The Government made several changes to superannuation in June, with the last sitting days of Parliament before the winter break, including draft legislation for changes to super fund governance, changes to the Standard Choice Form requirements and the Small Business Superannuation Clearing House.
The Age Pension changes also passed the Parliament, following a deal between the Government and the Greens. The Greens claimed they had extracted a review of retirement incomes, but it only appears to be a six week extension to the date for submissions in response to the Tax Discussion Paper.
In other news:
- The Prime Minister added ‘no restrictions’ to the promise of ‘no adverse or unexpected’ changes to superannuation
- Depending on who was speaking at the time the Government was either considering super pension drawdown changes, or ruling them out.
- The Government announced there would be a delay to the Single Touch Payroll start date, and the ATO will be consulting further with industry.
- The SMSF Annual Return 2015 was released.
- ASIC said diversification is an issue for SMSFs investing in property.
- Treasury said superannuation tax concessions will need to be examined.
- It is estimated that less than half of Australians will achieve a comfortable retirement.
- The Auditor-General recommended changes to the Superannuation Guarantee.
- The ATO announced a SuperStream compliance extension for large employers.
- The tax office issued ATO ID 2015/17: future liability to pay death benefits deduction.
- SIS regulations for refunding excess non-concessional contributions were released.
- The Federal Court issued financial services bans over ActiveSuper.
- BT was fined by ASIC for misleading superannuation ads.
Passed changes to superannuation
Standard Choice Form requirement changes
In June the Parliament passed the Superannuation Guarantee (Administration) Amendment Bill 2015, which changes the superannuation standard choice form requirements for employers relating to temporary resident employees and where super funds have merged.
Small Business Superannuation Clearing House changes
The conditions for use of the Small Business Superannuation Clearing House have been updated to be either 19 or fewer employees or “an annual aggregated turnover of less than $2 million,” from 1 July 2015, as announced by the Government.
Pending changes to superannuation
Large superannuation fund governance
The Government has released draft legislation of changes to the governance of APRA-regulated super funds, including at least one-third independent directors and an independent chair. Submissions on the exposure draft close 23 July 2015.
Look through tax treatment for SMSF LRBAs
The Government has introduced the Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015 to the Parliament, which includes look through tax treatment of some instalment trust structures, including SMSF Limited Recourse Borrowing Arrangements.
MySuper internal transfer tax relief
The Assistant Treasurer Josh Frydenberg announced the Government would extend tax relief for MySuper transfers to transfers within a superannuation fund.
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:
Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?
This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.