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Status of current major superannuation Bills

Last updated: 23/06/2021

Current status of government superannuation policies

The status of government superannuation policies in development and implementation.

Recent changes

Transferring all money from ERFs to the ATO

Allow victims of domestic violence to access

  • Announced late in 2018, victims of domestic and family violence would be able to access some of their superannuation. Legislation has yet to be introduced to Parliament. Recent Freedom of Information documents show the policy has “no announced start date”. The Government has now announced this change will not proceed.

Expand super choice to cover more workers

Transferring all money from ERFs to the ATO


Currently before Parliament

  • Increase SMSF member cap to 6
    • Was included in the Liberal Party’s list of election policies. Prior to that, was included in a Bill put to the Parliament before the election, but removed by amendment. Legislation would need to be reintroduced to Parliament.
    • On 30 June 2020, the Government revised the start date from 1 July 2019 (which had already passed) to from “Royal Assent of the enabling legislation”. At the time of announcement the enabling legislation was not before the Parliament.
    • Introduced to Parliament in a Bill in early September 2020, passed in June 2021.

Unknown dates


From the 2019/20 Budget

  • Streamlining ECPI
    • Announced in the 2019/20 Budget, this change is meant to apply from 1 July 2020, This would include allowing super funds in both accumulation and retirement phases to be able to choose the method of calculating ECPI, and removing a redundant requirement for super funds fully in retirement phase and using the proportionate ECPI method to obtain an actuarial certificate. Draft legislation has yet to be released.
    • On 30 June 2020, the Government announced the start date would be pushed back from 1 July 2020 to 1 July 2021. Legislation still needs to be passed through Parliament for this change.
  • Superannuation Consumer Advocate

Delayed

  • Retirement Income Covenant
    • The Retirement Income Covenant involves a change to the SIS Act to add a new covenant – requiring funds to have a retirement income strategy. This was announced in the 2018/19 Budget and was to start on 1 July 2020. But in May 2020 it was announced it was to be delayed to an unspecified date. According to the Economic and Fiscal Update July 2020 the new start date will be 1 July 2022 – the same date as the related Comprehensive Income Product for Retirement (CIPR). In May, Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume said the deferral was “necessary to allow continued consultation and legislative drafting to take place following the Coronavirus crisis” and “will also allow drafting of this measure to be informed by the Retirement Income Review”. “Of course, there is nothing stopping funds and their trustees from developing retirement income strategies now and we’d encourage them to do so.  Trustees don’t need to wait for us to legislate the Covenant,” Hume said.
  • Portfolio Holdings Disclosure
    • The Government passed changes to the Portfolio Holding Disclosure (PHD) legislation earlier in 2019. But the implementation is dependent on regulations, which have yet to be made. ASIC has again needed to delay the start date for PHD, this time until 31 December 2021, due to the lack of regulations. PHD was originally meant to start on 1 July 2015

The above list is not exhaustive and based on publicly available information.

Last updated 30/09/2020.