Govt tidies up reportable super rules
The Federal Government has moved to tidy up the reportable superannuation rules relating to people receiving government financial assistance.
The Assistant Treasurer, Bill Shorten (pictured), introduced to the Parliament this week legislation amending the definition of reportable employer superannuation contributions (RESC).
He said the amendment would apply retrospectively back to July 2009 when the original RESC arrangements were first legislated and had followed consultation with both the industry and the public.
Explaining the new arrangements, Shorten said that if a working Australian received government financial assistance and, as a result, received additional superannuation contributions because the amount was prescribed by law or the rules of a super fund, they would no longer be considered as receiving RESC.
“It means we’re not penalising people who are saving for their retirement through superannuation but who still require assistance,” Shorten said.
He said amendments gave effect to the Government’s original intention that RESC should only be those contributions that employees could control such as salary sacrifice-like arrangements.
AUTHOR
Mike Taylor
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
