In July it was revealed the Government was considering changes to superannuation taxation prior to the last Federal Budget, but these were abandoned after the Labor Party announced their policy. The PM then promised “we aren’t ever going to increase the taxes on super, we aren’t ever going to increase the restrictions on super.”
Battlelines are being drawn of the Government’s proposed changes to superannuation fund governance, which will likely go before the Parliament when it sits in August. AIST and Industry Super Australia have rejected the proposals while ASFA supports some of the measures, including the minimum one-third independent directors and independent chair.
The Greens announced that they will be pushing for a Senate inquiry into women’s superannuation and have not given up on their Sex Discrimination Amendment (Boosting Superannuation for Women) Bill 2014.
ASIC has also been active, releasing guidance for financial advisers dealing with SMSFs, issuing fines for misleading SMSF advertising and disqualifying an SMSF auditor.
In other news:
- SMSF residential property investment grew by 59% in four years.
- SMSF trustees were encouraged to consider the cost of their time.
- SMSF trustees are increasingly ‘hands off’ fund administration.
- Applications for early release of superannuation on compassionate grounds can now be lodged online.
- The ATO updated the SMSF Return Not Necessary (RNN) rules.
Passed changes to superannuation
Parliament did not sit in July, the next scheduled sitting day is August the 10th.
Pending changes to superannuation
Super fund governance
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 still before the House of Reps.
MySuper internal transfer tax relief
Legislation for the announced extension of tax relief for MySuper transfers to internal transfers is pending.
Increasing lost superannuation threshold
It is unclear if the Government intends to proceed with previously announced increase to the threshold, to $4,000 and later to $6,000, for lost superannuation to be transferred to the ATO. This was meant to go before the Parliament in the Autumn session, but would likely clash with current rhetoric.
We also have the following pages for keeping track of changes to superannuation:
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