The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 16 June 2015, the Tax and Superannuation Laws Amendment (2015 Measures No 1) Bill 2015 was passed by the House of Representatives with amendments, which will apply in relation to the 2015-16 and later income years. According to the revised Explanatory Memorandum, the Bill "makes a number of miscellaneous amendments to the taxation, superannuation and other laws… [and] … include style and formatting changes, the repeal of redundant provisions, the correction of anomalous outcomes and correction to previous amending Acts."
- On 17 June 2015, the ATO amended its information page regarding superannuation data and payment standards and associated schedules. It noted that the Superannuation Data and Payment Standards 2012 Legislative Instrument was registered on 11 January 2013 which sets out the standard for super data and payments. The ATO also noted that a compilation was registered on 6 June 2014 which took into account amendments in the Superannuation Data and Payment Standards (Contributions Transitional Arrangements) Amendment 2014.
- On 17 June 2015, the ATO announced that although medium to large employers should still aim to be SuperStream ready by the 30 June 2015 compliance date, the ATO is extending compliance flexibility until 30 October 2015.
- On 18 June 2015, the Superannuation Guarantee (Administration) Amendment Bill 2015 passed the Senate without amendment. The Bill aims to simplify the situations in which a standard choice form must be provided to an employee by an employer. In particular, the form is not required for a temporary resident or when superannuation funds merge. In June 2015, the Senate Economics Legislation Committee determined that the Bill contained no substantive matters that required examination.
- On 18 June 2015, the ATO updated its website regarding lost and unclaimed superannuation. It noted that legislation is being developed to implement the 2015-16 Budget commitment to reducing "red tape" to make it easier for individuals to find lost or unclaimed superannuation.
- On 22 June 2015, the Social Services Legislation Amendment (Fair and Sustainable Pensions) Bill 2015 passed the House of Representatives with 6 amendments, which included the removal of several schedules. In particular, Schedule 1 was removed from the Bill, which dealt with Defined benefit income streams. Schedule 1 proposed to introduce a 10% cap on income which could be excluded when applying the social security income test.