SolePurposeTest | Superannuation & SMSFs

Liberal superannuation policies for the 2019 Federal election

April 23, 2019April 23, 2019

What are the Liberal’s superannuation policies heading into the 2019 Federal election? No new or higher taxes on superannuation The Liberals have promised no new or higher taxes on superannuation, echoing similar promises made by the Liberals in prior years. Raising ‘Work Test’ age Announced ahead of the 2019 Budget,… Read More »

Class Super updated with “significant” TBAR enhancements

April 23, 2019April 23, 2019

Class Ltd has announced “significant” enchantments to the Transfer Balance Account Reporting (TBAR) functionality in Class Super. This comes at the same time as the ATO is rolling out its Online Services for Tax Agents – which includes features allowing Tax Agents to view Transfer Balance Cap details and lodge… Read More »

Xero launches Payroll Only plan for Single Touch Payroll

April 23, 2019April 18, 2019

Xero has launched a payroll-only solution for smaller employers ahead of their Single Touch Payroll start date. Single Touch Payroll (STP) involves employers reporting information – including salary and wages, PAYG Withholding and superannuation – to the ATO each pay cycle. Large employers are already using STP; small employers (19… Read More »

Labor superannuation policies for the 2019 Federal election

April 18, 2019April 23, 2019

What are Labor’s superannuation policies heading into the 2019 Federal election? No new or higher taxes on superannuation Labor leader Bill Shorten has joined Scott Morrison in promising no new or higher taxes on superannuation. Though he later qualified this to mean in addition to already announced policies, and argued… Read More »

Former MP Bernie Ripoll joining SMSF Association Board

April 18, 2019April 18, 2019

Former MP Bernie Ripoll is joining the SMSF Association Board, effective immediately, the Association has announced. Ripoll is known for his work on the financial services industry. He Chaired the Parliamentary Inquiry into financial products and services in Australia – which is sometimes called the Ripoll Report. Ripoll will replace… Read More »

Super funds heading for disappointing, but positive, 2018/19 returns

April 18, 2019April 17, 2019

Super funds are likely heading for a disappointing, though positive, investment return for the 2018/19 financial year. SuperRatings said super funds were facing a “grim” financial year, given challenges to global growth following “sharp” losses in the December quarter. SuperRatings has the ‘median balanced option’ at 3.2%, which “so far… Read More »

Liberals and Labor promise no new or higher taxes on superannuation

April 16, 2019April 24, 2019

Both the Liberals and Labor have promised no new or higher taxes on superannuation. “Under my government there will be no higher taxes or new taxes on superannuation. Not now, not ever. Not now, not ever,” said Prime Minister Scott Morrison. After Morrison made his announcement, Opposition Leader Bill Shorten… Read More »

Calling franking credits a ‘gift’ an insult to retirees: Morrison

April 16, 2019April 16, 2019

Prime Minister Scott Morrison has accused Opposition Leader Bill Shorten of insulting retirees by calling refunds of franking credits a ‘gift’. Labor has a policy of stopping refunds of excess franking credits. Shorten used his budget-in-reply speech earlier in April to argue for the policy: “If the tax office pays… Read More »

Retail funds lag behind industry funds and SMSFs in satisfaction

April 16, 2019April 16, 2019

Industry super funds and SMSFs both outpace retail super funds in consumer satisfaction with their financial performance. Figures released by Roy Morgan show that retail funds lag behind other types of super funds in terms of consumer satisfaction with financial performance. When comparing industry and retail fund the gap is… Read More »

The SMSF Party won’t be registered in time for 2019 election

April 15, 2019April 15, 2019

The SMSF & Self-Funded Retirees Party won’t be registered in time for the 2019 federal election, but is hopeful for the subsequent election. President of the Party, Grant Abbott, announced that “the SMSF Party Lives On – but not this election”. The SMSF Party was in the process of being… Read More »