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Superannuation Changes

Posted on October 28, 2021 by Roslyn Little

Amendments to superannuation law introduced into Parliament on Wednesday (27 October) will, among other things, ensure the removal of a structural discrimination, in place since 1992, which has barred employees with an income of under $450 per month from accessing the superannuation guarantee.

The $450 threshold removal was part of the government’s budget promise to women and was flagged as a move to ensure low-income earners, particularly women and younger Australians, have access to adequate retirement savings.

Commenting on the government’s introduction of legislation that will scrap this barrier, the Association of Superannuation Funds of Australia (ASFA) said if Parliament approval is granted some 300,000 people stand to benefit, of whom approximately 63 per cent are female.