Protecting Super Bill: Senate Committee report

The Senate Economics Legislation Committee has released its report on the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018, and has recommended that the Bill be passed.
The Bill, which is still before the Senate, contains the following measures to prevent the erosion of super balances:
• super fees capped at 3% per year for balances less than $6,000;
• exit fees banned for all super accounts, regardless of the balance;
• an insurance opt-in rule for:
- account balances less than $6,000;
- new members under age 25;
- accounts that have not received a contribution for 13 months; and
• inactive low-balance accounts (ie balance less than $6,000) will be transferred to the ATO.

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