How might your super be changing?
A number of changes to superannuation have been proposed in the Federal Budget handed down on 6 October 2020. These changes have yet to be legislated. They include:
Changes to the default superannuation system to ‘staple’ members to accounts
The federal government has announced it intends to make changes that will ‘staple’ a member to a super account, to reduce the number of duplicate accounts created. This may have an impact on consumer protections that are currently in place.
New YourSuper comparison tool
The Federal Budget 2020 announced the government will introduce an online comparison tool to provide Australians with information about fees and returns.
Australian Tax Office systems to assist in how employees select their superannuation fund
The federal government has announced the Australian Taxation Office will develop systems so that new employees will be able to select a superannuation product through the YourSuper portal.
Other minor changes
Including changes to super minimum draw down rates and eligible rollover fund arrangements.
Stimulus payments for Age Pension recipients
The Federal Budget 2020 announced two separate $250 economic support payments, to be made from November 2020 and early 2021 to eligible recipients including aged, carer, family and disability welfare recipients, and health care card holders.