Changes to Superannuation: October 2015

Changes to Superannuation October 2015, Financial System InquiryChanges 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:

In other news:

Passed changes to superannuation

N/A

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:

Previous: August 2015 / Next: November 2015

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