While the Federal Government has not announced any major new superannuation measures, the superannuation sector will nevertheless face heightened oversight.
High-risk superannuation arrangements and managed investment schemes will be subject to increased scrutiny, supported by $17.8 million in funding to strengthen governance, supervision, and enforcement of managed investment schemes, together with a further $86.3 million committed to delivering Phase 2 of the Counter Fraud Strategy, which will enhance the ATO's capacity to detect and prevent fraud. In addition, legislation passed earlier this year to increase taxation of high superannuation balances is expected to generate an additional $20 million in revenue.
Superannuation and Managed Investment Schemes the target of increased compliance measures
- The Government will provide $17.8 million over four years from 2026–27 (and $1.4 million per year ongoing) to strengthen governance requirements, supervision and enforcement in relation to managed investment schemes. This will include:
- $10.3 million in 2026–27 for the Australian Securities and Investments Commission (ASIC) to enhance its ability to utilise data in its supervision of the managed investment scheme sector;
- $7.6 million over four years from 2026–27 (and $1.4 million per year ongoing) for ASIC, the Office of the Australian Auditing and Assurance Standards Board and the Treasury to strengthen governance requirements for managed investment schemes; and
- consulting publicly on new data collection powers in relation to managed investment schemes.
- It is anticipated that cost recovery by ASIC will partially meet the cost of these measures.
- This is in addition to the Government’s expenditure of $86.3 million (over four years) to deliver Phase 2 of the Counter Fraud Strategy that is aimed at enhancing the ATO’s ability to detect and prevent fraud in relation to, among other things, high-risk superannuation changes.
- The Government is also publicly consulting on options to strengthen the superannuation performance test to remove any unintended barriers to investment and ensure it remains fit for purpose.
Increased superannuation tax expected to generate $20 million
- Final policy parameters for the Federal Government's recently enacted superannuation reforms — including changes to the Low Income Superannuation Tax Offset and practical changes to the Better Targeted Superannuation Concessions (Division 296, imposing an additional 15% tax on earnings attributable to superannuation balances between $3 million and $10 million, and an additional 25% tax on earnings attributable to balances above $10 million) — are expected to increase receipts by $20.0 million over the five years from 2025–26.
- The relevant legislation (Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026 and Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026) received Royal Assent on 13 March 2026, and financial impacts of such were reflected in the 2025–26 MYEFO measure Superannuation reforms – Boosting the Low Income Superannuation Tax Offset and practical changes to Better Targeted Superannuation Concessions.
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