New changes to superannuation
The Board of Taxation released a report into ways to reduce the compliance burden on small business, and recommended changes to the superannuation guarantee and SGC. However it is unclear if the Government intends to implement these changes.
The Government will be consulting on potentially making superannuation guarantee payable monthly, instead of quarterly.
The Treasury has released an exposure draft which would provide for look-through tax treatment of SMSF LRBAs, with consultations open until the 13th of February.
It was also announced the Super Choice form would be ‘streamlined’ by “providing digital services to simplify the process of bringing on new employees.”
The parliament is next due to sit on the 9th of February.
Pending changes to superannuation
With Parliament not sitting there has not been movement on the previously announced changes to superannuation.
Refunding excess non-concessional contributions
The Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 includes changes allowing for the refunding of excess non-concessional contributions. it is currently before the House of Reps.
Boosting Superannuation for Women
The Greens’ Sex Discrimination Amendment (Boosting Superannuation for Women) Bill 2014 would allow employers to pay women more in superannuation without contravening the anti-discrimination laws. It is before the House of Reps.
Superannuation payslip reporting
The Government wind-back of superannuation payslip reporting in the Treasury Legislation Amendment (Repeal Day) Bill 2014 is before the Senate.
Small business superannuation clearing house and super choice forms
The announced changes to the Small Business Superannuation Clearing House and Super Choice rules, applying from 1 July 2015, have yet to be implemented.
We also have the following pages for keeping track of changes to superannuation:
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