The Minister for Financial Services and Superannuation has released a Proposals Paper to ensure that tax considerations are not an impediment to superannuation funds seeking to merge and consolidate in response to the Stronger Super reforms. The taxation relief will also ensure that default members of superannuation funds are not adversely affected if their superannuation benefits and relevant assets are transferred under the MySuper reforms.
The Proposals Paper sets out, in broad terms, how the tax relief may be implemented and will form the basis of consultation on the policy design of this measure.