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The Minister for Financial Services and Superannuation, Bill Shorten, has agreed for the Treasury to release for public consultation an exposure draft for the refund of excess concessional contributions regulations and the accompanying explanatory materials.

These regulations will amend the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. They will support the refund measure by enabling superannuation providers to comply with the release authority issued by the Commissioner of Taxation and removing the effect of certain cashing restrictions that would otherwise apply to the payment.

The closing date for submissions is Friday, 29 June 2012.


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