Mid-Year Economic and Fiscal Outlook (MYEFO) and superannuation

The Mid-Year Economic and Fiscal Outlook (MYEFO) is an annual report, typically released each December by the federal government. The MYEFO announces further budgetary changes since the Federal Budget.

The articles appearing in this section explain the MYEDO changes affecting superannuation including self-managed super funds. For information about the 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO) see SuperGuide article A quick summary: 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO).

In this section, you can find summaries and supporting articles for the 2015/2016 MYEFO, the 2013/2014 MYEFO, the 2012/2013 MYEFO and the 2011/2012 MYEFO. The 2014/2015 MYEFO is not mentioned because no superannuation changes were announced in that document.

Set out below are all SuperGuide articles explaining Mid-Year Economic and Fiscal Outlook (MYEFO) and superannuation.

Concessional contributions caps to be slashed from July 2017

As part of the 2016 Federal Budget, the Coalition government announced it intends to scrap the over-50s concessional (before-tax) contributions cap of $35,000 and replace it with a $25,000 cap, and reduce the general concessional contributions cap (for under-50s) to $25,000, from its current … [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...]

Lost super rules making money for the Government

The ATO has enjoyed a super bonanza of more than $700 million, which will increase to more than $1 billion by January 2017 as a result of the misfortune of those Australians who have ‘lost’ their superannuation through lack of action or ignorance. The windfall to the ATO is a result of changes to … [Read more...]

A quick summary: 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO)

On 15 December 2015, the federal government released the 2015/2016 Mid-Year Economic and Fiscal Outlook (MYEFO), which was jointly presented by federal treasurer, Scott Morrison and minister of finance, Mathias Cormann. Speaking to the media and to the public, the ministers announced that the … [Read more...]

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...]

Broken promise? Government fails to cut SMSF ATO levy

Two years ago, in December 2013, the newly-elected Liberal government promised to review the amount of the ATO SMSF levy. At $259 a year, the SMSF ATO supervisory levy had more than quintupled in the 7 years from the 2007/2008 year when only $45 a year was payable.In late 2013, when the Liberals … [Read more...]

Reminder: Harsher penalties for SMSF trustees

Note: This article explains many of the recent changes to the superannuation rules that affect SMSFs.Effective since 1 July 2014, SMSF trustees can be subject to a suite of penalties, if they fail to properly adhere to the super rules.The explanatory memorandum that accompanied the … [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...]

SMSFs: Green light for off-market share transfers

Off-market share transfers for SMSFs remain legitimate transactions, and will continue to remain legitimate indefinitely, according to the Liberal/Coalition government.The proposal to ban off-market share transfers was put forward by the former ALP government, but on 14 December 2013, not long … [Read more...]

Financial System Inquiry: Interim report expected by July 2014

Note: Information on the Government’s response (released 20 October 2015) to the FSI final report (an interim report was made publicly available in July 2014, and final report published on 20 October 2015) can be found in the SuperGuide article Liberals response to Financial System Inquiry: Super … [Read more...]

A quick summary: 2013/2014 Mid-Year Economic and Fiscal Outlook

Say goodbye to the promised Budget surplus by 2016/2017, one of the many carrots the Coalition used to get Australians to vote for them in the September 2013 election. According to Federal Treasurer, Joe Hockey, the budget blowout is because… everything is Labor’s fault. Hockey claims the Coalition … [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...]