How does the Budget repair levy affect super?
Contributions / Federal Budget / Professionals / SMSF

How does the Budget repair levy affect super?

As the pain of the Federal Budget starts to set in, the Budget Repair Levy looms large not just for individuals on the top marginal tax rate, but it will also have an impact on superannuation rates that are linked to this highest tax rate. With the Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair … Continue reading »

Promise (mostly) kept for Super in Federal Budget
Federal Budget / Pensions / Professionals / SMSF / Trustee education

Promise (mostly) kept for Super in Federal Budget

It was a commitment made by both sides of Government in the lead up to the last Federal election that superannuation would no longer be a political ‘football’.  Over many Federal budgets we saw Governments constantly tinkering with taxation rates, contributions levels and more.  The message became loud and clear from industry, working and retired … Continue reading »

Super tax concessions are an easy grab, but we’ve got our eye on you!
Federal Budget / SMSF

Super tax concessions are an easy grab, but we’ve got our eye on you!

There’s been much discussion about the sustainability of existing tax concessions available within superannuation.  The need for greater distribution of concessions amongst taxpayers and the fact that a small minority receive the large majority of concessions.  This week has seen legislation passed with an increase in contributions tax for high income earners – is it … Continue reading »

Superannuation rumour-mill in overdrive with the Federal Budget approaching
Opinion / SMSF

Superannuation rumour-mill in overdrive with the Federal Budget approaching

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 »

Is Government policy towards super all out of proportion?
Estate Planning / Opinion / Pensions / Professionals / SMSF / SMSF Strategy

Is Government policy towards super all out of proportion?

Watch this video blog post where Aaron discusses his views on the recent talk around changes to superannuation policy, in particular his thoughts about where the Government would be better served to address the issue of equality in tax concessions. Obviously some of these issues aren’t going to be popular with self-funded retirees, but what … Continue reading »

ATO / Contributions / Professionals / SMSF / SMSF Compliance

INFOGRAPHIC: Latest ATO Excess Contributions Tax statistics

The ATO has recently updated its website with the latest statistics regarding excess contributions tax (ECT), which continues to show individuals predominantly getting caught with their concessional contribution (i.e. salary sacrifice arrangements).  After a 314% increase in ECT notices in 2009-10, there has been a reduction again in 2010-11 to date, however it is significantly … Continue reading »

Announcements / Contributions / Opinion / Professionals / SMSF / Trustee education / Webinars

Budget delivers a fix for now but problems for the future

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 »

ATO / Contributions / Limited Recourse Borrowing Arrangements / Pensions / SMSF / SMSF Compliance / Trustee education

12 things NOT to do with your SMSF

The ability to take control of your retirement savings is a key driver in the continued growth of SMSFs.  However, being a trustee comes with responsibility to ensure that your fund meets strict regulatory and compliance obligations.  Failure to meet these can result in significant penalties, along with the potential loss of the fund’s complying … Continue reading »

Contributions / Opinion / Professionals

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 »

Announcements / SMSF

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 »