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24 May 11 Exposure Drafts - Superannuation regulations dealing with confiscation of proceeds of crime

On 9 November 2010, the Treasurer announced in the Mid-Year Economic and Fiscal Outlook that the Government would allow the confiscation of superannuation funded directly with the proceeds of crime.

The Assistant Treasurer and Minister for Financial Services and Superannuation has released exposure draft regulations that would amend operating standards in the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997 to allow superannuation trustees and Retirement Savings Account providers to recognise Commonwealth, State and Territory forfeiture orders (however called) for the proceeds of crime.

The closing date for submissions is Tuesday, 14 June 2011.

 


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