This article summarises the Coalition’s main election announcements related to superannuation, tax, investing and matters that may affecting your retirement planning.
The 2019 Federal Election has been announced for 18 May, and the ALP are now presenting their campaign policies to the nation.
On Thursday April 4th Labor leader Bill Shorten delivered his reply to this week’s Federal Budget. In this article we’ll look at Labor’s reply in relation to tax and superannuation measures, as well as announcements that affect older Australians.
With all the announcements on tax over the past few days it’s hard to keep track. So here goes. A year ago the then treasurer Scott Morrison unveiled a “seven year personal tax”.
The Morrison government has delivered an election-launch budget with big personal income tax handouts to attract voters and a A$7.1 billion 2019-20 surplus to display its economic credibility.
For the government this “election budget” is an exercise in juggling. On the one hand, it is throwing out voter bait. On the other, it is running hard on the theme of economic responsibility.
You can receive a tax credit by buying shares in Australian companies that pay franked dividends. Dividends paid to shareholders by Australian resident companies are taxed under a system known as imputation.
In this article, I dig into this subject in more detail, particularly for those who hold their shares directly in their own names, to show what the ALP proposal really means and how it would operate.
As an SMSF trustee, Dr Bonham is deeply concerned about the proposed changes to the SMSF audit rules, and the ongoing instability for retirees and future retirees.
After the initial shock has worn off, and now that Treasury has released a discussion paper outlining the proposed three-year audit cycle for SMSFs, it is time to consider how the proposed measures (if adopted) will be rolled out, and how these measures will affect both the SMSF sector and the obligations of SMSF trustees.
It came as quite a shock to many in the industry that the federal government announced a proposal to amend the annual audit requirement for SMSFs. SMSFs (like all superannuation vehicles) are presently required to be audited each year by an ASIC-approved SMSF auditor.
The issue of whether or not retirees should be able to get a refund in dividend imputation has sparked considerable discussion of retirees’ income and wealth.
Labor has capitulated to pressure to exempt pensioners from its plan to end cash refunds for dividend imputation credits – a concession that would shave only A$700 million off its large projected savings over the forward estimates.
The Australian Labor Party’s proposal to deny a cash refund on excess franking credits from Australian shares has very similar effects to the destructive and self-defeating consequences of the federal government’s 2017 changes to the Age Pension asset test.