"Protecting your super" bill
Earlier this year, the Government proposed superannuation reforms that would impact a number of accounts and the insurance held within. Recently the 'Protecting Your Super' Bill was discussed in the Senate with the Opposition outlining their response to the Bill.
The original Bill outlined that those who fall into any of the categories below would have to opt-in to keep insurance inside their superannuation:
- Low balances of less than $6,000
- Under the age of 25 years
- Whose accounts have not received a contribution in 13 months and are inactive.
Read our recent article on the proposed change here.
Some of the changes that have been put forward by the Opposition are:
- Exemption from the obligations to support those working in dangerous occupations and those in physically demanding jobs
- Allowing 16 months of account inactivity to support mothers on parental leave and
- Possible deferral to 1 Jan 2020.
The Bill did not pass through both Houses of Parliament before the last sitting day and will now be discussed further in 2019 when the legislators return. We will keep you updated with the Bill's progress through Parliament.
If you would like to know more information on the Bill, please contact our Tech team here.