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Super Update: Budget changes draft legislation released

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January 29, 2021

Trustees await further detail to support draft legislation on the three major Budget changes to superannuation with consultation now closed.

Consultation has closed on draft legislation to enact the three major Budget changes to super – stapling, the underperformance test and changes to the best interests duty – but much of the detail to support these laws, particularly regulations and information on new powers for APRA, has yet to be released.

In our first Super Update for 2021, we provide a comprehensive outline of the main aspects for trustees to consider ahead of the proposed start date of 1 July.

This issue also covers a new ASIC Regulatory Guide on the design and distribution obligations that commence in October, and detail on various papers and consultations released late last year.

We also look at the Retirement Income Review, noting that the government’s comments since its release suggest an increased likelihood of a deferral to the Superannuation Guarantee rate increase.

Our news in brief includes the new portfolio holdings deferral instrument, details of the latest MySuper Heatmap and a round-up of APRA publications, along with our guide to key changes.

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