There were many people waiting with bated breath for this year’s Federal Budget to see if the Labor Government had any further ‘superannuation tricks’ up their sleeve to address what seemed an ever-growing budget deficit. After announcing a range of reforms on 5 April 2013 to appease much of the constant rumours of an attack … Continue reading »
The Government has moved quickly on their 5 April 2013 announcements to increase the concessional contribution (CC) cap, with Treasury releasing of an exposure draft (for industry consultation) which outlines details proposed increases from 1 July 2013. The increase in the CC cap is to be phased in, with an: increase to $35,000 from 1 … Continue reading »
Everybody’s appetite for risk differs. When it comes to superannuation, managing risk is typically isolated to death and disability. However, with the continued growth of superannuation, we have seen in recent years an increasing propensity for politicians to make change, ranging from contribution caps through to taxation on contributions and fund earnings. This continued uncertainty … Continue reading »
After speculation of changes to superannuation reached fever-pitch, we saw today the Treasurer, Wayne Swan and Minister Bill Shorten announce reforms to address issues of adequacy and sustainability for the long-term future of superannuation. It’s pitch was clear, fairer super for all Australians. It is important to remember, these are simply announcements to be delivered … Continue reading »
It seems not a day goes past in the news at the moment where the Labor Government’s ‘robin hood’ approach to superannuation tax reforms are discussed. Depends on which side of the fence that you sit, it is either a tax-grab from a bulging retirement bucket, or it’s providing reform to address longer-term adequacy and … Continue reading »
The contribution cap reduction from 1 July 2012 for those over 50 has certainly been a ‘kick in the guts’ for many people who were at a stage in life where they have a capacity to build their retirement savings. A strategy that has grown each year since its introduction on 1 July 2005, has … Continue reading »
It was a budget that certainly delivered on news that the Government was tightening its belt to deliver a budget surplus for 2012-13 and superannuation was certainly not immune from this pain. Unfortunately though, as a result of the announced changes in tonight’s budget, we are likely to see confidence in the superannuation sector erode … Continue reading »
Many people within the super industry have been moving uncomfortably in their chairs since the Government filtered out of news of an additional level of contributions tax on high income earners (greater than $300,000). This nervousness is justified as it is again another example of going for an easy revenue grab when confidence and stability … Continue reading »
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 »
Wayne Swan has handed down a ‘tough budget’ as the Labor Government strive to bring the economy back into surplus for 2012/13. For self-managed super funds and the superannuation industry, it was a budget that certainly won’t bring any front-page new stories, good or bad (and that’s probably a good thing!). Below are some of … Continue reading »