News : Legislation

Contributions, Legislation, Superannuation

Use payday super to fix SG payments

Superannuation guarantee charge Payday super

The introduction of payday super would be an opportune time to address and repair problems with the current superannuation guarantee payment system.

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financial advice, Legislation, Regulation

Draft bill to enact QAR changes released

Quality of Advice Review recommendations Draft legislation

A long-awaited bill to enshrine some of the recommendations of the Quality of Advice Review has been released by Treasury.

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Accounting, Compliance, Legislation, Tax

Tax on unrealised gains not new

Treasury unrealised capital gains $3 million superannuation earnings tax

Treasury has stipulated the taxing of unrealised capital gains is not unique to the proposed earnings tax on individual superannuation balances over $3 million.

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Compliance, Legislation, NALI/NALE, Tax

NALE bill doesn’t extend amnesty

NALE ATO Non-arm's length expenditure PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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Compliance, Contributions, Legislation, Superannuation

Payday super needs new penalty regime

Superannuation guarantee Contributions SG Payday super IFPA

Government plans to align super contributions with salary payments should be accompanied by a progressive penalty system.

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Legislation, SMSFA, Tax

Simpler tax model presented to govt

SMSF Association Superannuation earnings tax Unrealised gains Treasury $3m soft cap tax

The SMSFA has urged Treasury and the government to re-evaluate the taxation of unrealised capital gains within the $3 million soft cap tax.

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Legislation, SMSF, Superannuation, Tax

New super tax attracts more criticism

Total super balance Superannuation tax Superannuation earnings tax

More criticism has been levelled at the proposed $3 million soft cap on the basis it is inequitable and lacks transparency.

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Legislation, Superannuation, Tax

Simpler soft cap tax possible

Soft cap superannuation earnings tax calculation method

A peak accounting body has proposed a more straightforward approach to the current calculation method outlined in the draft legislation for the superannuation earnings tax.

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Legislation, Superannuation, Tax

IFPA calls for five soft cap changes

Institute of Financial Professionals Australia IFPA $3 million earnings tax soft cap

In a submission to government regarding the proposed $3 million soft cap, IFPA has identified five areas where amendments are needed.

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