Third tranche of super reforms released
The Federal Government has released the third tranche of exposure draft legislation and explanation material for superannuation reforms, adding it was on track to have the measures introduced into Parliament before the end of the year.
The third tranche included legislative amendments included reducing the annual non-concessional contributions cap to $100,000 and restricting access to individuals with superannuation balances below $1.6 million.
Federal Treasurer, Scott Morrison, said it also included further amendments to make administrative arrangements more consistent for individuals and superannuation providers.
He also said around a quarter of fund members, including many low income earners, would benefit from the package.
He said there should be no issues with the introduction of the legislation with support from the Senate.
Submissions for the Exposure Draft Bill close on 21 October, while the Treasury website has made the Explanatory Memorandum available.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
