Government passes super reforms
The Federal Government has passed a series of Bills that aim to deliver a wide range of improvements to superannuation law. The reforms include capital gains tax relief and measures that implement the Government's Stronger Super commitments.
The package of reforms being implemented by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and the Superannuation Auditor Registration Imposition Bill 2012 passed through Parliament earlier this week.
"The measures further build on the Government's existing reforms to improve the efficiency and integrity of the superannuation system, which will increase the retirement outcomes for Australians," Minister for Superannuation Bill Shorten said.
Some of the changes include:
- Schedule 1 of the Bill restores the temporary tax relief in the form of loss relief and asset roll-over for mergers of superannuation funds with some changes. From 1 October 2011 to 1 July 2017, superannuation funds that merge can roll-over unrealised gains or losses on revenue and capital assets and allow the transfer of realised revenue losses and capital losses.
- Schedule 2 of the Bill will establish a new registration regime for self-managed superannuation fund (SMSF) auditors, commencing on 31 January 2013. The measure will require auditors to register with ASIC and satisfy a range of minimum standards.
- Schedule 3 of the Bill will expand the information required to be reported by superannuation providers in respect of their members.
- Schedule 4 of the Bill will improve the quality of information in the superannuation system, and facilitate fully effective electronic processing of transactions.