Federal Budget 2016/17

News and articles relating to the 2016/17 Australian Federal Budget, particularly around superannuation and SMSFs, including pre-Budget submissions.

Labor accuses Government of “superannuation policy by PowerPoint”

Labor has criticised Treasurer Scott Morrison, after he reportedly distributed a briefing paper to Coalition MPs advocating for the superannuation changes announced in the 2016 Budget. Update: the Government has released the first tranche of superannuation legislation for the changes announced in the 2016 Budget. “Treasurer Scott Morrison’s humiliation at… Read More »Labor accuses Government of “superannuation policy by PowerPoint”

Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Liberal Senator for Tasmania Eric Abetz says the superannuation changes included in the 2016 Budget represent a slippery slope leading to the Government increasing taxes on more superannuants in the future. Michelle Grattan, from The Conversation, asked the Senator why he had taken such a strong stand on superannuation, given… Read More »Budget superannuation changes a ‘slippery slope’, says Coalition Senator

Labor position on 2016 Budget super changes a “cause for concern”

The SMSF Association says that Labor’s opposition to superannuation changes in the 2016 Budget which will increase flexibility and reduce complexity and red tape is concerning. Labor has announced that it will oppose removing the ‘work test’, the ‘10% rule’ and allowing the introduction of ‘catch-up’ concessional contributions. “The SMSF Association… Read More »Labor position on 2016 Budget super changes a “cause for concern”

Labor to oppose Budget super spending, wants prospective lifetime cap

The Labor party has announced that it will oppose several of the superannuation spending commitments from the 2016 Budget and wants the Div 293 threshold lowered to pay for a prospective lifetime non-concessional contributions cap. Labor has said it will support the Low Income Superannuation Taxation Offset (which replaces the LISC) while… Read More »Labor to oppose Budget super spending, wants prospective lifetime cap

Divorce likely to be an exemption from lifetime non-concessional cap

Treasurer Scott Morrison has indicated that divorce is likely to be a ‘life event’ eligible for an exemption from the $500,000 lifetime non-concessional contribution cap, while rejecting reports that lottery winnings and inheritances would receive the same treatment. “We said before the election, well before the election actually that one… Read More »Divorce likely to be an exemption from lifetime non-concessional cap

“Some prospect” of deal on Budget super changes, says Jim Chalmers

The Government and the Labor party may come to an agreement on the superannuation changes announced in the 2016 Budget. Speaking about the superannuation changes with The Guardian, Shadow Minister for Finance, Jim Chalmers, said: “There is some prospect of agreement with the Government”. ‘We’ve flagged what we’re concerned about,… Read More »“Some prospect” of deal on Budget super changes, says Jim Chalmers