Table of Contents

26th Report of the Senate Select Committee on Superannuation
Super - Restrictions on Early Access Small Superannuation Accounts Amendment Bill 1997 and related terms of reference

Table of Contents

CHAPTER 1: BACKGROUND

    Origin of the inquiry and terms of reference
    Conduct of the inquiry
    The Committee's task

CHAPTER 2: PRESERVATION OF SUPERANNUATION

    What preservation means
    The Government's policy
    The value of preservation
    The leakage problem
    These changes in the broader context of preservation, and of national savings
    RIM Modelling
    Cost to revenue
    Conclusions

CHAPTER 3: ABOLITION OF THE $500 THRESHOLD

    What this measure means
    The Committee's previous work
    The new evidence
    Conclusion - what about a lower threshold?

CHAPTER 4: REPLACING THE HARDSHIP TEST

    What this change does
    Transitional arrangements
    Previous consideration of hardship by this committee
    Appropriateness of objective rules for access on hardship grounds
    Inflexibility and related problems
    Compassionate grounds
    Residual discretion or right of appeal?
    The recent history on hardship applications under the former rules
    Super - a first option in hardship?
    Combining objective and subjective tests for hardship
    Conclusions

CHAPTER 5: PERMANENT DEPARTURE

    Effect of the changes
    The Government's changes to the application of SG
    The changes to visa rules
    The Roach Committee
    The ambit of the Super Guarantee: do temporary residents fit in?
    Limiting SG exemption to the sub-class 413 visa criteria
    Temporary entrants and the labour market: are they job takers?
    The new old 413 requirements - administrative problems for employers
    What is achieved by removing early release for permanent departure?
    Retrospective, prospective, or another perspective?
    The notice period: transition impossible?
    What about the job makers?
    A threefold burden
    One - the burden on temporary entrants
    Two - the burden on employers
    Three - the burden on superannuation funds
    Are temporary entrants likely to become reliant on Australian social security?
    International social security agreements
    Permanent departure of Australian citizens and permanent residents
    Generally - regarding superannuation
    Australian citizens and permanent residents
    Temporary residents

CHAPTER 6: RECOMMENDATIONS ON THE GOVERNMENT'S CHANGES

    Prelude
    The Committee's recommendations
    Abolition of the $500 threshold
    Release of monies on departure overseas
    Hardship and compassionate grounds

CHAPTER 7: REPORT ON THE SMALL SUPERANNUATION ACCOUNTS AMENDMENT BILL 1997

    Background
    What the SHAR is
    The future of SHAR
    What the amending Bill does
    Hardship and compassionate grounds

APPENDIX A: LIST OF WRITTEN SUBMISSIONS

APPENDIX B: LIST OF WITNESSES AT PUBLIC HEARINGS

    • Melbourne, 13 August 1997

    • Sydney, 13 August 1997

    • Canberra, 20 August 1997

APPENDIX C: LIST OF COMMITTEE REPORTS