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:
Changes 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 July it was revealed the Government was considering changes to superannuation taxation prior to the last Federal Budget, but these were abandoned after the Labor Party announced their policy. The PM then promised “we aren’t ever going to increase the taxes on super, we aren’t ever going to increase the restrictions on super.”
The Government made several changes to superannuation in June, with the last sitting days of Parliament before the winter break, including draft legislation for changes to super fund governance, changes to the Standard Choice Form requirements and the Small Business Superannuation Clearing House.
The Age Pension changes also passed the Parliament, following a deal between the Government and the Greens. The Greens claimed they had extracted a review of retirement incomes, but it only appears to be a six week extension to the date for submissions in response to the Tax Discussion Paper.
The changes to superannuation in May 2015 were dominated by the 2015 Federal Budget. Though changes in the budget were modest there is an emerging policy battle over super, with the Liberal party extending the promise of no changes, while the Labor party revisits policies floated while they were in government.
The Minister for Social Services Scott Morrison announced the investment deeming rates, for payments including the Age Pension, would decrease from 20 March.
New changes to superannuation
The Board of Taxation released a report into ways to reduce the compliance burden on small business, and recommended changes to the superannuation guarantee and SGC. However it is unclear if the Government intends to implement these changes.