Australian Government, A Plan to Simplify Superannuation

Simplified Superannuation

Tax Laws Amendment (Simplified Superannuation) Act 2007 and related legislation received Royal Assent on 15 March 2007.  These Acts generally apply from 1 July 2007. The related Explanatory Memorandum provides a detailed description of the changes and how the new system will operate. It also explains the current system to provide the context for the changes.

The Superannuation Legislation Amendment (Simplification) Act 2007 received Royal Assent on 15 March 2007.  The Act includes consequential amendments required to implement the reforms. It also includes amendments to improve the arrangements in respect of lost and unclaimed superannuation and updates references to superannuation law contained in various Acts.

The Government’s proposal as announced on Budget night can be found in the Detailed Outline and the proposed system including the changes made as a result of consultation can be found at Simplified Superannuation – Final Decisions. These publications should be read in conjunction with the Tax Laws Amendment (Simplified Superannuation) Act 2007, and related legislation and Explanatory Memoranda because in some cases the final policy outcomes changed from what was proposed in these documents.