Superannuation changes in 2016 have been dominated by the range of measures announced in the 2016/17 Federal Budget – though several of these changes to superannuation have been modified or abandoned. Below is a list of many of the changes to superannuation in 2016 and their current status.
In brief, many of the Government’s changes to superannuation announced in the 2016 Budget, some of which have subsequently changed, have passed the Parliament: Fair and Sustainable superannuation package passes Parliament.
The Government will introduce bills to increase to $6,000 the threshold at which lost superannuation is transferred to the ATO and make changes to super fund governance in the spring session of Parliament.
The Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 has passed the Parliament, changing the treatment of excess non-concessional contributions.
After receiving assent the bill will create a system for refunding excess non-concessional contributions made in the 2013/14 or later financial years, along with 85% of associated earnings. The grossed up (100%) associated earnings are included in the individual’s assessable income for the year in which the contribution was made, with a 15% non-refundable tax offset.