The Minister for Social Services Scott Morrison announced the investment deeming rates, for payments including the Age Pension, would decrease from 20 March.
The Treasury Legislation Amendment (Repeal Day) Bill 2014, including a wind back of superannuation payslip reporting, has passed the Parliament.
The SMSF Professionals’ Association of Australia (SPAA) changed its name to the SMSF Association.
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.
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:
- Give all employees right to salary sacrifice to super: AIST
- Carry forward superannuation contribution caps: CAANZ
- Exclude SG from super contribution caps: FPA
- Cost of superannuation tax concessions “misleading”: FSC
- No case has been made to ban SMSF borrowing: IPA
- First home buyers should use superannuation for deposit: REIA
- Allow higher SG contributions for women: Rice Warner
- Super tax concession cost calculation “biased”: SMSF Association
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:
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