The media was a buzz over the weekend regarding the proposed budget announcement to increase the contributions tax rate from 15% to 30% for individuals who earn more than $300,000 p.a. In 1996, the Coalition Government introduced the super surcharge to help ‘fix the mess’ of the previous Labor Government. This time, it appears the … Continue reading »
Tag Archives: bill shorten
Government finalises minimum pension drawdown relief for self-funded retirees
Assistant Treasurer and Minister for Financial Services & Superannuation, Mr Bill Shorten has announced the finalisation of regulations providing further draw down relief for account-based pensions in the 2011/12 financial year. Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1) provides relief for self-funded retirees by reducing the minimum payment amounts for accounts based pensions by 25% for the … Continue reading »
Extended contribution caps to cause more pain with Excess Contributions Tax
The reaffirmation in the Federal Budget of the concessional contribution cap extension for those over 50 years of age where their account balances are under $500,000 is likely to bring further problems to the already growing area of Excess Contribution Tax (ECT). Whilst the government has announced relief in the Federal Budget for excessive amounts … Continue reading »
What super changes will occur in the Federal Budget?
Budget night in May each year regularly throws up changes and challenges, and this one appears to be no different. Retirement policy with an aging population continues to grow in importance, but it is an area that Governments can’t help themselves to fiddle with when endeavoring to “balance the budget”. This year appears to be an interesting … Continue reading »
Minister Shorten confirms review into Excess Contributions Tax
It was very pleasing to read today in the Australian Financial Review, that Assistant Treasurer and Minster for Financial Services & Superannuation, Bill Shorten has confirmed that Treasury is reviewing the current Excess Contributions Tax (ECT) penalty regime and is looking at options to change the laws. The Minister was quoted as saying, “I am fully … Continue reading »
Stronger Super: The impact for SMSFs – webinar now uploaded
I have now uploaded the webinar recording of this afternoon’s special session on the impact of the Stronger Super reforms. These reforms announced by the government last week were in response to the Cooper Review (Super System Review) recommendations submitted to government on 30 June 2010. Click here to watch this webinar, or alternatively download … Continue reading »
Cooper Super now Stronger Super – the impact for SMSFs
Santa, or should I say Minister Bill Shorten has delivered a Christmas gift a little early this year with the Government’s response to the Super System Review (Cooper Review). The government’s response, known as “Stronger Super” has provided support, or in-principle support for 139 out of 177 of the Review’s recommendations. Much of the mainstream … Continue reading »
Special Webinar Event: The impact of "Stronger Super" for SMSFs
Today saw the announcement by the Assistant Treasurer and Minister for Financial Services and Superannuation, Mr Bill Shorten of the Government’s response to the Super System Review (Cooper Review) recommendations, which include self-managed super funds. These “Stronger Super” reforms aim to address 139 of the 177 recommendations regarding the operation, efficiency, structure and operation of Australia’s Superannuation … Continue reading »
Reflecting on the year that was 2010…
Tis’ the season to reflect on what has been a big year for self-managed super funds and the financial services industry as a whole. The year started with a bang, with Phase Three of the Super System Review on Structure including Self Managed Super Funds. This phase of the review was arguably the most debated … Continue reading »