Imperative new government move quickly on superannuation: SMSFA

It is “imperative” that a new government moves quickly to set long-term goals for superannuation, according to the SMSF Association. “It has been the Association’s long-term policy that the objective and underlying principles of superannuation should be enshrined in legislation, and what has happened over the course of this election campaign has simply reinforced our… Continue reading Imperative new government move quickly on superannuation: SMSFA

Election leaves superannuation policy uncertain

An unclear election result has compounded already uncertain superannuation policy. The counting of votes continues, though it is quite likely there will be either a Coalition or Labor minority government. This leaves superannuation policy even more uncertain than it became during the election campaign. Both the Coalition and the Labor parties went in to the election… Continue reading Election leaves superannuation policy uncertain

Politicians risk electoral peril by changing super rules

The clear message from the election is that politicians risk electoral peril by constantly changing superannuation policy, says Olivia Long, CEO of SMSF administrators Xpress Super and SuperGuardian. “Although it was the Coalition Government that felt a backlash from voters in the wake of the Budget measures around superannuation that caused so much public angst,… Continue reading Politicians risk electoral peril by changing super rules

SMSF lobby group tells Turnbull “we told you so”

SMSF lobby group the SMSF Owners’ Alliance has said “hate to say it Malcolm, but we told you so”. The SMSFOA said that voters have delivered a “rebuke” to the Coalition. “Ever since the May budget introduced a new tax and retrospective limits on superannuation savings, SMSF Owners and many thousands of individuals have been… Continue reading SMSF lobby group tells Turnbull “we told you so”

Turnbull promises no further changes to superannuation in next term

Malcolm Turnbull has said the Coalition will not make any changes to superannuation beyond what was announced in the Budget, should the they win the election. The Prime Minster told the National Press Club: “We will not be making any further changes to superannuation in the next term of Government if we are re-elected.  Mr Shorten… Continue reading Turnbull promises no further changes to superannuation in next term

‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

“Transitional arrangements” will apply to SMSFs for the $500,000 lifetime non-concessional contributions cap, the Treasurer Scott Morrison has said in a letter to the SMSF Owners’ Alliance. The 2016 Budget included a $500,000 lifetime non-concessional contributions cap. This raised a number of concerns, including from the SMSF sector that it could mean some funds not… Continue reading ‘Transitional arrangements’ to apply to $500k lifetime non-concessional cap

Labor adopts Coalition timetable for Super Guarantee rate increases

Labor has seemingly dropped support for faster increases to the Superannuation Guarantee rate, in a week which also saw the adoption of savings from super changes in the 2016 Budget but not the policies. The ALP has frequently criticised the Government for freezing the SG rate at 9.5% and slowing the increase to 12%. However… Continue reading Labor adopts Coalition timetable for Super Guarantee rate increases

Pause Budget super changes due to Brexit, says SMSFOA

The Government should pause proposed changes to superannuation in light of the market reactions to the Brexit vote, says the SMSF Owners’ Alliance. “The economic shock waves from Brexit mean the Government must pause and re-think its superannuation tax plans if it is elected next Saturday,” said SMSFOA. “The retirement savings of Australians are now… Continue reading Pause Budget super changes due to Brexit, says SMSFOA

Labor books billions in savings from Budget super measures

Labor has booked over $3 billion in net savings from changes to superannuation included in the 2016 Budget, despite voicing opposition to some of the measures. The 2016 Budget included $5.99 billion in revenue raised from the changes to superannuation over the forward estimates, along with $2.79 billion of new spending measures, for a net… Continue reading Labor books billions in savings from Budget super measures

Labor would review 2016 Budget superannuation changes

The ALP would, should they win the upcoming election, conduct an inquiry into the changes to superannuation announced by the Coalition in the 2016 Budget. “A Shorten Labor Government will review the Turnbull Government’s proposed changes to superannuation contained in this year’s federal Budget,” said a statement by Shadow Minister for Financial Services and Superannuation,… Continue reading Labor would review 2016 Budget superannuation changes