Commonwealth Budget 2022-23: Summary For Superannuation Trustees

Direct from Parliament House, Gabriela Pirana senior associate at QMV Legal has prepared the following summary of superannuation related announcements in the Federal Budget 2022-23.

Federal Budget 2022-23: Key Changes Superannuation

• The 50 percent reduction of the superannuation minimum drawdown rates for account-based pensions and similar products will be extended for another year to 30 June 2023;

• Minor amendments to commutations of certain income streams for the purposes of not exceeding the transfer balance cap for market-linked and life expectancy products only;

• Funding of $130.1 million over 4 years for the implementation of the Digital Economy Strategy and drive digital transformation activities;

• Commitment of $10.4 million in support of small businesses to enhance and redesign the Payment Times Reporting Portal and Register to make it easier to view the payment practices of Australia's largest organisations;

• Funding the development of IT infrastructure required to allow the ATO to share single touch payroll data with State and Territory Revenue Offices on an ongoing basis.; and

• Exclusion of a measure to pay superannuation on Commonwealth Parental Leave Pay as has been called for by many industry organisations.

There are further changes and measures which are also relevant, but you will need to open the document to see these.

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