News : Superannuation

Regulation, Superannuation, Tax

Govt adamant about super tax elements

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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Superannuation, Tax

Soft cap risks double taxation

Super earnings double taxation

The earnings tax on superannuation balances above $3 million is a wealth tax and will subject fund members to a form of double taxation.

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ATO, Superannuation, Tax

Personal TBC data available in July

personal TBC

Super fund members will be able to access their personal TBC details less than two weeks after the start of the new financial year, but should promptly report any outstanding information.

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Superannuation, Tax

No new detail on $3m soft cap

$3 million super tax

There has been almost no new detail included in the 2023 federal budget regarding the proposed new tax on total super balances above $3 million.

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NALI/NALE, Superannuation, Tax

Budget draws mixed reactions

Budget reactions

The superannuation sector has praised the federal budget in relation to measures to make super fairer, but has called for clarification on certain provisions.

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SMSF, Superannuation

SMSFs deliver strong results

SMSF investment returns

The latest sector research has confirmed SMSF investment returns were comparable to those of APRA funds for the 2020 and 2021 financial years.

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Retirement, Superannuation, Tax

Soft cap bias called out

$3 million discrimination

The government has been accused of showing bias against SMSFs in its proposal to implement a $3 million soft cap on superannuation members.

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Financial Advice, Superannuation

Peak body rejects super objective

IFPA superannuation objective

IFPA has refused to support the objective of super currently proposed by the government in its consultation paper on the subject.

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Pensions, Superannuation, Tax

Soft cap has pension strategy impact

Pension strategies dealing with a member’s death could be impacted by the proposed additional tax on super balances above $3 million.

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Superannuation, Tax

Tax cap to impact SMSFs the most

tax superannuation SMSF

The new $3 million tax threshold will be applied to all superannuation funds but it will have the greatest impact on SMSFs.

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