Sweeping superannuation changes that will significantly
impact industry and all superannuants have been announced by the
Federal Government in its 2016/2017 Budget under the mantra of a
new purpose for superannuation – "to provide income in
retirement to substitute or supplement the Age
Industry reaction has been swift and relatively consistent. The
reforms are the most significant we have seen in terms of
superannuation and tax since the so-called Simpler Super changes in
Despite the Government's pre-election commitment to not
introduce any adverse changes to superannuation in this term of
Parliament, there are many who will be disappointed with the
Government's cuts to the concessional contributions cap and the
introduction of a lifetime cap for non-concessional
Service providers and industry participants will be justifiably
concerned with the complexity associated with measures seeking to
limit retirement balances in super to $1.6 million. Coupled with
other aspects of the proposed superannuation reforms, these
measures will mean investors may need to look elsewhere to house
It remains to be seen what impact the proposals will have on the
Government's retirement income strategy and reliance on the Age
Pension. What is certain is that the reform cycle for
superannuation will continue in earnest and confidence in the
system will continue to dive.
The table below (and attached by clicking download at the top of
this article) provides a high level summary of the major
superannuation and regulator reforms announced in the Budget. If
you have any queries about how these changes impact you, please
contact a member of our team.
$121.3 million over 4 years for surveillance and enforcement
activities in financial services. A particular focus for the money
is on financial advice, responsible lending, life insurance, breach
reporting and data analytics. Commentators have acknowledged that
this is effectively a reinstatement of cuts to ASIC's budgets
in previous years.
$6.2 million in 2016/17 to support the commencement of the
industry funding model for ASIC. The money is marked for developing
a levy calculator and improving internal billing and time recording
Provision of $144.5 million over 3 years from 2017/18 pending
the development of industry charging arrangements for ASIC has been
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