- 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… Continue reading Super fund disclosure rules delayed yet again, as backbench campaign for transparency
- 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… Continue reading Budget 2020/21: not much really new for superannuation
- 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… Continue reading Bill to expand super choice passes Parliament, with new start date
- 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… Continue reading Net superannuation contributions go negative for first time
- 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… Continue reading Minister responsible for superannuation “ambivalent” about SG rate increases
Status of current major superannuation Bills
- Treasury Laws Amendment (Your Future, Your Super) Bill 2021
- Assent 22/06/2021
- Various changes, including ‘stapling’ new employees to super funds, annual performance tests of MySuper products and other super products by APRA, and create best financial interests duty test.
- Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020
- Assent 22 June 2021
- Increase maximum number of SMSF members from 4 to 6
- Treasury Laws Amendment (More Flexible Superannuation) Bill 2020
- Assent 22 June 2021
- Allow people aged 65 or 66 to use the three-year non-concessional contributions bring-forward rule.
- Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020Assent 22 March 2021
- Transfer superannuation held by Eligible Rollover Funds (ERFs) to the ATO, and close ERFs by 30 June 2021.
Last updated: 23/06/2021