A single annual concessional (before-tax) contributions cap of $25,000 applies to all ages for the 2018/2019 year when making superannuation contributions, which was the same cap that applied for 2017/2018 financial year. Before July 2017, much higher concessional caps applied. A concessional contribution is a ... 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. Not so long ago, the super rules used to look after fund members with small super account. If super account had less ... Read more
A super summary: 2017/2018 Mid-Year Economic and Fiscal Outlook (MYEFO)
On 18 December 2017, the federal government released the 2017/2018 Mid-Year Economic and Fiscal Outlook (MYEFO), which was jointly presented by federal treasurer, Scott Morrison and minister of finance, Mathias Cormann. In the media release accompanying the report, the ministers announced that “Despite the many ... Read more
SMSFs: Green light for off-market share transfers
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
A super summary: 2016/2017 Mid-Year Economic and Fiscal Outlook (MYEFO)
On 19 December 2016, the federal government released the 2016/2017 Mid-Year Economic and Fiscal Outlook (MYEFO), which was jointly presented by federal treasurer, Scott Morrison and minister of finance, Mathias Cormann. In the media release accompanying the report, the ministers announced that “sustained discipline ... 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 government’s plan for the ... 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 and retirement ... 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 has inherited a ... 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 government was ... Read more