Federal Budget 2022-23: Funds & Superannuation

Current site :    AU   |   EN
China Hong Kong SAR
United Kingdom
United States

The Federal Government has announced certain measures in relation to funds and superannuation, focusing on digitalising reporting of trust income and extending the temporary reduction in superannuation minimum drawdown rates.

Digitalisation of trust income reporting and processing

The Government has announced that it will digitise trust and beneficiary income reporting and processing. This will enable all trust income tax returns to be lodged electronically (and benefit from increased pre-filling and automated ATO assurance).

The Government will initiate a consultation process to assist with finalising the policy scope, design and specifications.  The measure is to commence from 1 July 2024. 

Extension of the temporary reduction in superannuation minimum drawdown rates

The Government is proposing to extend the 50% reduction of the superannuation minimum drawdown requirements for account based pensions and similar products for a further year to 30 June 2023.

The minimum drawdown requirements determine the minimum amount of a pension that a retiree has to draw from their superannuation in order to qualify for tax concessions. 

No change to superannuation guarantee rate rise

There were no changes announced to the planned Superannuation Guarantee rate increase.  The rate will accordingly increase from 10% to 10.5% from 1 July 2022.

On 2 August 2022, the Aged Care and Other Legislation Amendment (Royal Commission Response) Bill 2022 was passed (Aged Care Bill), introducing important regulatory changes to Australia’s aged care sector. The Bill makes numerous legislative amendments, including to the Aged Care Act 1997 (Cth) (Aged Care Act) and the Aged Care (Transitional Provisions) Act 1997 (Cth) (Transitional Provisions Act), and responds to various recommendations made by the Royal Commission into Aged Care Quality and Safety (Royal Commission) Final Report (Report). The Report identified the provision of substandard aged care services and perceived systemic failures in the aged care sector.[1]

08 August 2022

The Federal Court has refused an application to stay proceedings to quantify compensation for patent infringement (quantum proceedings) pending the outcome of separate parallel proceedings challenging the validity of the infringed patent on new grounds. The case is significant as intellectual property cases are regularly bifurcated with liability determined separately damages or an account of profits. A patentee may also bring consecutive infringement cases and therefore have two separate cases considering invalidity issues for the same patent running in parallel.

03 August 2022

Since the introduction of a nationwide Marketing Authorization Holder (MAH) system in 2019, licenses have linked directly to therapeutic products rather than manufacturers.

03 August 2022