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Government to consult on super co-contribution regulations

Super

The Morrison government is asking for feedback on proposed changes to superannuation co-contribution regulations.

Sponsored by Neil Griffiths 7 minute read

Government’s proposal would “remake” the existing regulations which are due to cease on 1 April.

“The draft regulations improve the 2004 Regulations by omitting redundant provisions, simplifying language and restructuring provisions for ease of navigation,” a statement released on Monday reads.

“This includes minor changes to increase the use of headings and references to ‘section’ rather than “regulation” in accordance with modern drafting practice.”

The proposed changes include to amend the definition of an eligible account to receive super co-contribution payments so it excludes those which only provide terminal medical condition benefits.

The government says this change would be consistent with the intention that the super co-contribution payment to be paid to insurance-only accounts.

The draft regulations also see to clarify section 7 which states a government co-contribution is to be directed in “specific circumstances”.

Submissions for the draft regulations are open now and close on 14 January 2022.

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