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Chapter 1
Introduction
1.1
The Temporary Residents' Superannuation Legislation Amendment
Bill 2008 and the Superannuation (Departing Australia Superannuation Payments
Tax) Amendment Bill 2008 were prompted by concerns over 'the growing amount of
lost or unclaimed superannuation'.[1]
While repatriating temporary residents are entitled to take their
superannuation contributions with them, many do not do so. The previous
government had announced its intention to undertake a similar measure.[2]
1.2
The bill provides that after a temporary resident ceases to hold
a temporary visa, leaves Australia and at least six months expires, the
unclaimed superannuation will be paid to the Australian Taxation Office (ATO).
However, the departed residents can claim back their money from the government
at any time.
1.3
The measure is estimated to add between $200 million and $400
million per annum to government revenue. It will cost government departments
around $12 million a year to administer.
Conduct of the inquiry
1.4
On 25 September 2008, on the recommendation of the Selection of
Bills Committee, the Senate referred the bills, which had been introduced into
the House of Representatives that day, to the Economics Committee. The Senate
asked the committee to report by 20 November 2008.
1.5
The Committee advertised the inquiry nationally and posted
details about the inquiry on its website. In addition, it wrote to selected
companies and organisations and relevant government departments advising them
of the inquiry and inviting them to make submissions.
1.6
The Committee received six submissions to the inquiry. These are
listed at Appendix 1, and are available at the Committee's website: http://www.aph.gov.au/Senate/committee/economics_ctte/emigrant_super_bills_08/submissions/sublist.htm.
1.7
A public hearing was held in Sydney on 3 November 2008. The witnesses appearing are listed in Appendix 2. The Committee thanks all those who
participated in the inquiry.
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