SuperGuide

Simple superannuation and retirement planning information

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 May Federal Budget.

The articles appearing in this section explain the MYEFO changes affecting superannuation including self-managed super funds.

For more information about the latest Mid-Year Economic and Fiscal Outlook (2017/2018 MYEFO), and the MYEFO for previous years, see the following SuperGuide articles:

Note: The 2014/2015 MYEFO is not mentioned because no superannuation changes were announced in that document.

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

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

SMSF pension earnings remain tax-free after death

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When a superannuation account enters retirement phase, the earnings on assets financing the super pension are exempt from tax, subject to meeting minimum pension payment rules. What this means is that capital gains, dividend income, interest income and any other type of income that the super pension account receives is ... Read more

Lost super rules making money for the Government

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The ATO has enjoyed a super bonanza of more than $1 billion 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 the super rules that originally took effect from December 2012. Initially ... Read more

Fee hike for small super accounts

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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. Not so long ago, the super rules used to look after fund members with small super account. If super account had less ... Read more

SMSFs: ATO supervisory levy must be paid in advance

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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 year. For the 2017/2018 year, ... Read more

SMSFs: Green light for off-market share transfers

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Off-market share transfers for SMSFs remain legitimate transactions, and continue to remain legitimate indefinitely, according to the Liberal/Coalition government. Background: The proposal to ban off-market share transfers was put forward by the former ALP government, but not long after the 2013 federal election, ... Read more

SMSF compliance: Harsher penalties for naughty trustees

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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 relatively new legislation, states that the SMSF penalties, which took effect from 1 July 2014 will enable the ATO to “give directions and impose administrative ... Read more

Broken promise? Government fails to cut SMSF ATO levy

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Just over three years ago, in December 2013, the newly-elected Liberal government (and again re-elected in 2016) 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 ... Read more