How might your super be changing?
A number of changes to superannuation have been proposed that have yet to be legislated. Generally, these proposed changes are announced during the Federal Budget each year. These currently include:
Self-managed super funds
The Federal Government's proposed raising of the maximum number of trustees allowed in a self-managed super fund from four to six and allowing funds with "a history of good record-keeping and compliance" to obtain an audit once every three years, instead of annually, have not yet eventuated.
No change to legislated super guarantee increase
The Federal Budget 2019 did not make any changes to the legislated increase in the super guarantee. It is still slated to begin with an increase from 9.5 per cent to 10 per cent on 1 July 2021 and rising to 12% by 2024.
In September 2019, the Federal Government re-introduced legislation to establish an amnesty for employers who haven’t been paying their workers their legal super entitlements.
Choice of fund
On 27 November 2019 the Treasury Laws Amendment (Your Superannuation,Your Choice) Bill 2019 was introduced into the House of Representatives. The Bill reintroduces amendments to the Superannuation Guarantee Administration Act that were previously introduced on 14 September 2017. The amendments propose that choice of fund be extended to all new workplace determinations and enterprise agreements made on or after 1 July 2020.