After announcing the proposed measures to introduce an additional 15% tax rate on fund earnings for member’s with a total super balance (TSB) above $3 million, it didn’t take too long for Treasury to provide guidance on how these rules intend to work. As part of the Treasurer’s announcement, a fact sheet was released that…
The decision by Labor to announce a change to tax concessions within super was hardly a surprise, and so was the mechanism they propose to deliver this outcome. A hard cap of $3 million was never going to work, so the only logical step was to introduce a higher earnings tax on member benefits above…
Whilst there had been a lot of ‘talk’ about potential changes to superannuation in Labor’s version of the Federal Budget for 2022-23, the actual outcome was minimal in respect to changes impacting the SMSF sector. It’s not to say that Labor doesn’t necessarily foresee changes to superannuation, but the likelihood is that they have…
Up until 30 June 2022, a person a person aged 67 – 74 years can only make or receive voluntary contributions (both concessional and non-concessional) into their super fund if they met the work test – that is, they must have been gainfully employed (i.e. worked) for at least 40 hours over a 30 day…
In the lead up to the Federal Budget each year, we see the Government strategically drip-feed information to the media about announcements that will form part of the budget papers. This year, we have seen the Government announce prior to the budget an extension of the current 50% temporary reduced minimum pension for the 2022-23…
