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ARTICLE · 27 JUNE 2013

Final bills to implement Stronger Super reforms pass the Senate

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The four Bills relating to the Government's Stronger Super reforms were passed by the Senate and now await Royal Assent.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

The following four Bills relating to the Government's Stronger Super reforms were passed by the Senate on 24 June 2013 and now await Royal Assent:

  • Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013;
  • Tax and Superannuation Laws Amendment (Increased Concessional Contributions Caps and Other Measures) Bill 2013;
  • Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Bill 2013; and
  • Superannuation Laws Amendment (MySuper Capital Gains Tax Relief and Other Measures) Bill 2013.

BACKGROUND

As part of the Government's Stronger Super reforms, the Government has introduced a new low-cost default superannuation product called 'MySuper' which will be offered from 1 July 2013. It has also introduced governance measures intended to heighten the obligations of superannuation trustees in managing superannuation fund assets.

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