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  • Superannuation changes industry roadmap

    The Superannuation changes industry roadmap is an overview of the changes impacting the superannuation industry.

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    Overview

    We are committed to maintaining a strong, coordinated consultation framework across the super industry and giving industry confidence, clarity and certainty on key dates, approaches and requirements.

    This information details the changes affecting the super industry up until the end of June 2023. The information will be updated every quarter or following major changes or announcements.

    Download Changes impacting the Superannuation industry November 2022 (PPTX, 80KB)This link will download a file.

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    Resources

    Advice and guidance available to help you through the changes includes:

    Deployment timelines

    Your Future Your Super

    ATO deployment

    • October 2022 to December 2022 – ATO to design and build functions for software providers to give employers the option to automate the request for Stapled Super Fund details into employer payroll systems.

    KiwiSaver

    ATO deployment

    • October 2022 to February 2023 – ATO to design and build functions enabling New Zealand residents to request transfer of unclaimed super money (USM), from the ATO to a KiwiSaver provider in New Zealand.

    Industry deployment

    • November 2022 – Super funds may see a reduction in unclaimed super money (USM) transfers from the ATO when a member is transferring super to a KiwiSaver product for New Zealand individuals.

    Downsizer Contributions

    (Note: Pending legislation)

    ATO deployment

    • October 2022 to July 2023 – ATO to update eligibility by decreasing the lower limit to 55 years old. Commencement date to be confirmed.

    Change control

    Change control deliverables

    Deliverable

    Change

    Version

    KiwiSaver

    Updated to reflect next phase of project delivery

    November 2022

    Your Future, Your Super

    Updated to reflect next phase of project delivery

    November 2022

    Downsizer Contributions

    Added as announced in October 2022 Federal Budget

    November 2022

    Your Future, Your Super

    Updated to reflect changed delivery timelines

    July 2022

    KiwiSaver

    Updated to reflect changed delivery timelines

    July 2022

    Account Matching Service

    Removed as project currently on hold

    July 2022

    SMSF Legacy Retirement Product Conversions

    Removed as legislation has not progressed at this stage

    July 2022

    Downsizer Contributions

    Removed as project delivery is complete

    July 2022

    Remove Excess Concessional Contribution Charge

    Removed as project delivery is complete

    July 2022

    Repeal Work Test

    Removed as project delivery is complete

    July 2022

    First Home Super Saver Scheme

    Removed as project delivery is complete

    July 2022

    Super Guarantee Threshold

    Removed as project delivery is complete

    July 2022

    Visibility of Super in Family Court Proceedings

    Removed as project delivery is complete

    July 2022

    Super Guarantee Threshold

    Updated to reflect law passage

    February 2022

    Downsizer Contributions

    Updated to reflect law passage

    February 2022

    First Home Super Saver Scheme

    Updated to reflect law passage

    February 2022

    KiwiSaver

    Updated to reflect changed timing for project delivery

    February 2022

    Account Matching Service

    Added as this change was announced in the December 2021 MYEFO update

    January 2022

    Your Future, Your Super

    Updated to reflect next phase of project delivery

    January 2022

    Visibility of Super in Family Court Proceedings

    Updated to reflect next phase of project delivery

    January 2022

    SMSF and Small APRA Fund member increase

    Updated to reflect next phase of project delivery

    January 2022

    Remove Excess Concessional Contribution Charge

    Updated to reflect next phase of project delivery

    January 2022

    Recontribution of COVID-19 early release of super contributions

    Updated to reflect next phase of project delivery

    January 2022

    Repeal Work Test

    Updated to reflect next phase of project delivery

    January 2022

    First Home Super Saver Scheme

    Updated to reflect next phase of project delivery

    January 2022

    Downsizer Contributions

    Updated to reflect next phase of project delivery

    January 2022

    Super Guarantee Threshold

    Updated to reflect next phase of project delivery

    January 2022

    SMSF Legacy Retirement Product Conversions

    Updated to reflect next phase of project delivery

    January 2022

    KiwiSaver

    Updated to reflect next phase of project delivery

    January 2022

    Super Stream Rollovers v3 (including SMSFs)

    Removed as project delivery is complete

    January 2022

    Reuniting More Superannuation

    Removed as project delivery is complete

    January 2022

    Your Future Your Super

    Clarified deliverable timeline following Bill passing

    June 2021

    SMSF & small APRA fund member increase from 4 to 6

    Clarified deliverables and timeline following Bill passing

    June 2021

    Remove excess concessional contribution change

    Added as this change was passed as an amendment on 17 June 2021

    June 2021

    Recontribution of COVID-19 early release of super contributions

    Added as this change was passed as an amendment on 17 June 2021

    June 2021

    Flexibility for Older Australians

    Removed and impact carried over to ‘Repeal work test’

    June 2021

    Repeal Work Test

    Added as a change was announced in the 2021–22 Federal Budget

    June 2021

    Note: Change control is limited to the past 12 months.

      Last modified: 25 Nov 2022QC 52654