News : Tax

Superannuation, Tax

Super tax threshold not negotiable

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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Retirement, Superannuation, Tax

CGT concessions a super bonus

small business CGT concessions

The small business CGT concessions can be of great benefit for individuals who have not accumulated much super while running their own enterprises.

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Superannuation, Tax

Super earnings tax is double taxation

Super earnings double taxation

The earnings tax on superannuation balances above $3 million is a wealth tax and will subject fund members to a form of double taxation.

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SMSF, Superannuation, Tax

Super changes benefit unions, ALP

Superannuation changes unions

Proposed changes to super will benefit union-owned industry funds, which support the government introducing these measures, an SMSF industry veteran has claimed.

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NALI/NALE, Superannuation, Tax

Govt has ignored industry concerns

NALE super tax

The federal government has ignored the superannuation sector in regards to the proposed $3 million super tax and NALE based on its budget announcements.

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NALI/NALE, SMSFA, Superannuation, Tax

Soft cap tax needs further consultation

super tax consultation

The SMSF Association has called on the government to allow for further consultation on the proposed soft cap tax after the budget unveiled no modifications to the measure.

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Superannuation, Tax

No new detail on $3m soft cap

$3 million super tax

There has been almost no new detail included in the 2023 federal budget regarding the proposed new tax on total super balances above $3 million.

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NALI/NALE, Superannuation, Tax

Budget draws mixed reactions

Budget reactions

The industry has praised the federal budget in relation to measures to make super fairer, but has called for clarification on certain provisions.

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SMSF, Superannuation, Tax

Soft cap could mean loss of assets

$3 million superannuation tax

Scenarios illustrating the egregious nature of the proposed $3 million soft cap on the super balances of individuals are beginning to surface.

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Superannuation, Tax

Scrap super tax for $10m cap

superannuation tax cap

Rather than introduce a complex tax based on total superannuation balances, the government should put in place a $10 million hard cap for all fund members.

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