News

Bill to expand super choice passes Parliament, with new start date

Legislation 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 the Parliament on Tuesday, with amendments. Currently not all employees can choose which superannuation fund receives their employer contributions. Choice… Read More »Bill to expand super choice passes Parliament, with new start date

Net superannuation contributions go negative for first time

The 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 less benefits paid – have gone negative for the “first time since compulsory superannuation was introduced”. For the June 2020… Read More »Net superannuation contributions go negative for first time

Minister responsible for superannuation “ambivalent” about SG rate increases

The 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 Retirement Income Review is sitting on the Treasurer’s desk. The debate over when, or if, to increase the Superannuation Guarantee… Read More »Minister responsible for superannuation “ambivalent” about SG rate increases

Super pension drawdown rates cut, early super release expanded, in response to COVID-19

In response to COVID-19, the Government has announced changes including reducing super pension drawdown rates, expanding early release of superannuation, and cutting age pension deeming rates. Some of these changes require legislation, which Parliament is sitting to consider today. Update: The Coronavirus Economic Response Package Omnibus Bill 2020 has passed… Read More »Super pension drawdown rates cut, early super release expanded, in response to COVID-19

Draft legislation to make super more flexible for older people released

The Government has released draft legislation which it says will make superannuation more flexible for older Australians, by changing the work test, bring-forward rule, and spouse contributions. Under the proposed changes, released for consultation, people aged 65 and 66 won’t need to meet the ‘work test’ to make voluntary super… Read More »Draft legislation to make super more flexible for older people released