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ARTICLE · 10 JUNE 2008

Proposed Changes - Temporary Residents And Superannuation

Moore Australia
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Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, today released a consultation paper on payment of temporary residents' superannuation to the Australian Government.

AustraliaCorporate/Commercial Law
Michael Van Schaik
Michael Van Schaik
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Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, today released a consultation paper on payment of temporary residents' superannuation to the Australian Government.

Under the measure, future superannuation contributions and existing balances of temporary residents will be paid to the Australian Government.

This measure was announced by the previous government with a start date of 1 July 2008.

However, the Rudd Government will now defer the start date to the date of Royal Assent (expected before the end of 2008) to allow consultation on administrative issues.

Background

Temporary residents are currently able to claim their superannuation after permanently departing Australia by applying for a Departing Australia Superannuation Payment (DASP) from their superannuation fund.

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