Hot Issues
spacer
Assess your retirement financial resources
spacer
Cryptocurrency audits tipped to increase this EOFY
spacer
Time to check your risk exposure?
spacer
Some general interest stats on SMSFs
spacer
Check trust deed to protect super in estate planning
spacer
Survey reveals strong opposition to retirement system changes
spacer
Australia by numbers – Update
spacer
Federal Budget 2018 – Overview
spacer
Your Budget
spacer
4 components of our 2018 Federal Budget
spacer
Tools to help you manage your financial position are available on our site.
spacer
New rules capture SMSFs trading big with cryptocurrency
spacer
Common EOFY slip-ups flagged for SMSFs
spacer
Beware residency rules if moving overseas
spacer
99 pct of SMSFs missing global opportunities
spacer
How to plan for a better retirement
spacer
Australia by numbers - Update
spacer
Determine your retirement goals
spacer
ATO issues update on cryptocurrency compliance traps
spacer
How likely is a global trade war?
spacer
Gig economy spike prompts calls for super policy changes
spacer
Australia's vital statistics
spacer
What your age should say about your super
spacer
Downsizing requires holistic tax planning
spacer
Millions of multiple super accounts erode savings
spacer
Why your retirement intentions are critical
spacer
Plans for study into elder abuse
Article archive
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
Raft of superannuation measures enter Parliament

The government has introduced a number of bills into Parliament relating to contributions including the removal of an employer loophole with salary sacrifice arrangements.

       

 

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017 entered the House of Representatives today and is aimed at improving choice for members and the integrity of salary sacrifice arrangements.

The bill amends the Superannuation Guarantee (Administration) Act 1992 (SGAA) to ensure that employees under workplace determinations or enterprise agreements have an opportunity to choose the superannuation fund for their compulsory employer contributions.

If passed, the measure will apply to new workplace determinations and enterprise agreements made on or after 1 July 2018.

The bill also removes a loophole from the legislation that allows unscrupulous employers to use their employee’s salary sacrifice contributions to pay their own Superannuation Guarantee (SG) obligations and ensures that SG is paid on a pre-salary sacrifice base.

The government also introduced Superannuation (Excess Non-concessional Contributions Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, which increases the superannuation excess non-concessional contributions tax from the current rate of 47 per cent up to 47.5 per cent for the 2019-20 financial year and later financial years.

The third bill that was introduced, the Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (National Disability Insurance Scheme Funding) Bill 2017, makes changes to the rate at which excess untaxed roll-over amounts are taxed.

The bill amends the Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007 to increase the rate at which excess untaxed roll-over amounts tax is payable on an individual’s excess untaxed roll-over amounts from 47 per cent to 47.5 per cent.


By: Miranda Brownlee
23 OCTOBER 2017
smsfadviser.com