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.
Set out below are all SuperGuide articles that relate to Federal Budget and superannuation.
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Today Josh Frydenberg announced incentives for older Australians to contribute more to super, but these are a little disingenuous of the Liberals.
This year’s budget includes $448.5 to modernise Australia’s Medicare system, by encouraging people with diabetes to sign up to a GP clinic for their care. The clinic will receive a lump sum payment to care for the person over time, rather than a fee each time they see their GP.
Talk about retrospective. In his determination to quickly inject money into the economy (for economic as well as political reasons), Treasurer Josh Frydenberg has reached back in time to give us an extra tax cut on income already earned during the financial year that’s about to finish.
The Federal Budget may have been relatively unexciting from a superannuation point of view but there are some interesting insights to be gained from examining the Economic Outlook.
On 2 April 2019, Josh Frydenberg announced his first Federal Budget as Treasurer. There were only a handful of policies that directly relate to superannuation, but also tax cuts and a one-off energy payment for older Australians.
The April 2 budget will provide about A$600 million to pursue wrongdoers and help restore trust in Australia’s financial system.
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.