- Super fund disclosure rules delayed yet again, as backbench campaign for transparencyChanges which would have revealed more about the investments of superannuation funds to members have been yet again delayed, while government backbenchers campaign for more information and restrictions on the …
Super fund disclosure rules delayed yet again, as backbench campaign for transparency Read More »
- Budget 2020/21: not much really new for superannuationThe delayed 2020/21 Federal Budget contains few truly new changes for superannuation. Stapling of super accounts to members Arguably the biggest announcement is the ‘stapling’ of super fund accounts to …
Budget 2020/21: not much really new for superannuation Read More »
- Bill to expand super choice passes Parliament, with new start dateLegislation to allow more workers to choose their superannuation fund – in the future – has passed the Parliament. The Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 passed …
Bill to expand super choice passes Parliament, with new start date Read More »
- Net superannuation contributions go negative for first timeThe scheme allowing early release of superannuation due to COVID-19 has driven net superannuation contributions negative for the first time. According to APRA, quarterly net superannuation contributions – super contributions …
Net superannuation contributions go negative for first time Read More »
- Minister responsible for superannuation “ambivalent” about SG rate increasesThe Minister responsible for superannuation is “ambivalent” about increases to the SG rate, while the PM has suggested such increases may need to be reconsidered due to COVID-19, and the …
Minister responsible for superannuation “ambivalent” about SG rate increases Read More »
More superannuation and SMSF news.
Status of current major superannuation Bills
- Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020
- Before the Senate | Second reading moved 02/09/2020 (introduced to Senate first)
- Increase maximum number of SMSF members from 4 to 6
- Treasury Laws Amendment (More Flexible Superannuation) Bill 2020
- Before the Senate | Second reading moved 31/08/2020
- Allow people aged 65 or 66 to use the three-year non-concessional contributions bring-forward rule
- Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020
- Before the Senate | Second reading moved 12/02/2020
- Transfer superannuation held by Eligible Rollover Funds (ERFs) to the ATO, and close ERFs by 30 June 2021.
Last updated: 08/12/20
Current major superannuation consultations
- Your Future, Your Super package – closing 24/12/2020
- Submissions in response to draft legislation for the Your Future, Your Super package of reforms, announced in the 2020/21 Federal Budget, including a best financial interests duty, single default account, and underperformance testing and penalties
- 2021-22 Pre-Budget Submissions – closing: 29/01/2021
- Submissions for the 2021/22 Federal Budget
Last updated: 08/12/20
Passed major superannuation legislation
Superannuation-related legislation that has passed the Parliament.
- Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
- Assent – 03/09/2020
- Expansion of super choice to new enterprise agreements and workplace determinations
- Treasury Laws Amendment (2019 Measures No. 3) Bill 2019
- Assent – 22/06/2020
- Deferring education and training standards for existing financial advisers, minor and technical superannuation tax changes
- Superannuation Supervisory Levy Imposition Amendment Bill 2020
- Assent – 19/06/2020
- One of several Bills making changes to the financial institution supervisory levy framework
- Treasury Laws Amendment (2020 Measures No. 1) Bill 2020
- Assent – 25/05/2020
- Permanent tax relief for super fund mergers
- Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019
- Assent – 06/03/2020
- Super Guarantee amnesty for employers
- Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019
- Assent – 28/10/2019
- Salary Sacrifice integrity, other tax changes
- Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019
- Assent – 02/10/2019
- Super Guarantee opt-out for high income earners, Non-arm’s length expenses, LRBA in Total Super Balance
- Treasury Laws Amendment (Putting Members’ Interests First) Act 2019
- Assent – 02/10/2019
- Opt-in changes to insurance in super for new young members and balances under $6,000
Last updated: 08/12/20