Peter Dutton
Draft regulations on the operation of the ‘Simplified Superannuation’ legislation have been released for public comment by the Minister for Revenue and Assistant Treasurer Peter Dutton.
The release of the draft regulations immediately followed the passage of the legislation — first announced last year by Treasurer Peter Costello during his Federal Budget speech — through the Senate yesterday.
A key draft regulation reduces the maximum timeframe in which a fund has to action a member’s request to transfer benefits from 90 to 30 days.
The regulation will “give Australian workers greater certainty that their money will be transferred promptly when they choose to change super funds under Super Choice”, according to Dutton.
A standard portability form, developed by the Government and key stakeholders for use when transferring benefits between funds, has also been released for comment.
The regulations also support the concessional and co-concessional contributions caps under the new legislation, and provide guidance to funds on the handling of member contributions made without a tax file number.
They also reportedly improve the regulation of self-managed super funds (SMSFs), and improve the ability of the tax commissioner to assist SMSF trustees to comply with super law.
