16 May SUPERANNUATION CHANGES RE FEDERAL BUDGET
TTIA Members were given an overview of the superannuation changes re the federal budget by email today.
Of particular interest for TTIA Members were the changes to a number of superannuation matters that need to be highlighted.
- The days of quarterly superannuation payments are gone.
- The Government will also oversee a greater focus on recovering unpaid super by medium and large businesses.
- Increased tax on super balances over $3 million.
- The Superannuation Guarantee (SGC) schedule of increases remains in place with the next increase, to 11%, on 1 July 2023. It will continue to increase by 0.5% on 1 July of each year until it reaches 12% in 2025.
- The COVID-19 minimum drawdown relief scheme for account-based pensions and annuities will not be extended, ending on 30 June 2023.
- No announcement made on the funding of superannuation on the Commonwealth Paid Parental Scheme.
It’s important to remind Members that many of the measures announced by the Treasurer as part of the 2023-24 Federal Budget, will need to be legislated before they come into effect.