Superannuation changes in 2016 have been dominated by the range of measures announced in the 2016/17 Federal Budget – though several of these changes to superannuation have been modified or abandoned. Below is a list of many of the changes to superannuation in 2016 and their current status.
In brief, many of the Government’s changes to superannuation announced in the 2016 Budget, some of which have subsequently changed, have passed the Parliament: Fair and Sustainable superannuation package passes Parliament.
There are several exclusions from the requirement to pay superannuation guarantee contributions. The most well-known is the $450 monthly threshold. However superannuation guarantee contributions are also restricted based on age. People under 18 years of age have to meet additional criteria in order to be entitled to superannuation guarantee contributions.
The Superannuation Standard Choice Form is a document used by employers and employees in regards to default superannuation funds and choice of super fund. It is available from the ATO here. Some superannuation funds also have their own versions of the form.