2017/18 Pre-Budget submission: Superannuation & SMSFs

This submission makes several recommendations, including continuing with the Tax White Paper process, repealing the so-called ‘work test’ for superannuation contributions and indexing the LISTO to increases in the Super Guarantee rate. Continue Tax White Paper process Many submission ahead of the 2016/17 Budget were limited due to an assumption that the Government was proceeding… Continue reading 2017/18 Pre-Budget submission: Superannuation & SMSFs

Submission: Senate inquiry into Superannuation (Objective) Bill

This is a submission to the Senate inquiry into the Bill to set a legislated objective for superannuation. Thank you for the opportunity to make a submission in relation to the Superannuation (Objective) Bill 2016. This submission will deal with three issues: the need for broad support for the objective before it is set in… Continue reading Submission: Senate inquiry into Superannuation (Objective) Bill

Submission: Fair and Sustainable Superannuation Bill 2016

Submission to Inquiry into Superannuation (Excess Transfer Balance Tax) Bill 2016 [Provisions] and Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 [Provisions] Thank you for the opportunity to make a submission to the inquiry into these Bills. This submission will deal with: 1.0 Insufficient time for consultation 2.0 The overly complicated nature of the… Continue reading Submission: Fair and Sustainable Superannuation Bill 2016

Submission: superannuation reform package – tranche three

Thank you for the opportunity to make a submission in relation to the third tranche of superannuation reform package draft legislation. This submission will deal with two main issues: the insufficient time allowed for consultation and the overly complicated nature of the changes. Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 Insufficient time for… Continue reading Submission: superannuation reform package – tranche three

Submission to Working Holiday Maker Reform package inquiry

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill 2016 I strongly object to increasing the tax on backpackers claiming a Departing Australia Superannuation Payment (DASP) to, in many cases, 95%. The Government should not seek to tax superannuation at such an excessive rate as an alternative to taxing other income, seemingly in the hopes that… Continue reading Submission to Working Holiday Maker Reform package inquiry

Submission: superannuation reform package – tranche two

Thank you for the opportunity to make a submission in relation to the second tranche of draft superannuation reform package Bills and regulations. This submission will deal with several issues: the insufficient time allowed for consultation on these complicated changes, how the transitional rules for the Transfer Balance Cap should be extended for SMSFs and… Continue reading Submission: superannuation reform package – tranche two

Superannuation reform package submission: LISTO and objective of super

Thank you for the opportunity to make a submission in relation to the draft superannuation reform package Bills and regulations released on the 7th of September. This submission will deal with two issues: indexing the LISTO so it keeps pace with increases to the Superannuation Guarantee rate and longer-term reporting on the objective of superannuation.… Continue reading Superannuation reform package submission: LISTO and objective of super

Financial advice should be fully tax deductible, says IPA

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

Tax Institute calls for SMSF red tape reduction

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