Accounting & Wealth Insights

On 27 September 2016 the Government released another round of draft legislation implementing a number of the changes to superannuation it announced in the 2016 Federal Budget.

At first glance, the SMSF would not be able to acquire the property from the member because they are a related party of the SMSF.

With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions you can make to superannuation

All self-managed super funds (SMSFs) now need to be able to receive SuperStream-compliant contributions. To do this, you will need to provide the following details to your employer.

The Turnbull government has reportedly made significant changes to its superannuation reform package, including scrapping controversial plans for a lifetime cap of $500,000 on non-concessional contributions.

The small business entity turnover threshold will be increased from $2m to $10m from 1 July 2016. The increased threshold means businesses with an annual turnover of less than $10m will be able to access existing small business income tax concessions.

Treasurer Scott Morrison’s release last week of the first tranche of new super legislation has been welcomed by the industry, but it digs an even bigger hole in the Budget. Morrison unveiled the nicest bits of his 2016 Budget super package, including tax savings for low-income workers and new rules that allow anybody aged under 75 to make personal tax-deductible contributions.