Changes to Superannuation: June 2015

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Changes to Superannuation June 2015The 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:

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:

Previous: May 2015 / Next: July 2015

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