On the 11th May 2021, Josh Frydenberg handed down his third Federal Budget. There were no real surprises due to the government releasing details throughout the week prior to budget night. This is a budget designed to support Australia’s economic recovery which is in a rebuilding phase due to the significant increase in government debt…
2019 FEDERAL BUDGET TAX ANALYSIS- 2 April 2019 A COALITION ELECTION PITCH The handing down of the Federal Budget was historically an opportunity for the Government of the day to announce its legislative program for Revenue measures for the next twelve months. The bringing forward of the 2019/20 Federal Budget prior to the forthcoming Federal Election…
The Australian Labor Party (ALP) have outlined a number of changes they propose to make if elected in the May 2019 Federal Election. The tax landscape could drastically change as of the 1st of July 2019 if Labor goes ahead with planned changes that include the denial of Franking Credits Refunds within tax structures including…
The Federal Treasurer handed down the 2018/2019 Budget on the 8th May 2018, clearly with an eye on the next Federal Election, due to be held within the next 12 months. Whilst the announcements clearly give an indication of the Government’s fiscal intentions, it still needs to deal with a hostile Senate and the public…
May 2017 The Federal Treasurer, Scott Morrison handed down his second Federal Budget tonight. The Government has predicted the economy to grow at 2.75% in the 2017/2018 year, with it committing significant funding to transport infrastructure spending. As the Stock Market anticipated today, the most significant revenue measure was the introduction of a major bank…
Mark to Market Rules will enable certain Superannuation Fund’s (SMSFs) under certain conditions to uplift their cost base of assets to mark value (parcel by parcel allocation permitted). Special conditions include: For all ABP’s, at least one pension member has more than $1.6m in pension mode at 30 June 2017 (unsegregated) For SMSFs with all…
The Federal Government have recently released the third tranche of proposed Superannuation Legislation changes as first announced in the 2016 Budget.The Government has reduced the amount of after tax contributions individuals can make to Superannuation from 1 July 2017. These changes will impact most Australians and their retirement contribution strategies will need to be reviewed…
The process an SMSF auditor undertakes is at times onerous and can present a pressure cooker of issues at various stakeholder levels – accountants, clients and the all-important auditor independence.There is a big variation between different auditors as to what they consider sufficient audit evidence in any given situation. Of course there are situations where…
Philosophical approach to assisting your firm: The Superannuation Industry is highly regulated. Our sole focus is to ensure compliance within the current regulatory framework for Superannuation Funds. It is imperative that the obligations imposed on Trustees of Self Managed Superannuation Funds are fulfilled to ensure that the maintenance of the Fund’s concessional tax status are…
The Federal government delivered an unexpected proposal during the May budget when they proposed a lifetime cap of $500,000 (indexed to AWOTE in $50,000 increments) on non-concessional contributions, which will be backdated to 1 July 2007.Some background on the issue: Before 9th of May 2006 an individual could contribute an unlimited amount of non-concessional (un-deducted…
Our commentary on the proposed new 15% Superannuation Tax (Better
