Overview of Reforms
From 1 July 2013 funds will be able to offer a simple, low cost default superannuation product called MySuper to improve the simplicity, transparency and comparability of default superannuation products. MySuper will have a number of features designed solely with the interests of members in mind.
On 1 July 2011, the Government commenced the implementation of SuperStream, a package of measures designed to enhance the 'back office' of superannuation. When fully implemented, these measures will improve the productivity of the superannuation system and make the system easier to use.
Self managed superannuation funds
The Government is implementing a range of measures relating to self managed superannuation funds (SMSF). Reforms in this area will improve their integrity and increase community confidence in the sector. They will also improve the operation and efficiency of the sector by enabling more efficient transactions, including rollovers from superannuation funds regulated by the Australian Prudential Regulation Authority.
The Government's measures to strengthen the integrity of the superannuation system will improve trustee and fund decisions, efficiency and effectiveness, and so help grow member superannuation entitlements.