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Standard choice changes up for discussion
The Federal Treasury has released for discussion the draft legislation intended to remove the obligation for employers to give a standard choice of fund form to temporary residents or provide the form to employees when their superannuation funds merge.
The legislative change is scheduled to come into effect from 1 July, this year, with the Treasury saying this week it was seeking comments from interested parties on the proposed legislation, and the accompanying explanatory memorandum.
It said the changes to the choice regime were intended to reduce the compliance burden on businesses, especially small businesses.
"In particular, employers will no longer incur the choice shortfall penalty if they do not provide a standard choice of fund form to their employees in these situations," the Treasury statement said.
The closing date for submissions is 15 April.
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