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Temporary residents' superannuation acts proclaimed.



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TEMPORARY RESIDENTS' SUPERANNUATION ACTS PROCLAIMED

Senator Nick Sherry, Minister for Superannuation and Corporate Law, today announced the proclamation dates for commencement of the Temporary Residents' Superannuation Legislation Amendment Act 2008 and the Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2008.

The Temporary Residents' Superannuation Legislation Amendment Act 2008 establishes the broad framework to enable unclaimed superannuation of temporary residents who have departed Australia to be paid to the ATO. This Act commenced on 18 December 2008. The ATO is expected to issue the first notices under the new legislation to superannuation funds in February 2009 with the first payment of the unclaimed superannuation of temporary residents expected in April 2009.

The Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act 2008 increases the rate of tax payable on departing Australia superannuation payments from 30 per cent to 35 per cent in most cases. These changes will apply to payment applications made on or after 1 April 2009.

Regulations have also been made to support the implementation of the temporary residents' superannuation measure. The regulations amend existing regulations, the Superannuation Industry (Supervision) Regulations in particular, to ensure that the rules that apply to

superannuation funds when making benefit payments are consistent with, and support, the new temporary residents' measure.

Further amending regulations will be made in early 2009 to replicate the changes in respect of Retirement Savings Accounts.

CANBERRA 19 December 2008

Contact: Anna Fenech: 0417 454 811

Media Release of 19/12/2008