The Government has “committed to making no further major changes to superannuation taxation” says Assistant Treasurer Stuart Robert. The Minister told the Alliance for a Fairer Retirement System summit that instead “the focus on any future change will be to simplify Super where ever possible or lessen any burden”. “The… Read More »Government committed to no more major changes to taxation of super
People suffering from a terminal medical condition will have easier access to any lost superannuation they have, with the passage of a Bill through the Parliament – which also extends tax relief for merging super funds and moves some responsibility from DHS to the ATO. The Treasury Laws Amendment (2018 Measures No.… Read More »Direct payment of lost super to terminally ill Bill passes Parliament
The Government has introduced a Bill to allow the direct payment of lost super to the terminally ill, extend tax relief for merging super funds and shift responsibility for early release of super to the ATO. The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 includes new rules for… Read More »Bill to allow direct payment of lost super to terminally ill introduced
The job of changes to how superannuation is taxed is finished and the Government has no further plans, according to a senior minister. Kelly O’Dwyer, Minister for Revenue and Financial Services, told the Tax Institute National Superannuation Conference: “I am pleased to report today that the Coalition has done the job that… Read More »‘Job done’ on tax changes to super, no more planned: Minister
Over three million people will benefit from the Low Income Superannuation Tax Offset, which starts from 1 July 2017, according to the Association of Superannuation Funds of Australia (ASFA). The Low Income Superannuation Tax Offset (LISTO) provides a refund (it is not actually a tax offset) of contributions tax for low income… Read More »Over 3 million to benefit from Low Income Superannuation Tax Offset
The ATO has busted five ‘myths’ around the superannuation changes applying from 1 July 2017. ATO Deputy Commissioner for Superannuation, James O’Halloran, told a CPA conference that he wanted to “clarify some misconceptions” about the changes to super legislated late in 2016. Myth 1: SMSFs have to report to the ATO… Read More »ATO busts myths around 1 July 2017 superannuation changes
New rules for actuarial certificates and commuting some kinds of superannuation pensions due to the Transfer Balance Cap have been dropped from the final version of the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017 were registered on 27… Read More »Actuarial and commutation rules dropped from superannuation regulations
The $1.6 million Transfer Balance Cap is the issue most concerning superannuation professionals, a poll of Tax & Super Australia members has found. 29.1% of respondents to the poll said the Transfer Balance Cap was the issue of most concern. “Many individuals are concerned with the way the appreciation of… Read More »Transfer Balance Cap of most concern to superannuation professionals
Superannuation changes in 2016 have been dominated by the range of measures announced in the 2016/17 Federal Budget – though several of these changes to superannuation have been modified or abandoned. Below is a list of many of the changes to superannuation in 2016 and their current status.
In brief, many of the Government’s changes to superannuation announced in the 2016 Budget, some of which have subsequently changed, have passed the Parliament: Fair and Sustainable superannuation package passes Parliament.
The Government isn’t favouring or targeting any particular type of super fund, but is going to make changes to the super system, Kelly O’Dwyer, Minister for Small Business and Assistant Treasurer, has told the National Press Club.
Read More »Government isn’t ‘going after’ industry super funds: O’Dwyer