This edition includes a summary of significant superannuation tax news and announcements made as at 31 December 2016, including:
- Superannuation Tax Reforms
The Superannuation (Objective) Bill 2016 proposes to establish a legislative framework to guide the development of future superannuation policy, and require new bills and regulations relating to superannuation to be accompanied by a statement of compatibility with the objective of the superannuation system.
- ATO Draft Guidance on Superannuation Tax Reforms
The ATO has also released a number of draft law companion guidelines (“LCGs”) on the implementation of various superannuation tax reforms.
- Superannuation regulations reforms package
Following the passage of superannuation reforms on 29 November 2016, on 16 December 2016, the Government released for public consultation a further tranche of draft regulations and associated explanatory materials.
- Labor’s superannuation reform package proposal
Notwithstanding that the main parts of the Government’s Superannuation Reform Package have been enacted – it is worth noting the opposition’s super reform package ‘response’ which was released by Labor’s Chris Bowen on 8 November 2016. It contains several proposals which would have gone further than the Government’s reforms in reducing superannuation tax benefits.
- Superannuation Fund Merger Rollover Relief
In response to the final report of the Financial Systems Inquiry (FSI), the Government agreed to support the development of more efficient retirement income products and to assist trustees offering these products to members. Following this support, on 15 December 2016, the Government released for public consultation a discussion paper addressing the key issues in developing the framework for Comprehensive Income Products for Retirement (CIPR), or MyRetirement products.