Changes to Superannuation: August 2015

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Changes to Superannuation August 2015Changes to Superannuation in August 2015 included legislation to reduce the ‘harshness’ of the Superannuation Guarantee Charge, increase the lost superannuation threshold, change the governance of public offer superannuation funds and several ATO decisions.

In other news:

The ATO also issued several superannuation related Interpretative Decisions in August:

Passed changes to superannuation

N/A

Pending changes to superannuation

Increases to the threshold at which lost superannuation is transferred to the ATO

The Government has introduced to the Parliament the Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015, which would increase the threshold at which lost superannuation is transferred to the ATO from the current $2,000 to $4,000, and later to $6,000. The Government said it would implement this measure, announced by the last Labor government, in November 2013.

Changes to Superannuation Guarantee Charge

The Government in August released draft legislation of changes to the operation of the Superannuation Guarantee Charge (SGC), including changing the calculation from salary and wages to Ordinary Time Earnings, and winding back the severity of the interest and penalties.

Super fund governance

The draft legislation for changes to the governance of public-offer superannuation funds has yet to be submitted to Parliament. The Government said some changes would be made to the legislation, following from the consultation process.

Look through tax treatment for SMSF LRBAs

The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015, including look-through tax treatment of SMSF LRBAs, is currently before the Senate.

MySuper internal transfer tax relief

Legislation for the announced extension of tax relief for MySuper transfers to internal transfers is pending.

The Parliament is next scheduled to sit on the 7th of September.

We also have the following pages for keeping track of changes to superannuation:

Previous: July 2015 / Next: September 2015

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1 thought on “Changes to Superannuation: August 2015”

  1. It is really helpful to learn that there are all these changes in legislation regarding superannuation. My parents have started trying to figure out what they want to do with their superannuation funds, so this will be really helpful to them. That way, they will know more about things like retirement and the amounts that are allowed. Thank you so much for sharing more about this! I will be sure to look into these links that you have provided here.

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