13 December 2016
Beginning 1 January 2017, changes announced in the Federal Budget regarding the Assets Test for the Age Pension will come into effect.
Who do these measures apply to?
If you are over 65 and in receipt of a full or part Age Pension, then you need to be aware that for every $1,000 owned above the assets test free amount your pension will be reduced by $3 (this was previously reduced by $1.50 for every $1,000).
24 November 2016
Yesterday, Federal Parliament voted to accept the package of superannuation changes, a slightly watered down version of the proposed changes announced in the May budget.
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 was passed by both houses of Parliament and will shortly be considered for Royal Assent.
15 September 2016
Yesterday, Treasurer Scott Morrison announced significant changes to the proposed superannuation reforms announced at the May budget.
The government have scrapped the proposed $500,000 limit on after-tax contributions which will be replaced by an annual non-concessional $100,000 limit.
14 June 2016
Superannuation was front and centre in this year’s Federal Budget with the Government announcing numerous tax reforms to improve the sustainability, flexibility and integrity of the superannuation system. Many of the changes will be effective from 1 July 2017, others were immediate. We discuss some of the major changes announced below however, it is important to remember that these announcements have not yet been legislated:
The most significant and immediate change is the introduction of a $500,000 lifetime cap on non-concessional contributions effective from 7:30pm on 3 May 2016 (budget night).
20 March 2016
The way employers pay superannuation contributions is changing with the introduction of SuperStream. This article outlines all the information an employer needs to know to ensure they are compliant.
What is SuperStream
SuperStream is a package of reforms designed by the government and being implemented by the ATO, with a goal of improving the efficiency of the superannuation system. The SuperStream reform is designed to enhance the ‘back office’ of superannuation with new processes of managing data and payments that business owners have to comply with when making superannuation contributions for their employees.
SuperStream requires employers to make superannuation contributions on behalf of their employees by submitting data and payments electronically in accordance with the SuperStream standard.
With less than six months until SuperStream becomes mandatory, now is the time for small businesses to make the change and ensure their system is running smoothly before the deadline.