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2023 list of legislative updates
This page shows legislation for the 2023 calendar year which we are keeping an eye on. It is updated throughout the year. Please note that:
The Optimo Pathfinder model only includes legislation that has been passed in both houses of parliament and received Royal Assent from the Governor General. However, we are constantly monitoring proposed changes so that if they become law, Pathfinder is updated quickly.
If you did your case analysis before a change was implemented, you can refresh your results with the new legislation by by clicking the Start solve button at the Solve sub-step (under the Results step ).
For the latest list of technical and legislative updates, please see Summary of releases
Change | Status* | Details | Release notes |
|---|---|---|---|
Work bonus - From 1 January 2024, new age pensioners get an initial work bonus balance of $4,000; and the maximum accruable balance is increased to $11,800 for all age pensioners. | Implemented 25 March 2023 | Social Security and Other Legislation Amendment (Supporting the Transition to Work) Bill 2023 | |
2023/24 Budget - Super balances with balances of $3 million or more will be taxed at higher rates. | Being monitored - was not passed in 2023. | - | - |
2023/24 Budget - Confirmation of the end of the reduced account-based pension draw down rates. They were halved as part of the 2020 pandemic measures, and already slated to return the full values in the 2022/23 budget. | Implemented | - | Already implemented as part of the 2022/23 budget Technical update: 2023 Budget changes, CPI and AWOTE (Voss v2) |
*Explanation of Statuses
Status | Meaning |
|---|---|
Being monitored | The bill has been proposed, but has not been given Royal assent. Optimo is keeping an eye on it, and it has not been implemented in Pathfinder. |
Implementation in progress | The bill has been passed, given Royal assent, and work is in progress to implement this in Pathfinder. |
Implemented | The bill has been passed, given Royal assent, and has been implemented in Pathfinder. |
Will not be implemented | The bill has been passed and given Royal assent, but will not be implemented in Pathfinder because it is not a popular scheme. However, you can contact us to request a workaround. |
No longer proposed | This proposal has been scrapped. It is not in Pathfinder, and will not be implemented. |