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QMV 2015 FEDERAL BUDGET

As anticipated, there were no

major announcements

impacting the superannuation

system. The budget does

include a number of minor

policies and announcements

related to the superannuation

and retirement system, three of

which are mentioned in the

following paragraphs.

APRA Levy Increase

The APRA supervisory levies

paid by RSE Licensees will

increase, resulting in $46.9m

additional revenue for the

Commonwealth over four years

from 2015/16. This will fully

recover the cost of

superannuation activities

undertaken by the Australian

Taxation Office and the

Department of Human Services.

Superannuation Fund Trustees

and service providers should

wait for further announcements

from APRA on the amount of

increases in levies.

Lost and Unclaimed

Superannuation

Lost and unclaimed

superannuation reporting and

administrative arrangements will

be reformed, removing

redundant provisions from 1 July

2016. The Government had

previously announced the

intention to increase the

threshold at which lost

superannuation is transferred to

the ATO from $2,000 to $4,000,

and later to $6,000.

These changes require that

changes to the SIS regulations

are tabled.

Terminal Illness Release

Condition

From 1 July 2015, access to

superannuation for people with

a terminal medical condition

will be expanded. Currently,

patients must have two

medical practitioners (including

a specialist) certify that they are

likely to die within one year to

gain unrestricted tax free

access to their superannuation

balance. The period will be

extended to be two years. This

will give terminally ill patients

earlier access to their

superannuation.

These changes require that

changes to the SIS regulations

are tabled.

Source: www.budget.gov.au

INTERNATIONAL TREATIES

Pensions and superannuation

and pollution from ships are the

focus of a report released by

the Treaties Committee.

The report examines the

Agreement on Social Security

between Australia and the

Republic of India. This

agreement ensures that the

responsibility for providing

benefits is shared, and that

people moving between

Australia and India to live or

work will find it easier to claim

benefits including the aged

pension and superannuation.

Source: Parliament of Australia

WOMEN IN SUPER

SCHOLARSHIPS

Women in Super (WIS) NSW

announced the 2015 winners of

the inaugural 2015 WIS – AGSM

@ UNSW Business School

scholarship programme. The

scholarship programme is

designed to enhance and

support women’s leadership

skills and encourage more

women to pursue roles in senior

management within the

industry. AGSM had initially

agreed to provide two

scholarships for executive short

courses for WIS members but

were so impressed with the

quality of the candidates they

increased the number to four.

Source: Women in Super

FINANCIAL LITERACY

The Financial Planning

Association of Australia (FPA)

has announced a partnership

with the not-for-profit social

enterprise, 10thousandgirl.

The aim is to assist people in

regional areas with advice on

money management, including

the importance of life insurance

and maximising

superannuation.

Source: FPA

SuperBrief Independent & Concise

Issue #19 of 2015: Friday, 15th May