Changes to the age pension announced in the 2015/16 Federal Budget will hit hardest those on average incomes or less, according to new analysis. Industry Super Australia says the analysis shows the impact of the proposed age pension changes will “fall on those earning average incomes or below” with “many estimated to lose more than… Continue reading Age pension changes to hit average income earners hardest
The Prime Minister said the 2015 Budget would be “pretty dull,” and it has met this promise, at least from a superannuation perspective, though there are some changes. In the budget speech Treasurer Joe Hockey said “I want to reassure all Australian workers they can have confidence in their retirement plans.”
Update: Our 2015 Budget superannuation summary – 2015 Budget leaves superannuation largely alone. What changes to superannuation should we expect in the 2015 Federal Budget? From a superannuation perspective the 2014 budget was relatively uneventful, at least compared to some previous budgets, with the only changes relating to the superannuation guarantee and allowing refunding of excess non-concessional… Continue reading What superannuation changes to expect in the 2015 Budget
The 2015 Federal Budget will be released at 7.30pm AEST on Tuesday the 12th of May. We will cover the speech, and the budget papers, with a particular focus on changes to superannuation and SMSFs. 21:17 With that we’ll call it a night and leave the ongoing coverage to the ABC. 21:13 Our summary of the… Continue reading 2015 Federal Budget live blog: Superannuation & SMSFs
With the 2015/16 federal budget approaching, what did the Liberal Party promise prior to the last election in regards to superannuation? In a doorstop interview in 2013 Tony Abbott said, “the commitment that I give is that there will be no unexpected adverse changes to superannuation under a Coalition government.” The document The Coalition’s Policy for Superannuation,… Continue reading Liberal party pre-election superannuation promises
Update: Our 2015 Budget superannuation summary – 2015 Budget leaves superannuation largely alone. With the 2015 Federal Budget less one week away now is the time when the Government quietly floats ideas to see how people respond, meaning there is lots of speculation and little detail. Here are some of the changes to superannuation which may be included in… Continue reading Budget 2015 rumours: Superannuation & SMSFs
CPA Australia has called on the Government to not make any changes to superannuation in the upcoming 2015/16 Federal Budget. “There should be no short-term or piecemeal superannuation changes introduced in the 2015-16 Budget to ensure the White Paper process is allowed to run its course,” says the CPA pre-budget submission.
The Institute of Public Accountants (IPA) has called for financial advice to be fully tax deductible, up to a capped limit, to improve retirement planning. “The Intergenerational Report concludes that there will only be 2.7 working Australians to support every Australian over the age of 65 by 2055. Competent and affordable financial advice will be an… Continue reading Financial advice should be fully tax deductible, says IPA
The Tax Institute, in their 2015/16 pre-budget submission, have called for a reduction in red tape applying to SMSFs. Given the forthcoming Tax White Paper process, and the Government’s promise of no adverse changes to superannuation, the Tax Institute confined the budget submission to “areas where it considers immediate action is required to ‘reduce red… Continue reading Tax Institute calls for SMSF red tape reduction
The Business Council of Australia (BCA) has called for a review into the aged pension and retirement income systems, in a 2015/16 pre-budget submission. “It’s time we took the blame game out of the Budget debate,” said BCA Chief Executive Jennifer Westacott.