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Assistant Treasurer responds to Retirementgate (aka Age Pension debacle)
November 21, 2017 by Trish Power
Copyright Trish Power.
Earlier in 2017, SuperGuide published a series of articles on the financial hit that many retired Australians experienced when the harsh changes to the Age Pension assets test took effect from 1 January 2017. The articles were published, with the assistance of advocacy group, Save Our Super, and with financial modelling conducted by Sean Corbett.
click here for more…
See relevant articles below
Retirementgate: Government’s Age Pension debacle hits middle Australia
August 22, 2017 by Trish Power
Copyright Trish Power.
In the past few months, SuperGuide, with the assistance of advocacy group Save Our Super, has reported on the ridiculous state of affairs now facing existing and future retirees. The January 2017 Age Pension changes, namely the harsh regressive effect of the Age Pension assets test, have made it financially more attractive for middle Australia to spend more, rather than save more for retirement.
click here for more…
Retirees lose savings due to 2017 Age Pension changes
August 22, 2017 by Sean Corbett
Copyright Trish Power.
Note: During the past few months, with the assistance of advocacy group Save Our Super (and using financial modelling provided by Sean Corbett), SuperGuide has highlighted the inequities and disincentives created by the January 2017 changes to the Age Pension assets test. SuperGuide has named this policy debacle, Retirementgate, and many other members of the community have also now adopted this term.
click here for more…
Stocktake on recent superannuation changes – when will the Government give us a long-term vision?
17 July, 2018By Daniel Butler, Director, DBA Lawyers
Introduction
We have recently experienced substantial superannuation changes during the period of 1 July 2017 to 30 June 2018. I therefore provide a brief ‘stocktake’ of the changes introduced by the current Coalition Government. A number of these policies were adverse to many members.click here for more…
Proposed SG amnesty raises opportunities and risks
18 July, 2018By Christian Pakpahan, Lawyer and Daniel Butler, Director, DBA Lawyers
Introduction
On 24 May 2018, the government announced a 12 month superannuation guarantee (‘SG’) amnesty (‘Amnesty’) that proposes to give employers an opportunity to rectify past SG non-compliance without penalty. If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘SG Bill’) is ever made law, the Amnesty period will apply from 24 May 2018 and run for a 12 month period to 23 May 2019.click here for more…
Strategies to reduce your total superannuation balance: Part 1
30 May, 2018Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and William Fettes (wfettes@dbalawyers.com.au), Senior Associate, DBA Lawyers
Introduction
An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights and entitlements, such as eligibility to contribute after-tax amounts into superannuation without an excess arising.click here for more…
Strategies to reduce your total superannuation balance: Part 2
25 June, 2018Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and William Fettes (wfettes@dbalawyers.com.au), Senior Associate, DBA Lawyers
Introduction
An individual’s total superannuation balance (‘TSB’) determines many of their superannuation rights, entitlements and obligations. Accordingly, there is a strong incentive for individuals to carefully monitor their TSB over time, particularly towards the end of a financial year (‘FY’) when most TSB thresholds are tested.click here for more…
Strategies to reduce your total superannuation balance: Part 3
14 August, 2018Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and William Fettes (wfettes@dbalawyers.com.au), Senior Associate, DBA Lawyers
Introduction
Due to the importance of total superannuation balance (‘TSB’) testing under the major superannuation reforms, fund members have a strong incentive to carefully monitor their TSB over time and plan accordingly to moderate their TSB to fall within certain key thresholds.click here for more…
Can SMSFs invest in Bitcoin?
29 May, 2018Shaun Backhaus (sbackhaus@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers
Introduction
While there are a large number of cryptocurrencies in existence (currently over 1600), this article will focus on Bitcoin for simplicity. Our comments contained here may apply to other cryptocurrencies with the same characteristics as Bitcoin.click here for more…
How the Federal Budget 2018 will impact SMSFs
15 May, 2018By Christian Pakpahan, Lawyer and Daniel Butler, Director, DBA Lawyers
Introduction
We outline below the key superannuation changes announced in the Federal Budget 2018 on 8 May 2018. Some of the proposed changes will have a substantial impact on SMSFs if they are finalised as law.click here for more…
Total superannuation balance milestones
16 May, 2018Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and William Fettes (wfettes@dbalawyers.com.au), Senior Associate, DBA Lawyers
Introduction
The total superannuation balance (‘TSB’) is one of the most important new concepts introduced as part of the major superannuation reforms that broadly came into effect on 1 July 2017. Many superannuation obligations and rights depend on a member’s TSB: broadly the total amount a person has in all Australian superannuation funds, including amounts in pension phase and accumulation phase. This article aims to highlight the main TSB milestones that individuals and advisers need to be aware of under the new super rules.click here for more…
Excess concessional contributions charge
12 February, 2018Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers
Introduction
Contributions made in excess of an individual’s concessional contributions (‘CC’) cap can give rise to extra tax payable and a liability to excess CC (‘ECC’) charge for the individual. This article highlights how the ECC charge operates. Note that the law in this area is complex and a detailed and careful analysis is required to properly understand how the ECC system operates.click here for more…
Payments above Account-Based Pension minimum — Could be a trap
24 October, 2017Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Bryce Figot (bfigot@dbalawyers.com.au), Special Counsel, DBA Lawyers
Introduction
Payments above the account-based pension (‘ABP’) minimum annual payment have the potential to become a trap. The June 2017 SMSF Benchmark Report by Class Super states that ‘the average SMSF pensioner withdraws about $74,000 annually on their pension over a series of 12 transactions and overdraws $24,000 above their minimum’. This means that the average pensioner is withdrawing more than 32% above their relevant ABP minimum and could miss out on significant opportunities unless timely action is undertaken! This article summarises the trap and examines the main reasons to prospectively document a strategy as soon as possible.click here for more…
Draft law aims to shut down a gap in the salary sacrifice regime
5 October, 2017By Gary Chau (gchau@dbalawyers.com.au), Lawyer, and Bryce Figot (bfigot@dbalawyers.com.au), Special Counsel, DBA Lawyers
Introduction
A salary sacrifice arrangement is still worthwhile post-30 June 2017 since some employees find it both administratively easier and tax effective for their employer to contribute more into superannuation in lieu of their future salary and wages. Unfortunately, some employees will be let down by a gap in the way our salary sacrifice regime operates, which allows employers to meet their mandated superannuation guarantee (‘SG’) obligation and overall contribute less money to an employee’s superannuation fund. However, a draft law aims to close this gap.click here for more…
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- Australian Superannuation: Fixing the Problems – Free lunch-time seminar at La Trobe University Law School – Melbourne City Campus – 18 September 2018
- Response to Treasury Discussion Paper: Three-yearly audit cycle for some self-managed superannuation funds
- Strategies to reduce your total superannuation balance: Part 3
- Stocktake on recent superannuation changes – when will the Government give us a long-term vision?
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