‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

“Transitional arrangements” will apply to SMSFs for the $500,000 lifetime non-concessional contributions cap, the Treasurer Scott Morrison has said in a letter to the SMSF Owners’ Alliance. The 2016 Budget included a $500,000 lifetime non-concessional contributions cap. This raised a number of concerns, including from the SMSF sector that it could mean some funds not… Continue reading ‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

Labor has “grave concerns” about $500,000 lifetime NCC cap

Labor has “grave concerns” about the proposed $500,000 lifetime Non-Concessional contributions cap, and intends to consult on other measures announced in the Budget. ALP Shadow Minister for Financial Services and Superannuation, Jim Chalmers, told Super Review’s Future of Super conference that the Turnbull Government has “made a mess” of the changes to superannuation. “It has… Continue reading Labor has “grave concerns” about $500,000 lifetime NCC cap

ATO manually calculating total Non-Concessional contributions

The ATO is having to manually calculate the total Non-Concessional contributions for taxpayers when information is requested, in response to a proposed Budget measure. The 2016 Budget includes a proposed $500,000 lifetime Non-Concessional contributions cap. The Budget papers say: “To ensure maximum effectiveness the lifetime cap will take into account all non-concessional contributions made on or after… Continue reading ATO manually calculating total Non-Concessional contributions

Coalition superannuation policies “unravelling”, says ALP

Labor says the Coalition superannuation policies are “unravelling”. ALP Shadow Minister for Financial Services and Superannuation, Jim Chalmers, said: “Scott Morrison’s ill-considered superannuation policies are unravelling in dramatic fashion.” “Many Australians are deeply concerned about the impact the Liberals’ Budget will have on their hard-earned super – not to mention the retirement incomes system more generally.”… Continue reading Coalition superannuation policies “unravelling”, says ALP

Over 15% of SMSFs to be affected by Budget super changes

The Treasurer said only 4% of Australians would be worse off under the 2016 Budget changes to super, but over 15% of SMSFs are likely to be affected. In his Budget speech Treasurer Morrison said 96% of Australians would be unaffected, or better off, under the announced changes. However a higher proportion of SMSFs will… Continue reading Over 15% of SMSFs to be affected by Budget super changes

Accountants call for “urgent clarification” on Budget super changes

The Chartered Accountants of Australia and New Zealand (CAANZ) have called for “urgent clarification and adjustment” of the changes to superannuation announced in the 2016 Budget. “All investors value certainty especially when it comes to taxation rules and confidence in the super system has been severely shaken by some of the changes announced in the Turnbull… Continue reading Accountants call for “urgent clarification” on Budget super changes

Battle over retrospective superannuation changes continues

The argument over if the superannuation changes in the 2016 Budget are retrospective has continued through another day of the election campaign. Various Coalition members have been arguing that the 2016 Budget superannuation changes aren’t retrospective and only a relatively small number of people are impacted. .@TurnbullMalcolm: “This superannuation changes are not retrospective at all”… Continue reading Battle over retrospective superannuation changes continues

Budget 2016 brings back superannuation complexity

The 2016 Budget, if enacted, will return to the superannuation system the complexity thought gone with the end of the RBLs and amendments to the excess contributions tax. It is only in the last couple of years that the potentially severe penalties and complicated rules of the excess contributions tax were reduced, now the Government plans… Continue reading Budget 2016 brings back superannuation complexity

Labor to oppose retrospective Budget super changes

Labor will oppose some of the 2016 Budget changes to superannuation, Opposition Leader Bill Shorten has said in his Budget in Reply speech. “Labor will gladly support our own clear and costed policy to close the unsustainably generous superannuation loopholes at the very top end,” said Bill Shorten. “We welcome the fact that three years… Continue reading Labor to oppose retrospective Budget super changes

Concerns raised over complex Budget super changes

Concerns have been raised about the complex changes to superannuation announced in the 2016 Budget. While the Budget has been broadly welcomed some measures are likely to increase the complexity of the superannuation system. Olivia Long, CEO of SMSF administrators Xpress Super and SuperGuardian, said the Government has chosen to take a short-term approach to superannuation but… Continue reading Concerns raised over complex Budget super changes