Most Read Contributor in Australia, September 2016
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
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.
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