Changes to Superannuation: September 2015

Changes to Superannuation September 2015Changes to Superannuation in September 2015 included passage of legislation providing for look-through treatment of SMSF LRBAs, a increase to the threshold above which lost super is transferred to the ATO and the introduction of a bill to change superannuation fund governance. The PM and Cabinet also changed, though it is unclear at this stage what implications this will have, if any, for superannuation policy.

In other news:

Passed changes to superannuation

Increases to the threshold at which lost superannuation is transferred to the ATO

The Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 has passed both houses of Parliament. From 1 January 2016 the threshold at which lost superannuation is transferred to the ATO will increase from $2,000 to $4,000. The threshold will increase further from 1 January 2017, to $6,000.

Look through tax treatment for SMSF LRBAs

The Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015, including look-through tax treatment of SMSF LRBAs, has also passed the Parliament.

Pending changes to superannuation

Super fund governance

Changes to the governance arrangements for large superannuation fund , including at least one-third independent directors and an independent chair, have been introduced to the House of Representatives, in the Superannuation Legislation Amendment (Trustee Governance) Bill 2015.

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 12th of October.

We also have the following pages for keeping track of changes to superannuation:

Previous: August 2015 / Next: October 2015

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