Superannuation reform package

Closed 16 Sep 2016

Opened 7 Sep 2016

Published Responses

View submitted responses where consent has been given to publish the response.

Overview

As announced on 15 September 2016, the Government has decided not to proceed with the harmonisation of contribution rules for those aged 65 to 74.

The Government has released for public consultation the exposure draft legislation: Superannuation (Objective) Bill 2016; Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016; and Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulation 2016 to implement the following five superannuation measures announced in the 2016-17 Budget:

  • the objective of superannuation;
  • tax deductions for personal superannuation contributions,
  • improve superannuation balances of low income spouses;
  • introduce a Low Income Superannuation Tax Offset (LISTO); and
  • harmonising contribution rules for those aged 65-74.

 
The Government will continue to work with stakeholders to progress implementation of the other measures announced in the 2016-17 Budget.

More information on the Government’s superannuation changes are available on the Treasury website.

Enquiries

For enquiries please call Michelle Dowdell +61 2 6263 3071 (enshrining the objective of superannuation in legislation); Jessica Carew +61 2 6263 2548 (other policy queries); or Phil Bignell +61 2 6263 4372 (law design).

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Audiences

  • Businesses
  • Consumer groups
  • Economists
  • Finance/Banking sector
  • Financial advisers
  • Government - Commonwealth
  • Government - State/territory
  • Individuals
  • Industry bodies
  • Industry association
  • Law professionals
  • Not for profit organisations
  • Superannuation professionals
  • Tax professionals

Interests

  • Financial regulation
  • Financial system
  • Fiscal policy and strategy
  • Insurance
  • Investment
  • Markets
  • National savings
  • Security
  • Assets and savings
  • Pensions
  • Superannuation contributions
  • Superannuation funds
  • Superannuation industry reform
  • Superannuation system