Australia

Details

  • Service: Tax, Superannuation & Pension Funds
  • Industry: Financial Services, Superannuation
  • Type: Regulatory update
  • Date: 5/04/2013

Tax in Focus: Reforms to superannuation 

On 5 April 2013, the Australian Government announced a range of reforms aimed at improving the fairness, sustainability and efficiency of the superannuation system. This brief provides an overview of the reforms and insights into the implications for the superannuation industry.

Reforms include:

 

  • tax exemption for earnings on superannuation assets supporting income streams will be capped at $100,000, with a concessional tax rate of 15 percent applying thereafter
  • design and administration of the higher concessional contributions cap will be simplified
  • treatment of concessional contributions in excess of the annual cap will be reformed
  • the normal deeming rules to superannuation account-based income streams will be extended
  • concessional tax treatment to deferred lifetime annuities will be extended
  • further reforms to the arrangements for lost superannuation.

 

This Tax in Focus brief provides commentary based on the limited material available to date.

 

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KPMG’s Superannuation & Pension Funds provides tax, advisory and compliance services to public sector, public offer, industry and corporate funds.

Superannuation

KPMG's Superannuation practice offers a range of services to superannuation funds, life offices, employers and fund trustees.