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Federal Budget May 2012: At a super glance

Federal Budget May 2012: At a super glance

On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.

Another super con: Over-50s contributions cap removed

Another super con: Over-50s contributions cap removed

Until June 2009, Australians aged 50 years or over were permitted to make up to $100,000 a year in concessional contributions. In 2009 the ALP government halved the concessional cap to $50,000, and then in the May 2012 Federal Budget halved it again to $25,000.

Remember earlier Swan attack – freeze contributions caps and halve co-contributions

Remember earlier Swan attack – freeze contributions caps and halve co-contributions

In this article, we explain the super changes the government snuck through in November 2011 although Federal Treasurer, Wayne Swan, may be hoping that we forget his earlier tinkering with the super rules.

Swan backtracks again on tax discount for savings products

Swan backtracks again on tax discount for savings products

In the May 2010 Federal Budget, the Government announced a tax discount on interest income derived from savings products, to take effect from 1 July 2011.

For your convenience: Income tax rates for the 2012/2013 year

For your convenience: Income tax rates for the 2012/2013 year

In July 2011, the federal government announced the introduction of a carbon tax on Australia’s biggest polluting companies. According to the government, more than half of the revenue raised from the carbon tax will be redirected to Australians in the form of tax cuts and a Clean Energy Supplement.

Super stupid! Super tax for rich will hit everyone

Super stupid! Super tax for rich will hit everyone

The Federal Government has announced that anyone earning more than $300,000 will pay 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The current contributions tax is a flat rate of 15%.

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THE SOAPBOX

Oh dear! Only 3% of financial plans are ‘good’

Oh dear! Only 3% of financial plans are ‘good’

In what must be one of the more embarrassing (and unacceptable) situations for the financial planning industry, a study was released in late March 2012 that found only 3% of financial plans were considered ‘good’.

Super basics

Boost your super

Kingpins of super: 20 largest super funds

Kingpins of super: 20 largest super funds

The 20 largest super funds in Australia control nearly 60% of all super money held by the 350-odd larger super funds, and control around 40% of all super money held in Australia.

Comparing funds

SMSF investment: Stricter rules in place for artwork and other collectibles

SMSF investment: Stricter rules in place for artwork and other collectibles

If you hold artwork, antiques, coins, or other collectibles within your self-managed super fund, then you need to be aware of new rules coming into effect from July 2011.

DIY super

SMSF investment: Can we sell fund assets to members?

SMSF investment: Can we sell fund assets to members?

Q. We are aware that SMSFs cannot purchase property from members; however, can members purchase property owned by the SMSF, providing fair market valuation is paid for this? And does the valuation need to be established through a valuation or an appraisal?

Retirement planning

Ten handy uses for the APRA200 performance list

Ten handy uses for the APRA200 performance list

You now have a list of Australia’s largest 200 funds. The largest 200 super funds hold 99% of all money held in APRA-regulated super funds, which means the remaining 160-odd super funds regulated by APRA hold the remaining 1% of assets.

Accessing super

Accessing super early due to severe financial hardship

Q: I would like to know how I could go about accessing my super early on the grounds of extreme hardship. I have 2 children and I’m a single parent.

Super & tax

Excess contributions tax: What happens if I receive an ECT assessment?

Excess contributions tax: What happens if I receive an ECT assessment?

I would like to say ‘don’t panic’ but under the current rules, if you receive an excess contributions tax (ECT) assessment, then the prospect of paying penalty tax (although the ATO says it’s not a penalty tax) is inevitable unless you’re eligible for one of 4 escapes.