The Federal Government included some super updates in the Mid Year Economic and Fiscal Outlook 2012-13 (referred to as a mini budget by many people) released on 23 October 2012. However, these updates do not impact on the basic tax structure of the system.
The key areas affected are:
- Delay in the start of SuperStream
- Income stream tax exemptions continue after death
- More accounts will be transferred to the ATO
- Reduced SuperStream levies to funds