Pending Superannuation Changes – July 2014
Minerals Resource Rent Tax
Slower increase in Superannuation Guarantee
The Government had intended the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No. 2] to slow the rate of the Superannuation Guarantee and repeal the Low Income Superannuation Contribution (LISC), among other changes. However as the Government hadn’t changed the Superannuation Guarantee rates in the bill from March, when it was first submitted, it did not reflect the SG rates announced in the 2014 Budget. When the Government tried to amend the SG rates in the bill it was blocked by the Senate. Instead the Senate passed amendments stripping out the changes to the Super Guarantee – meaning it would stay at the currently legislated rates.