Note: We regularly update this article with the latest data on self-managed superannuation funds (SMSFs) issued by the Australian Taxation Office. This article contains the latest data available as at March 2013 (for data as at December 2012). The latest ATO statistics on SMSFs (representing SMSF … [Read more...]
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 … [Read more...]
Before you get too excited, no, the Government hasn’t announced that it is setting up 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 Government was intending … [Read more...]
Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year. The Government announced this levy hike as part of the 2012/2013 Mid-year Economic and Fiscal Outlook (MYEFO), released on 22 October 2012. You can also … [Read more...]
Under the superannuation rules, the annual superannuation contributions caps were designed to be indexed in line with movements in average wages. Wages have obviously increased since July 2007 (when the new contribution rules were introduced), but since July 2007, the concessional (before-tax) and … [Read more...]
Note: This article includes the remuneration data and related party transactions for major industry super funds (Cbus, HESTA, AustralianSuper and CareSuper). We update this article periodically when additional super funds disclose the salary packages of executives or trustee directors. If you have … [Read more...]
In September 2012, the Australian parliament decided that it was not the right time to allow same sex couples to marry. This outcome must be very disappointing for lesbian or gay couples seeking legal recognition of their committed relationship. Although your relationship may not be equal in the … [Read more...]
We have good news for New Zealanders who have settled in Australia, or for Australians who have settled in New Zealand. Effective from 1 July 2013, Aussies will be able to transfer superannuation benefits to KiwiSaver schemes and New Zealanders will be able to transfer retirement savings to an … [Read more...]
For the 2012/2013 year, the concessional contributions caps for over-50s has changed dramatically – the concessional cap has halved for over-50s, while the concessional cap for under-50s, and the non-concessional contributions caps for everyone, remain at 2011/2012 levels. The ATO has also … [Read more...]
Note: Draft legislation is now available on the relief outlined in this article. You can find more recent information on this issue, including changes to the relief offered to SMSFs, by reading DIY super: Age Pension relief for SMSF lifetime pensions. Defined benefit pensions, such as lifetime … [Read more...]
The Federal Government has announced an increase in the Age Pension commencing from September 2009. You can find out more information on this increase in the article 'Budget flags radical changes to age pension'. If you’re an Age Pensioner, you would have received your six-monthly pay rise on … [Read more...]
