Changes to superannuation in December 2014 included the release of the Financial System Inquiry final report, MYEFO and a bill introduced to Parliament to allow for refunding of excess non-concessional contributions.
Financial System Inquiry
The final report of the Financial System Inquiry was released, with several recommendations for superannuation:
- Ban SMSF borrowing
- Legislate the purpose of superannuation
- Extend choice of fund to all employees
- A ‘Comprehensive Income Product for Retirement’ (CIPR)
- Require public offer superannuation fund boards to have a majority of independent directors