The federal government has invited public comment on a set of draft regulations that support its Simplified Superannuation reforms.
In December 2006, the government introduced the Tax Laws Amendment (Simplified Superannuation) Bill 2006 into Parliament. This Bill, together with the Superannuation Legislation Amendment (Simplification) Bill 2007, introduced in February was aimed to simplify superannuation.
The draft regulations included the proposal to reduce timeframes for the portability of benefits.
Under the proposals, superannuation funds will have 30 days to action a member's request to transfer benefits. Previously the timeframe was 90 days.
"This is an important measure that complements super choice. It will give Australian workers greater certainty when they choose to change superannuation funds that their money will be transferred promptly," Assistant Treasurer Peter Dutton said.
The government has also released a standard portability form, developed through discussions with industry groups.
Public comments are required by 14 March 2007 with details on the draft regulations and the proposed standard portability form available from the website www.simplersuper.treasury.gov.au
