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Super reform: the latest legislative changes


Legislation has been introduced into parliament to enact the super reforms announced in the 2016/17 Federal Budget.


 

Super legislation introduced into parliament

Legislation has been introduced into parliament to enact the super reforms announced in the 2016/17 Federal Budget.

The legislation is mainly in line with drafts released in September and October. The reforms are as follows:

  • Legislating the objective of superannuation
  • Introducing a $1.6m cap on amounts transferred to commence pensions, except for transition to retirement pensions
  • Reforming the taxation of concessional contributions
  • Lowering the annual non-concessional contributions cap from $180,000 to $100,000
  • Introducing the low income superannuation tax offset
  • Allowing tax deductions for personal contributions
  • Allowing catch-up concessional contributions where a person has a balance under $500,000
  • Extending the spouse contribution tax offset by increasing the income threshold
  • Removing barriers to innovation in retirement income stream products
  • Improving the integrity of transition to retirement income streams
  • Abolishing the anti-detriment rule in relation to death benefit lump sums
  • Streamlining administrative processes for excess amounts

What's changed since earlier legislative drafts?

Since draft legislation was first tabled, and following public consultation, a number of changes have been made. Learn more

 

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