SMSF overview of the Federal Budget 2017-18
Contributions / Federal Budget / Government / SMSF

SMSF overview of the Federal Budget 2017-18

As we still work through the impact of last year’s Federal Budget in readiness for 1 July 2017, tonight’s Budget delivered a much softer impact for superannuation and SMSFs specifically.  A focus on this year’s Federal Budget, delivered by the Treasurer, Scott Morrison, was around dealing with the cost of living pressures and living within our … Continue reading »

Use it or lose it!
Contributions / Federal Budget / SMSF

Use it or lose it!

With the Federal Government buckling under the pressure of the political backlash with the $500,000 lifetime non concessional contribution cap, we will now operate from 1 July 2017 in a more rationale contribution framework – a $100,000 annual NCC limit, subject to a member not having an account balance above $1.6 million at the start … Continue reading »

Understanding the new ‘red zone’
Contributions / Federal Budget / Government / SMSF

Understanding the new ‘red zone’

The decision by the Federal Government to abandon the $500,000 lifetime and replace it with a reduction in the non-concessional contribution cap has created some interesting challenges and opportunities for individuals looking to make after-tax contributions into super. The announcement last week by the Treasurer, Scott Morrison now means that the non-concessional contribution rules from 1 July 2017 … Continue reading »

Government cracks under pressure on super reforms
Contributions / Federal Budget / SMSF

Government cracks under pressure on super reforms

Even with ‘reasonable’ alignment between the political parties on reform to superannuation tax concessions, some of the more contentious issues were becoming a real battleground between the front and back bench of the Coalition Government.  With the Labor Party recently deciding to not support certain measures of the super reform package, the landscape on how these changes … Continue reading »

Finally… draft super regulations have landed
Contributions / Federal Budget / Government / Professionals / SMSF

Finally… draft super regulations have landed

Well, it’s only taken 127 days for the Government to provide the first tranche of legislation for consultation through the release of an exposure draft on the proposed super reforms. Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 sets out a part of the Government agenda with reforms to superannuation tax concessions – many of the more … Continue reading »

Requesting a history of non-concessional contributions
Contributions / Federal Budget / Professionals / SMSF / SMSF Compliance

Requesting a history of non-concessional contributions

Whilst uncertainty still remains over the Government’s budget announcement to introduce a lifetime cap on non-concessional contributions (NCC), it hasn’t stopped a significant number of requests to the Australia Taxation Office (ATO) to obtain a history of non-concessional contributions that have been made for members since 1 July 2007. With both the effective date of these proposed measures and actual … Continue reading »

SMSF Q&A: Federal Budget and proposed changes to contributions
Contributions / Federal Budget / SMSF

SMSF Q&A: Federal Budget and proposed changes to contributions

  Much of the focus from the Federal Budget has been on the Government’s announcement to introduce a lifetime cap on non-concessional contributions, back-dated to take effect from 1 July 2007.  Whilst this decision has delivered a lot of angst, some of the more positive changes to contributions have been lost in all the ‘noise’ … Continue reading »

About turn of proposed budget changes to super?
Announcements / Contributions / Federal Budget / SMSF

About turn of proposed budget changes to super?

#Budget2016 will ensure our superannuation system provides greater choice & flexibility for hard working Australianshttps://t.co/2Q94OY2evk — Scott Morrison (@ScottMorrisonMP) April 27, 2016 Over the past few weeks we have seen the Government appear to have settled on changes to superannuation contributions, with a likely reduction to the concessional contribution cap and lowering the threshold for … Continue reading »

Changes to superannuation contributions ahead
Contributions / Federal Budget / SMSF

Changes to superannuation contributions ahead

So changes to superannuation contributions caps and taxation of concessional contributions is on the agenda for the upcoming Federal Budget to be delivered on May 3 – this was confirmed as such through a leaked post-budget advertising script obtained by Sky News that promotes how the Government is looking to save $16 billion over four … Continue reading »

The impact of when the cap no longer fits?
Contributions / SMSF

The impact of when the cap no longer fits?

In the latest round of discussions about superannuation changes at this year’s Federal Budget, it appears that the Coalition Government may simply look to a reduction in the concessional contribution limit to around $20,000 (currently from $30,000), rather than the more significant reforms previously raised to assess contributions at an individual’s marginal tax rate less … Continue reading »