Treasurer Scott Morrison has said that the new wave of superannuation reforms will be in parliament by the end of this year. The third tranche of reforms was released recently, with legislative amendments focusing on superannuation tax concessions. Impediments are not expected.
The latest round of proposals includes reductions to the annual non-concessional contributions cap to $100,000, with restricted access for individuals with super balances under $1.6 million.
The reforms will include amendments to administrative arrangements regarding superannuation simplicity, to ensure it is consistent for everyone. With consultations now closed, the government will now consider the submissions.