ASIC creates extension for urgent super advice SoAs

ASIC has given financial advisers more time to prepare a Statement of Advice for clients, to help people get urgent advice around the changes to superannuation taking effect on 1 July 2017. ASIC has granted a temporary extension of time for financial advisers to provide retail clients with a Statement of Advice (SoA) for urgent… Continue reading ASIC creates extension for urgent super advice SoAs

Bill to tweak 2016 super changes passes Parliament, ahead of 1 July

A Bill to amend the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016, which was only passed late in 2016, has passed the Parliament. The Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 has passed the House and Senate. The Bill amends parts of the ‘Fair and Sustainable’ super changes, from the 2016 Budget… Continue reading Bill to tweak 2016 super changes passes Parliament, ahead of 1 July

Treasury working on fixes for Fair and Sustainable super reform issues

Treasury has released an exposure draft of “minor and technical” changes to the recently legislated Fair and Sustainable superannuation reform package. “This draft legislation gives effect to amendments that resolve issues identified after the passage of the Treasury Law Amendment (Fair and Sustainable Superannuation) Act 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Act… Continue reading Treasury working on fixes for Fair and Sustainable super reform issues

Draft super regs: Fair & Sustainable, subsidiary objectives for super

The Government has released draft superannuation regulations for consultation, including implementation of some of the ‘Fair and Sustainable’ super changes and to set subsidiary objectives for the super system. The draft regulations, which were released on Friday the 16th of December, include: Defining total superannuation balances Release authorities Lowering the annual non-concessional cap Improving access to… Continue reading Draft super regs: Fair & Sustainable, subsidiary objectives for super

Fair and Sustainable superannuation package passes Parliament

The Government’s changes to superannuation, many of which were announced in the 2016 Budget, have passed the Parliament. The Parliament has passed the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, with the support of Labor. Labor and the Greens proposed amendments, though these were defeated.… Continue reading Fair and Sustainable superannuation package passes Parliament

Fair and Sustainable super Bill passes House, likely to pass Senate

The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 has passed the House of Representatives and is likely to pass the Senate with the support of Labor. Update: The Parliament has passed the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, both without amendment. The Fair and… Continue reading Fair and Sustainable super Bill passes House, likely to pass Senate

Government’s super changes “extremely complicated”, says Law Council

The Law Council of Australia says the Government’s superannuation changes are “extremely complicated” and asks if super fund members will understand the operation of the new rules. The Law Council of Australia’s Superannuation Committee, in a submission to a Senate inquiry, also said the complexity of the Transfer Balance Cap rules is not consistent with… Continue reading Government’s super changes “extremely complicated”, says Law Council

Budget superannuation bills should be passed without “undue delay”

The superannuation Bills to enact measures, largely, announced in the 2016 Budget should be passed “without any undue delay, to provide certainty and confidence in the system,” says the Association of Superannuation Funds of Australia (ASFA). On Wednesday the Government introduced the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016, moved a second reading and… Continue reading Budget superannuation bills should be passed without “undue delay”

Budget 2016 superannuation Bills introduced to Parliament

The Government has introduced three superannuation Bills to the House of Reps, which include measures from the 2016 Budget and enacting an objective for superannuation. The Government has introduced the following Bills to Parliament: Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 Superannuation (Objective) Bill 2016 Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016… Continue reading Budget 2016 superannuation Bills introduced to Parliament

Government urged to not drop concessional contributions caps

The Institute of Public Accountants has urged the Government not to reduce the concessional contributions cap, in particular for people aged 50 and over. The 2016 Budget included a reduction in the concessional contributions cap to $25,000, from 1 July 2017. “The IPA does not support the reduction of the contributions cap to $25,000 and… Continue reading Government urged to not drop concessional contributions caps