Cutting SMSF red tape

The Government announced in the Budget that it would reduce costs and simplify reporting for superannuation funds by streamlining some administrative requirements for the calculation of exempt current pension income (ECPI). The term ECPI refers to income an SMSF earns…

Q&A

Q: I’ve read about the income tax changes announced in the Budget but they all seem to be happening in a few years. I have concerns about the tax return that I will be filing on 30 June and would…

Support for Budget aged care measures

Increased funding for aged home care in the Budget and an expansion of the Pension Loan Scheme will allow many people to remain independent for longer. It will also encourage more people to seek help with their aged care planning,…

Kavanagh

There is a patronising attitude underlying much of the commentary about the self-managed superannuation funds sector, even from those who claim to support or represent it. Submissions to the Financial System Inquiry argued that borrowing rules should be changed because…

Not many changes to super this Budget? Take another look

Some commentaries on the Budget, handed down by Treasurer Scott Morrison last week, have said it was a quiet year for superannuation changes. While some of the changes are minor, compared with the sweeping changes that were announced two years…

SMSF trustees cautioned on audit change

Self-managed superannuation trustees who plan to adopt the three-yearly audit schedule announced in the Budget have been cautioned to put appropriate assurance processes in place to make sure their funds remain compliant between audit periods. The Government says it will…

Q&A 14 May 2018

Q: I have read so much over the past week about changes to income tax rates and the Government’s decision not to proceed with a Medicare levy increase. What are the tax rates that will apply when I complete my…

Kavanagh

At a Financial Services Council conference in Sydney earlier this year, the Minister for Financial Services Kelly O’Dwyer told her audience that if the life insurance and superannuation industries did not deal effectively with problems in the group life insurance…

Kavanagh

In the lead-up to this year’s Budget there will be plenty of speculation about whether the Government will cut personal income tax rates. Prime Minister Malcolm Turnbull put the issue on the agenda in November, when he said that any…

Expat workers exposed to CGT changes for foreign residents

A new law that removes the capital gains tax exemption on the sale of a main residence, when the owner is a foreign resident, could affect Australians working overseas and not just foreign investors in the local housing market. Last…