2025 Superannuation Webinar Series

Next year we’ll be running a webinar series which will have something “Super” for everyone.

For Australians, Superannuation frequently comes second, behind the family home, in asset value.

It’s compulsory for many of us and is a very tax effective way to save for retirement.

Understanding how it works is an important part of managing your finances.

The webinars will all run from 12 – 1 pm on a Wednesday. Book now for one or all sessions.

26 February 2025 | Superannuation Contribution Options

Have you ever wondered if you’re making the most of the options available to you or do you even know what all the options are? Join our webinar to find out. Register Here

19 March 2025 | Nearing Retirement

Are you starting to think about retirement and wondering when you’ll be financially fit to make the move? Join our webinar to run through what you need to consider. Register Here

9 April 2025 | Considerations for Retirees

You’re about to retire or have already. Is superannuation still something you need to think about? Join our webinar and make sure you are up to date and still making the right decisions for you and your family. Register Here

Recent Government Announcements

Superannuation on Paid Parental Leave

The bill to provide super on paid parental leave was passed by the Senate in September and will commence from 1 July 2025.

Eligible parents with babies born or adopted on or after 1 July 2025 will receive an additional payment.

The additional payment will be based on the Superannuation Guarantee (12% of their Commonwealth Paid Parental Leave payments), as a contribution to their nominated superannuation fund.

The number of weeks of paid leave will also increase from 22 to 24 weeks on the same date. From 1 July 2026 the scheme will increase to 26 weeks of paid leave.

SMSF Trustee Penalties Increased

From 7 November 2024 the Taxation Office has increased the administrative penalties that apply to SMSFs that have breached the superannuation rules.

This FocusOn details the Penalty Regime that is in place and how it applies to trustees. It also details the penalties that may apply for different types of breaches.

Pending Legislation

Proposed Reduction in tax concessions on Super Balances over $3m (Division 296 tax)

The legislation for this measure has still not been debated in the Senate and lobbying of Senators continues.

It is possible that this new tax will never see the light of day.  It may be debated in February 2025, but this will depend on when the next general election is called.

The intended start date for the legislation is 1 July 2025, with assets being measured against the $3 million cap on 30 June 2026.

See the November 2023 Super Update for details of this proposed new tax.

Legacy Pension Reforms

Draft regulations were released in September providing a framework for unwinding legacy pensions cleanly and simply for members who choose to do so.

“Legacy Pensions” is the term used for old style pensions, such as market linked, lifetime complying or life expectancy pensions. These have not been able to be commenced in a SMSF for decades. While they provide Government Age Pension benefits, they also have very strict conditions which mean they cannot be cashed or turned into account-based pensions. Currently they can only be commuted if the money is used to acquire another legacy pension.

The draft regulations provide a 5-year limited window for full commutation without the need to acquire a new legacy pension.   Doing this will have implications for those receiving the Government Age Pension but will also allow some older members to simplify and/or wind-up their SMSFs.

It appears that the tabling of these regulations will be dependent on the Div 296 tax (above) making it through the Senate.

Payday Super compulsory from 1 July 2026

Draft legislation has not yet been released but on the 18 September, the Government announced further policy design details for this reform including:

• An updated Super Guarantee Charge (SG Charge) framework
• Businesses to be liable for SG Charge if super contributions are not received by employees’ superannuation fund within 7 calendar days of payday.
• Revised choice of fund rules will make it easier for employees to nominate their superannuation fund when they start a new job.

A revised Factsheet can be found here.

Objective of Superannuation

The “Superannuation (Objective) Bill 2023” was passed by the Senate last week. The Bill was first introduced on 16 November 2023.

This bill enshrines the objective of super being “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.

As stated, preservation remains fundamental to superannuation and in future policy-makers will need to demonstrate to the Parliament, and Australians, how any proposed changes to superannuation law are consistent with this objective.

The bill is not intended to change how members can currently access their superannuation.