2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO)

For information about the 2013/2014 Mid-year Economic and Fiscal Outlook, click on this link.

The 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO) is an annual report by the Federal Government announcing further budgetary changes since the 2012 Federal Budget.

The articles appearing here explain the MYEFO changes affecting superannuation, including self-managed superannuation funds (SMSFs).

Set out below are all SuperGuide articles explaining 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO).

Pension earnings remain tax-free after death

Good news

Regulations took effect from 1 July 2012 (although registered in June 2013) confirming that pension earnings remain tax exempt upon the death of a fund member receiving a super pension, even when there is no reversionary pension (that is, the pension of the deceased fund member does not … [Read more...]

Superannuation Consumer Centre: A great idea, but… where is it?

Canberra a sunset

In October 2012, the federal government announced that it was providing seed funding for the establishment of a Superannuation Consumer Centre. When I first read about the proposed Superannuation Consumer Centre in the 2012/2013 Mid-year Economic and Fiscal Outlook and the $10 million the federal … [Read more...]

ATO levy hike for SMSFs

Australia Currency Roll Background

For those preparing or lodging the 2012/2013 self-managed super fund tax return you may get a rude shock when you discover the ATO has hit your SMSF with a whopping $321 supervisory levy for the year. You may recall that the ATO levy was supposed to be $191 for the 2012/2013 financial year, so … [Read more...]

Fee hike for small super accounts

Australian Currency

If you have less than $1000 in your super account, or you have children or grandchildren with part-time jobs (or starting their first full-time job), then you will be very interested in this article. From 1 July 2013, the Federal Government is abolishing the ‘member protection’ rule which … [Read more...]

Swan’s Mid-year Outlook: Superannuation changes

Map of Australia

On 22 October 2012, Federal Treasurer Wayne Swan released the Government’s 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO). The report contained several measures affecting the superannuation accounts of Australians, including those who run self-managed super funds. A summary of these measures … [Read more...]

Lost super makes money for everyone

Gold coins

The ATO will soon enjoy a super bonanza of nearly $700 million as a result of the misfortune of those Australians who have ‘lost’ their superannuation through lack of action or ignorance, according to the Federal Government’s 2012/2013 Mid-Year Economic and Fiscal Outlook (MYEFO). The upside for … [Read more...]