The suite of superannuation taxation reforms affecting contributions, CGT relief and transition to retirement income streams have passed through Parliament.
Revenue and Financial Services Minister Kelly O'Dwyer said the amendments under the Treasury Laws Amendment (2017 Measures No. 2) Bill will "improve the fairness, sustainability, and flexibility of the superannuation system."
The amendments ensure superannuation tax concessions are well targeted and affordable; allows people to save for retirement; and supports retirement incomes - not merely for tax minimisation or estate planning purposes, the Bill said.
Among the reforms is a relaxation in rules around transition to retirement income streams strictly being in the retirement phase.
Additionally, members receiving a type of settlement or personal injury order will no longer have to pay tax on their superannuation income streams.
The new transfer balance cap rules also support repayments made under a Limited Recourse Borrowing Arrangement in certain circumstances.
"As part of this Bill, the Government has also refined changes to personal and corporate insolvency law made by the Insolvency Law Reform Act 2016. This change will reduce legal complexity, increase certainty for insolvency practitioners and remove unnecessary costs from insolvency proceedings," she said.