SUPERCentral News
It used to be possible to make significant undeducted contributions to build up investment in tax advantaged super without penalty unless those contributions caused benefits to exceed reasonable benefit limits.
With the launch of their review of Australia's tax system, Treasurer Wayne Swan and Treasury Secretary Ken Henry highlighted the need for a tax reform to simplify Australia's complex tax system to increase international competitiveness.
Mr Ken Morrison, the NSW head of the Property Council of Australia said abolition of stamp duty should be a primary objective of the root-and-branch tax review (ie, aka Tax & Transfer Review). This is following the release of the Treasury discussion paper that stamp duties were inefficient and discouraged turnover in property markets.
The Tax Commissioner has recently stated that loans by SMSFs were a major area of concern.
A testamentary trust is simply a trust created under a Will. Traditionally such a trust has been a fixed trust so that a certain sum or proportion of the deceased estate is held on trust for the beneficiary.
The ATO has issued an Alert (TA 2008/12) which expresses the ATO's concerns as to certain contribution practices involving superannuation funds, particularly self managed superannuation funds.
Super Minister Sherry has announced a review of the indexation arrangements which apply to public sector pensions.
The minimum pension limit which applies to account-based pensions (and transition to retirement pensions) are not subject to indexation and are unchanged.
Does the $45,000 increase in the CGT Contributions Cap apply if I have fully utilised my CGT contributions cap in 2007/08?
Does the $45,000 increase in the CGT contributions cap apply even if I made a $1m contribution before 30 June 2007?
Concessional Contributions Cap - $50,000 (no change from 2007/08)
Remember when flat screen TVs were $30,000. You can now buy them for $1,100.
The draft legislation to implement the Government's First Home Saver Accounts has been released.
The Government has announced that it will implement a statutory protection scheme for depositors and policyholders where a bank or insurer goes bust.
The New Rudd Government has commenced making its mark on superannuation.
For the 2007/08 and subsequent tax years, self managed superannuation funds will lodge one return which constitutes...
Those who say that they can't afford estate planning don't realise that in fact they can't afford not to have estate planning.
The Federal Government has previously announced that discrimination against same sex couples will be removed from areas of federal responsibility such as superannuation and tax concessions for superannuation....
the ATO will operate a super contribution clearing house for employers...
The governance review of SMSFs was not mentioned...