Simplified Superannuation

The Tax Laws Amendment (Simplified Superannuation) Act 2007 will apply from 1 July 2007.

This Act implements the new superannuation rules announced in the last Budget. The final decisions can be found here. There are also fact sheets.

ASIC will supervise disclosure and implementation by super funds. ASIC said that it expects superannuation trustees to disclose the simpler superannuation changes to fund members within a timeframe that allows members to act on the changes.

ASIC also expects trustees to implement good practices and disclose the simpler super changes, prescribed under The Tax Laws Amendment (Simplified Superannuation) Act 2007, so that fund members are in a position to use this information and determine whether they need to make any changes to their superannuation arrangements.

UPDATE: A Speech by Raelene Vivian, Deputy Commissioner of Taxation to the Conference of Major Superannuation Funds sets out the immediate administrative impacts of the new law.