Budget 2019 super changes: Work Test, bring-forward rule, ECPI

Changes to superannuation in the 2019/20 Budget at a glance: Raising the age at which the Work Test applies Extending non-concessional contribution bring-forward to ages 65 & 66 Raising age limit for spouse contributions Streamlining ECPI SuperStream for rollovers for SMSFs delayed, rollover standard to be expanded Delayed start for Protecting Your Super insurance changes… Continue reading Budget 2019 super changes: Work Test, bring-forward rule, ECPI

SG rate should be increased to 12% “as soon as possible”, says super funds

The Super Guarantee rate should be increased to 12% “as soon as possible”, says the Association of Superannuation Funds of Australia (ASFA) shortly before the Federal Budget. The Super Guarantee rate, which currently stands at 9.5%, is set to increase to 10% from 1 July 2021 and reach 12% from 1 July 2025. The Coalition… Continue reading SG rate should be increased to 12% “as soon as possible”, says super funds

Call for amnesty for legacy superannuation pensions in Budget

There are calls for the Government to include an amnesty for legacy superannuation pensions in the Federal Budget. The SMSF Association used its pre-Budget submission to call for an amnesty for legacy pensions, which includes life-time pensions, market-linked pensions and life expectancy pensions. The Association said that, given the introduction of the Transfer Balance Cap… Continue reading Call for amnesty for legacy superannuation pensions in Budget

Government should repeal superannuation work test: SMSFA

The SMSF Association has recommended the Government reconsider a full repeal of the superannuation ‘work test’ in the 2019/20 Budget. In order to make some kinds of superannuation contributions people over the age of 65 need to pass the so-called ‘work test’, of 40 hours gainful employment in 30 consecutive days. The Coalition Government announced… Continue reading Government should repeal superannuation work test: SMSFA

LISTO is falling behind as SG rates increases: AIST

The Australian Institute of Superannuation Trustees (AIST) is calling for the 2019/20 Federal Budget to include a $1,000 government contribution for everyone receiving the LISTO. The Low Income Superannuation Tax Offset (LISTO), like the Low Income Superannuation Contribution (LISC) it replaced, is meant to offset the contributions tax paid by people on low incomes –… Continue reading LISTO is falling behind as SG rates increases: AIST

Calls for superannuation contribution cap increases in 2019 Budget

Various industry bodies have called on the Government to increase the superannuation contribution caps in the upcoming Federal Budget, though there is little consensus on how much to increase the caps. Both concessional and non-concessional contribution caps have been lowered over the last decade. Most recently the Coalition’s 2016/17 Budget lowered the concessional contributions cap… Continue reading Calls for superannuation contribution cap increases in 2019 Budget

Government should drop 3-year SMSF audits: CPA Australia

CPA Australia has called on the Government to drop its proposed three-year audit cycle for SMSFs. In last year’s Budget the Government announced a policy where some SMSFs would be audited every three years instead of each year. Though each year would still be audited, so the audit was just postponed. The policy has been… Continue reading Government should drop 3-year SMSF audits: CPA Australia

When is the 2019 Australian Federal Budget? What time is the Budget speech? Why is it in April?

When is the 2019 Australian Federal Budget? The 2019/20 Australian Federal Budget will be released on Tuesday 2 April 2019. What time is the Budget speech? Treasurer Josh Frydenberg will start his Budget speech just after 7:30 pm (AEDT), or: 7:00 pm in South Australia 6:30 pm in Queensland 6:00 pm in Northern Territory 4:30… Continue reading When is the 2019 Australian Federal Budget? What time is the Budget speech? Why is it in April?

Government calls for submissions to brought forward 2019/20 Budget

The Government is calling for submissions for its brought forward 2019/20 Federal Budget, which is expected to be held in early April. “The Government is seeking submissions from individuals, businesses and community groups on their views regarding priorities for the 2019-20 Budget,” said a statement from Assistant Minister for Treasury and Finance Zed Seselja.