It was fair to say that the announcement and initial fact sheet by the Labor Government to target the tax concessions in super for those with balances above $3.0m was met with an indifferent response – most importantly, the lack of detail in a number of areas will require Treasury to consult with industry to…
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…
The Australian Taxation Office (ATO) has announced that it has updated Practical Compliance Guidance, PCG 2020/5 – Applying the non-arm’s length income provisions to ‘non arm’s length expenditure’ to extend their compliance approach by another 12 months to 30 June 2023. Prior to the Federal Election we saw the Senator Jane Hume announce that the…
We have progressively seen the Government make minor and technical amendments to the 2017 super reform measures to remove anomalies, correct unintended consequences and generally improve the quality of the laws. One area that has require such amendments has been to address excess transfer balance amounts that have arisen from previous capped defined benefit income…
