Changes to Superannuation in October 2015 included the Government’s response to the final report of the Financial System Inquiry. The Government won’t ban SMSF borrowing and will legislate a purpose for superannuation. Changes to super fund choice and the default super fund setting process are also likely:
- Government won’t ban SMSF LRBAs, responds to Financial System Inquiry
- Decision not to ban SMSF borrowing welcomed
In other news:
- The Government is looking at making changes to superannuation, according to the Treasurer
- Everyone should have choice of super fund, says the Assistant Treasurer
- The Treasurer flagged super contribution changes for women and carers re-entering the workforce
- APRA rejects changes to super governance ‘fallacies’
- Drop independence reporting from governance bill, says ASFA
- Scrap super fund governance bill, says Governance Institute
- ATO changes nil asset SMSF Annual Return rules again
- ATO wont finalise TR 2013/D7 ruling on expense apportionment
- Only reduce SG penalties if enforcement increased: ASFA
- Superannuation risks becoming “honey pot” of fees for banks
- Labor plans to “unlock” superannuation for infrastructure
- New Shadow Minister for Superannuation appointed
Passed changes to superannuation
Pending changes to superannuation
Super fund governance
The Superannuation Legislation Amendment (Trustee Governance) Bill 2015 has passed the House of Reps. A Senate committee is conducting an inquiry into the bill – the report is due on the next sitting day of the Parliament.
Changes to Superannuation Guarantee Charge
The Government in August released draft legislation of changes to the operation of the Superannuation Guarantee Charge (SGC), including changing the calculation from salary and wages to Ordinary Time Earnings, and winding back the severity of the interest and penalties.
Lost and unclaimed superannuation red tape
Following from a 2015/16 Budget announcement, Treasury has released draft regulations to “reduce red tape for superannuation funds and individuals by streamlining lost and unclaimed superannuation administrative arrangements,” the Superannuation Laws Amendment (Unclaimed Superannuation Money) Regulation 2015.
MySuper internal transfer tax relief
Legislation for the announced extension of tax relief for MySuper transfers to internal transfers is pending.
The Parliament is next scheduled to sit on the 9th of November.
We also have the following pages for keeping track of changes to superannuation:
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