Changes to Superannuation: May 2015

Changes to Superannuation May 2015The changes to superannuation in May 2015 were dominated by the 2015 Federal Budget. Though changes in the budget were modest there is an emerging policy battle over super, with the Liberal party extending the promise of no changes, while the Labor party revisits policies floated while they were in government.

Budget 2015

The 2015 Budget made only a few changes to superannuation:

For more detail see our article on the budget.

In other news:

Passed changes to superannuation

No superannuation related bills passed the Parliament in May 2015.

Pending changes to superannuation

Small business superannuation clearing house and super choice forms

The changes to the superannuation standard choice form requirements for employers, particularly relating to temporary resident employees and where super funds have merged, have been submitted to the Parliament, in the Superannuation Guarantee (Administration) Amendment Bill 2015.

The announced changes to the Small Business Superannuation Clearing House, meant to apply from 1 July 2015, are still pending.

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 appears that this bill will go nowhere. The Age is quoting a letter from Attorney General George Brandis saying that as paying women more than men is not prohibited under current law “the government considers that your bill is unnecessary to achieve the outcome you propose and accordingly we do not propose to support your bill.”

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: April 2015 / Next: June 2015

SMSF & superannuation newsletterWant 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.

One Reply to “Changes to Superannuation: May 2015”

  1. It is interesting to learn about recent changes to superannuation. It is important to get informed about these changes so that way we can know more about what we are expecting for retirement. My dad recently retired from his teaching career and lives off an extremely small pension. He does pretty well with it. However, since superannuation is changing, it is important for him to keep up with the changes.

Leave a Reply

Your email address will not be published. Required fields are marked *