Downsizer age limit reduced, faith-based performance test withdrawn
Two Bills impacting superannuation passed the Senate on 28 November 2022.
Downsizer contributions age limit reduced
Schedule 5 of the Treasury Laws Amendment (2022 Measures No. 2) Bill 2022 expands the eligibility for individuals to make downsizer contributions to their superannuation from the proceeds of selling their main residence by reducing the eligible age limit from 60 to 55.
The measure will commence on 1 January 2023.
Faith-based performance test carve outs negatived
Schedule 5 of the Treasury Laws Amendment (2022 Measures No. 3) Bill 2022 provided for a supplementary annual performance test for faith-based superannuation products.
The government moved an amendment to remove this schedule from the Bill in order to consider the broader question of values-based investments, including ESG investments, in the Your Future Your Super review. The amendment was agreed to and the Schedule removed from the Bill.
Financial Accountability Regime Bills delayed
Bills that would establish the Financial Accountability Regime have been removed from the Spring sitting notice paper after last minute amendments were proposed.
AIST understands that they will now be debated in a later sitting.