Super Alert – 13 March 2026: Bills re Low Income Superannuation Tax Offset and tax concession settings for large super balances, APRA quarterly statistics

Welcome to the weekly KHQ Super Alert. This week Parliament passed two Bills that will update the thresholds for the Low Income Superannuation Tax Offset and tax concession settings for large superannuation balances. APRA published its latest quarterly superannuation industry publication and a new Bill proposing some changes to AML/CTF laws was introduced to Parliament.

Parliament – Bill introduced proposing greater powers for AUSTRAC CEO

On 12 March 2026, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2026 (Cth) was introduced to the House of Representatives. According to the Explanatory Memorandum, the Bill proposes to amend the AML/CTF Act to introduce a framework so that the AUSTRAC CEO can ‘restrict or prohibit, via legislative instrument, a reporting entity from using a product, service, delivery channel or thing (the high-risk mechanism) to provide a designated service’.

The purpose of the change is ‘to ensure the anti-money laundering and counter-terrorism financing (AML/CTF) regime remains responsive to emerging money laundering, terrorism financing and other financial crime threats both now, and in the future’. Other technical amendments are also proposed to the AML/CTF Act as part of this Bill.

Click here for details.

ATO – Updated industry changes roadmap

On 12 March 2026, the ATO released an updated roadmap which ‘details changes to information technology that affect the super industry to the end of February 2026’. The ATO updates this information whenever there are major changes or announcements.

Click here for details.

APRA – Quarterly superannuation statistics released

On 11 March 2026, APRA released the latest quarterly superannuation industry publication, quarterly superannuation product statistics and the quarterly fund-level statistics. These materials contain ‘data on superannuation products, investment options, member demographics’ for the quarter ending 31 December 2025.

Click here, here and here for details.

ASIC – Speech in relation to growth of industry

On 11 March 2026, ASIC published a speech delivered by ASIC Commissioner, Simone Constant. The key comments from the speech included the following:

• ‘By 2030, industry projects that Australia’s superannuation pool could be approaching $6 trillion dollars, which is more-or-less where the banks are today… super will one day – and one day not too far away – be the biggest part of our economy.’;
• ‘…there are still growing pains. Take [ASIC’s] current review into how trustees use complaints to identify and address service issues as an example.’;
• ‘It’s absolutely true that some of the challenges you are facing are complex…[but] there’s plenty of low hanging fruit…one of the ripest areas for early action remains scams.’

Click here for details.

Parliament – Bills amending tax concessions for large superannuation balances passed

On 10 March 2026, the following Bills passed both Houses of Parliament:

• Treasury Laws Amendment (Building a Stronger and Fairer Super System) Bill 2026; and
• Superannuation (Building a Stronger and Fairer Super System) Imposition Bill 2026.

As noted in our Super Alerts of 13 February 2026 and 30 January 2026, the Bills:

• ‘reduce the tax concessions available to individuals with [total superannuation balances] exceeding the large superannuation balance threshold, which is $3 million for the 2026-27 income year’;
• reduce the tax concessions available to ‘individuals with a [total superannuation balance] exceeding the very large superannuation balance threshold, which is $10 million for the 2026-27 income year’; and
• increase the eligibility threshold for the Low Income Superannuation Tax Offset (LISTO) and otherwise ‘aligning the LISTO with broader income tax and superannuation settings’.

The amendments to the current settings made by the Bills, other than the LISTO changes, come into effect on 1 April 2026. The LISTO changes come into effect on 1 July 2027.

Click here, here and here for details.

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