Superannuation Bills largely stalled in Senate ahead of winter break

With Parliament having risen for the long winter break many of the Government’s superannuation Bills remain stalled in the Senate, with some not even being debated yet in 2018

ASIC fee-for-service Bills

The Bills to change ASIC towards a fee-for-service model have passed the Parliament. In part the Bills will lead to increases in the fees for SMSF Auditors, in some cases substantial fees. The actual level of the fees will be set in regulation, which Minister for Revenue and Financial Services Kelly O’Dwyer said would be made “shortly”. Read more...

Super choice and salary sacrifice Bill scheduled again for debate in Senate

The Government has put its Bill to expand super choice and close a salary sacrifice ‘loophole’ up for debate in the Senate in Budget week.

The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 is scheduled for debate in the Senate on Thursday. The Bill would expand choice of super fund provisions to include more employees and stop employers reducing their Super Guarantee liability using the salary sacrificed super contributions of employees. Read more...

Labor may yet support expansion of super fund choice

Labor will oppose the Government’s superannuation governance and reporting changes, but may yet support an expansion of super fund choice to more employees.

Labor says it will oppose two of the Government’s superannuation Bills, but may support a third if it is amended.

The House of Representatives on Monday passed the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017. The Bill would expand choice of super fund and close the Salary Sacrifice ‘loophole’, which allows employers to claim employees contributions against their SG obligations. Read more...

Choice of super fund a “fundamental right” of all employees: SMSFA

It is a fundamental right of all employees to choose their own super fund, and it should be an integral part of the superannuation system, the SMSF Association has told a Senate committee.

The Senate Committee on Economics has been conducting an inquiry into a Bill which would expand choice of super fund.

Currently employers under some workplace and industrial agreements don’t have a choice as to which super fund receives their employer contributions. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 would remove this limitation from agreements made on or after 1 July 2018, if passed. Read more...

Super choice expansion & closing salary sacrifice loophole Bill introduced

The Government has introduced legislation to expand choice of super fund for employees and close a superannuation salary sacrifice ‘loophole’.

These changes are contained in the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017. Meanwhile several superannuation Bills have been introduced to the Senate before the House of Reps.

Related: Government puts super fund governance & accountability Bills to Senate first

Currently choice of super fund does not extend to employees under an enterprise agreement or workplace determination. Employers can satisfy the choice of fund requirements by making contributions to a super fund nominated in the agreement or determination. Read more...

Super industry criticises Government outcomes & accountability measures

The superannuation industry has sharply criticised the Government’s proposed changes to improve accountability and outcomes for members in the superannuation system.

The Government recently released draft legislation, which it says will “ensure a modern, vibrant superannuation system”, the Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017.

Related: Government announces super reforms to give consumers more power

However the superannuation industry is critical of many aspects of the changes, including a new test which doesn’t give enough focus on returns and only apply to a fraction of funds, the new powers for APRA and requirements to host an annual meeting of members. Read more...