the measure as announced by the previous Government, to reduce compliance costs for superannuation funds.

Under the new approach, temporary residents’ superannuation will remain growing in the superannuation fund for the entire time the person is residing in Australia.

“This new administrative approach produces a fairer outcome for temporary residents as their superannuation will remain in their fund while they are in Australia, rather than being swept out annually, and they will continue to be able to take their superannuation with them when they depart,” Minister Sherry said.

The changes will take effect from the date of Royal Assent, which is expected by the end of 2008.

For a copy of the Minister's media release No 2008/050, 8 August 2008, go here

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