The Treasurer's 2015 Budget does not contain any changes to the taxation of superannuation benefits or contributions, or to the rules for the age at which benefits can be accessed on retirement.

The Treasurer has reiterated that there "will be no new taxes on superannuation under this Government", and said he wants to "reassure all Australian workers they can have confidence in their retirement plans".

After years of changes to superannuation rules, impacting on the confidence in this industry, this is welcome news.

Measures with direct impact are:

  • streamlining the lost member and unclaimed superannuation rules. The measures will have effect from 1 July 2016, although at this stage there is little detail available about them; and
  • extending rules which allow early release of superannuation benefits for members with a terminal medical condition. As announced on 7 May, regulations governing early access will be changed so that a person will qualify for early access on the grounds of suffering a 'terminal medical condition' if they obtain certification from medical specialists that they have less than 24 months to live. Currently the life expectancy certification period is less than 12 months. The change will come into effect from 1 July 2015.

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.