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Compliance & Regulation

Govt tables third tranche of draft super laws

Treasurer Scott Morrison.

Treasurer Scott Morrison.

The federal government has released the final tranche of exposure draft legislation and explanatory material for the superannuation reforms first announced in the 2016 budget.

The third tranche, announced on 14 October, included legislative amendments to better target superannuation tax concessions by reducing the annual non-concessional contributions cap to $100,000 and restricting eligibility to those individuals with super balances below $1.6 million.

It also included further amendments to make administrative arrangements simpler and more consistent for individuals and superannuation providers.

Treasurer Scott Morrison reconfirmed the government remained on track to have the super reform measures introduced into the Parliament before the end of the year.

“This will provide taxpayers with certainty so they can make decisions about their savings and superannuation with confidence,” Morrison said.

“Introducing the legislation also provides superannuation trustees with the certainty they need to implement these reforms.

“With the support of the Senate, there will be no impediment to this occurring.”

Submissions for the exposure draft bill and explanatory memorandum closed on 21 October.

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