Changes to Superannuation: February 2015

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Changes to SuperannuationWith Parliament back in sessions, and the Budget fast approaching, there have been a number of changes to superannuation in February.

Investment deeming rates for Age Pension to decrease

The Minister for Social Services Scott Morrison announced the investment deeming rates, for payments including the Age Pension, would decrease from 20 March.

Superannuation payslip reporting

The Treasury Legislation Amendment (Repeal Day) Bill 2014, including a wind back of superannuation payslip reporting, has passed the Parliament.

SPAA changes to SMSF Association

The SMSF Professionals’ Association of Australia (SPAA) changed its name to the SMSF Association.

LISC reporting exemption to be extended

A submission by the ASFA has revealed the Government intends to make regulations to permanently extend the exemption from superannuation funds having to separately report the Low Income Superannuation Contribution on member statements.

Greens propose progressive taxation of super contributions

The Greens have proposed the progressive taxation of concessional superannuation contributions, with a sliding scale of 0%-32%.

2015/16 Pre-Budget Submissions

Following the closing date for budget submissions they have started to be released publicly:

 Pending 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. The bill has passed the House of Reps.

Increasing lost superannuation threshold

The Government has included the Tax and Superannuation Laws Amendment (2015 Autumn No. 2) Bill in the list of legislation for the Autumn session of Parliament. The bill will increase the threshold for lost superannuation to be transferred to the ATO. The Government previously announced the intention to increase the threshold to $4,000 and later to $6,000.

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.

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.

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

Previous: Changes to Superannuation: January 2015 / Next: Changes to Superannuation: March 2015

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