Labor’s non-refundable franking credit policy unfairly targets SMSFs

Labor’s policy to stop most refunds of excess franking credits unfairly targets SMSFs, the SMSF Association has told an inquiry into franking credits. The House of Representatives Standing Committee on Economics has been conducting an inquiry into refundable franking credits – effectively an inquiry into the opposition’s policy to stop… Read More »Labor’s non-refundable franking credit policy unfairly targets SMSFs

Largest LIC asks for shareholder views on Labor franking credit policy

Four companies ASX-listed companies have written to their shareholders to ask for their views on Labor’s franking credit policy. One of these companies is Australian Foundation Investment Company Limited (AFIC), which is Australia’s largest Listed Investment Company and has a market cap of over $7 billion. “You may be aware… Read More »Largest LIC asks for shareholder views on Labor franking credit policy

Australia Institute runs full page ad in support of franking credit policy

The Australia Institute has bought a full page advert, and started a petition, in support of Labor’s policy to stop most refunds of excess franking credits. The ad ran over the weekend in The Saturday Paper: The Australia Institute calculates that the money raised from stopping refunds of franking credits… Read More »Australia Institute runs full page ad in support of franking credit policy

ATO to clear up SMSF ‘Registered – status not determined’ confusion

SMSFs will go from ‘Registered – status not determined’ to ‘complying’ on Super Fund Lookup quicker in a change announced by the ATO. Super Fund Lookup can be used to check the complying status of SMSFs, including for contributions or rollovers. Currently a new SMSF is shown as ‘Registered –… Read More »ATO to clear up SMSF ‘Registered – status not determined’ confusion

Piecemeal changes to franking credits is dangerous, says accounting body

An accounting body has criticised Labor’s franking credit policy as a piecemeal change that isn’t fair or equitable. Labor has a policy of stopping the refunds of excess franking credits for most taxpayers, with Age Pensioners and some SMSFs exempted – which Labor has termed its ‘Pensioner Guarantee’. “The refunding… Read More »Piecemeal changes to franking credits is dangerous, says accounting body

Imperative legislative objective for superannuation is put back on agenda

The SMSF Association says it is “imperative” that the Government puts legislating an objective for superannuation back on the agenda. The recommendation to put in legislation an objective for the super system comes from the Financial System Inquiry (FSI) – which was started by the Coalition Government. The FSI called… Read More »Imperative legislative objective for superannuation is put back on agenda

Superannuation industry urgently needs better data

There is an urgent need for better data right across the superannuation industry, attendees at the SMSF Association 2019 National Conference have been told. SMSF Association Chair Professor Deborah Ralston said this need extended to the SMSF sector, pointing to the Productivity Commission superannuation report released in January. Professor Ralston… Read More »Superannuation industry urgently needs better data