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).

SMSFs: ATO supervisory levy must be paid in advance

The ATO supervisory levy payable by SMSFs each year has been increasing in leaps and bounds over the past few years. The levy payable each year now sits at $259 and this amount is payable in advance. For a new SMSF what this means is that you would pay double the SMSF levy in your first … [Read more...]

SMSF pension earnings remain tax-free after death

SMSF pension earnings remain exempt from tax until a superannuation death benefit is paid to a dependant, or paid to the deceased member’s estate.The tax exemption on pension earnings remains in place regardless of whether the death benefit is paid as a lump sum, or as a pension, provided the … [Read more...]

Lost super rules make money for everyone

The ATO has enjoyed 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, based on changes to the super rules that took effect from December 2012.Announced in the federal government’s … [Read more...]

Fee hike for small super accounts

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.Effective since 1 July 2013, the federal government abolished the ‘member protection’ rule which … [Read more...]

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

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...]

Swan’s Mid-year Outlook: Superannuation changes

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...]