Federal Budget 2017/18

Superannuation and SMSF changes in the 2017/18 Australian Federal Budget.

Budget 2017 superannuation changes: downsizing homes & first home buyers

The Federal Budget 2017 includes several changes to superannuation, the biggest of which relate to housing. The 2017 Budget proposes a higher super contributions cap for the proceeds of downsizing homes and allowing first home buyers to withdraw voluntary contributions from super. Other changes include integrity measures, tax relief for merging super funds and a …

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ASFA calls for super policy stability, with modest changes, in 2017 Budget

The Association of Superannuation Funds of Australia (ASFA) is calling for today’s Federal Budget to deliver policy stability for the superannuation system, though with “modest changes”. ASFA CEO Dr Martin Fahy said superannuation, was an unqualified human good and an outstanding public policy initiative, like universal health care and free education. “Super is lifting Australian …

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SMSF Association hopes for ‘period of stability’ from 2017 Budget

The SMSF Association has urged the Federal Government to deliver a period of stability for superannuation in the upcoming 2017/18 Budget. Association Head of Policy Jordan George said: “Superannuation funds need a period of stability, not only to ensure that they are able to implement any changes required to meet the new superannuation laws, but …

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Proceeds from downsized home may be exempted from super caps in Budget

The Government is reportedly considering allowing exemptions from contributions caps and the Transfer Balance Cap for people who downsize their home and contribute the proceeds to superannuation. This is the latest in a series of pre-budget reports. Most recently there were reports of different ways in which first home buyers may be allowed to access …

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Tax pension phase super fund income at 15%, recommends ACOSS

ACOSS, the Australian Council of Social Service, has recommended the 2017/18 Budget include a tax on the pension phase earnings of superannuation funds. As noted in the pre-Budget submission, a 15% tax rate applies to the income of superannuation funds in accumulation phase with 0% tax applying for pension phase. ACOSS recommends that the 15% …

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Reduce lost super threshold back to $2000, says AIST

The Australian Institute of Superannuation Trustees says that technological improvements make lost super less of an issue, and so the threshold at which lost super is transferred to the ATO should be reduced back to $2,000. In their 2017/18 pre-Budget submission AIST recommends that the lost super threshold, which increased to $6,000 from the start …

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Budget should include changes to support self-funded retirees: FPA

The Financial Planning Association of Australia (FPA) has recommended the Government implement a number of changes to superannuation contributions in the upcoming 2017/18 Budget to encourage Australians to self-fund their retirement. “With an ageing population and the additional pressure this will add to future budgets, the FPA strongly recommends that the Budget reflect policy decisions …

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Government should return to 2021 date for 12% SG rate, says FSC

The Financial Services Council says the Government should implement its original commitment to increasing the Superannuation Guarantee rate to 12% by 1 July 2021. The SG rate was set to increase to 12% from 1 July 2019. Following the 2013 Federal election the incoming Liberal Government said it would delay this by two years, to …

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Seniors call for wind-back of age pension taper rate increase

National Seniors has called on the Government to partially wind-back the higher age pension taper rate. “The changes to asset test thresholds and taper rates, which came into effect in 1 January 2017, are of significant concern to National Seniors members,” says the 2017/18 pre-budget submission by the organisation. “While the increase to the assets …

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