The Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013 amends a number of Acts to pave the way for the introduction of the Stronger Super regime.
The Tax and Superannuation Laws Amendment (Increased Concessional Contributions Caps and Other Measures) Bill will increase the concessional contributions cap to $35,000 for the 2013/2014 financial year for individuals aged 60 and over, and to $35,000 for the 2014/2015 financial year for individuals aged 50 and over.
The Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013 imposes a 15 per cent tax on income earners whose income and concessionally taxed superannuation contributions exceed $300,000 for an income year.
The Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013 amends the Income Tax Assessment Act 1997 to provide relief to superannuation funds where there is a mandatory transfer of a default members’ account balances to a MySuper product in another superannuation fund.
Minister for Financial Services and Superannuation Bill Shorten said the passage of the bills “marks the completion of Labor’s ambitious superannuation reform agenda”.
“Labor’s reforms in government show we have been willing to negotiate pragmatic reforms necessary to safeguard the future of our world-class superannuation system, while staring down vested interests resistant to our necessary and future-focused reforms,” said Mr Shorten.
The Association of Superannuation Funds of Australia (ASFA) called for “pragmatism” when it came to the implementation of the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013.
“With 1 July looming, the late passage of this Bill has left funds with just under a week to ensure they comply. Given that there are still many details which need to be determined in relation to implementation, we are calling on regulators to be pragmatic in their approach to enforcing compliance,” said ASFA chief executive Pauline Vamos.
