Bills introduced for changes to LRBAs, NALI, SG opt-out and Salary Sacrifice

The Government has moved to legislate several of its integrity measures around superannuation, introducing Bills for Super Guarantee opt-out, including LRBAs in Total Super Balance, Non-arm’s length income for expenses and to close the Salary Sacrifice ‘loophole’. Each of these measures, some of which date from 2017, have previously been put before the Parliament –… Continue reading Bills introduced for changes to LRBAs, NALI, SG opt-out and Salary Sacrifice

Government returns to pre-election superannuation policies

After an election in which it had little superannuation policy, the Coalition is set to return to its pre-election policies – including default super, making insurance opt-in for some and a retirement incomes framework. The Coalition Government is set to return to many of its pre-election superannuation policies in the coming term, after taking little… Continue reading Government returns to pre-election superannuation policies

Government fails to pass SG amnesty in time, super legislation lapses

The Government has failed to pass its amnesty for employers who haven’t paid their Super Guarantee obligations through the Parliament. The Super Guarantee amnesty was intended to run for 12 months, from the date it was announced – 24 May 2018 – until 23 May 2019. But the Treasury Laws Amendment (2018 Superannuation Measures No.… Continue reading Government fails to pass SG amnesty in time, super legislation lapses

Bill to increase SMSF member cap to 6 up for debate this week

The Government’s proposal to increase the maximum number of members an SMSF can have, from four to six, may pass the Parliament this week. Update: The Government will move to amend the Bill, stripping the SMSF member cap changes, in the House of Representatives. The Bill to increase the SMSF member cap is the only… Continue reading Bill to increase SMSF member cap to 6 up for debate this week

Government consults on market-linked & death benefit amendments

The Government has started consultation on technical amendments to market-linked pensions and rollover death benefits. Treasury has released for consultation draft legislation and regulations to “correct unintended outcomes” from the Government’s Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016. The draft legislation includes a change to “correct an error in the way that market-linked… Continue reading Government consults on market-linked & death benefit amendments

Opt-in superannuation insurance legislation reintroduced

The Government has reintroduced its proposed changes to insurance in superannuation in a new Bill, after stripping the changes out of a Bill already in the Senate. Last week the Government dropped most of proposed changes to make insurance opt-in, instead of opt-out, for some super fund members. These changes were contained in the Government’s… Continue reading Opt-in superannuation insurance legislation reintroduced

Diminished ‘Protecting Your Super’ Bill passes Parliament

The diminished ‘Protecting Your Super’ Bill has passed the Parliament. Last week the Government, in a deal with the Greens, stripped out the insurance changes from its Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. The Bill, with other amendments, passed the Senate, and now the House has passed the amended version. Under the… Continue reading Diminished ‘Protecting Your Super’ Bill passes Parliament

Government drops opt-in insurance from Protecting Your Super package

The Government has dropped the core part of its ‘Protecting Your Super’ package – changing insurance in superannuation for young people – to get the Bill through the Senate with the support of the Greens, despite Labor saying it supports the Bill. The Government’s Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 had three… Continue reading Government drops opt-in insurance from Protecting Your Super package

Government seeks to implement two Royal Commission recommendations

The Government wishes to implement two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by amending some of its superannuation legislation in the Senate. The changes are being made to a Bill, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, that… Continue reading Government seeks to implement two Royal Commission recommendations

Bill to increase SMSF member cap from 4 to 6 introduced to Parliament

A Bill has been introduced to Parliament which would raise the maximum number of members an SMSF can have from four to six. Under the Government’s proposed changes, if they pass, the maximum number of members of SMSFs and small APRA funds would be raised from four to six, from 1 July 2019. The Government… Continue reading Bill to increase SMSF member cap from 4 to 6 introduced to Parliament