Australian Govt Announces New Approach For Temporary Residents' Superannuation
Australia's Minister for Superannuation and Corporate Law, Senator Nick Sherry,
on Friday announced the final form of the Government measure to require temporary
residents’ superannuation to be paid to the Commonwealth. This includes significant changes to the measure as announced by the previous
Government, to reduce compliance costs for superannuation funds, he revealed. Under the new approach, temporary residents’ superannuation will remain
growing in the superannuation fund for the entire time the person is residing
in Australia. “This new administrative approach produces a fairer outcome for temporary
residents as their superannuation will remain in their fund while they are in
Australia, rather than being swept out annually, and they will continue to be
able to take their superannuation with them when they depart,” Minister
Sherry explained. The changes will take effect from the date of Royal Assent, which is expected
by the end of 2008. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.