Extra half million access super choice
An additional 500,000 individuals will be entitled to take part in the super choice regime, as regulatory changes give former state employees the right to move their superannuation savings from their existing scheme to one of their personal choice.
The Workplace Relations Amendment (Work Choices) (Consequential Amendments) Regulations 2006 will result in amendments to the superannuation guarantee legislation, making super choice an option for a larger group of Australian workers.
Those affected will include employees who were previously employed under a State Award, but who are now employed by a corporation.
The legislative change has resulted in the notional agreements that preserved State Awards now falling under the jurisdiction of the Federal workplace relations system.
Federal Minister for Revenue and Assistant Treasurer Peter Dutton said: “The Government is committed to providing Australian workers with choice.
“We want to allow as many employees as possible to be able to choose a fund that suits their needs.”
All employers affected by the change will be required to issue employees with a standard choice form on or after July 1, 2006.
Organisations unsure whether the legislative change affects their workforce can get further information from the Government’s WorkChoices Department online at www.workchoices.gov.au.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
