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Reserve Bank of Australia and Productivity Commission on grandfathering

Grandfathering provisions

Tony Abbott supports “grandfathering”

On 27 June 2017, Tony Abbott, in a speech to the Institute of Public Affairs, Brisbane, supported grandfathering provisions. He said, amongst other things:

Absent an acute crisis, to get elected with an economic reform programme, it’s probably necessary to guarantee that existing beneficiaries will keep their benefits.

But even with grandfathered changes, a government that accepts we have a spending problem rather than a revenue one can make a big difference over time.

 

Especially with the 2014 budget, the Abbott government probably exceeded the reform speed limit but there was never any confusion about the direction of travel.

Monday, August 7, 2017

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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…

  • Total superannuation balance and limited recourse borrowing arrangements: Part 2

    28 November, 2018

    By Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


    Introduction

    Under certain circumstances, an individual member’s total superannuation balance (‘TSB’) will be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 July 2018 when the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law.

    click here for more…

  • What disqualifies you from having an SMSF?

    9 November, 2018

    By By Christian Pakpahan (cpakpahan@dbalawyers.com.au), Lawyer and Daniel Butler, Director, DBA Lawyers


    Introduction

    This article covers the main ways a person becomes a disqualified person, the consequences of disqualification and the options available to those who are disqualified. (We refer to a trustee in this article as covering both individual trustees of an SMSF and directors of SMSF corporate trustees.)

    click here for more…

  • Total superannuation balance and limited recourse borrowing arrangements: Part 1

    20 November, 2018

    Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Bryce Figot (bfigot@dbalawyers.com.au), Special Counsel, DBA Lawyers


    Introduction

    If the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 (‘Bill’) becomes law, an individual member’s total superannuation balance (‘TSB’) may be increased by their share of the outstanding balance of a limited recourse borrowing arrangement (‘LRBA’) that commenced on or after 1 July 2018.

    click here for more…

  • The new ‘ipso facto’ regime and SMSFs

    13 November, 2018

    By Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


    Introduction

    The new law pertaining to ‘ipso facto’ clauses came into operation on 1 July 2018. This article highlights the relevance of the new law for SMSFs. Note that the law in this area is complex and a detailed and careful analysis is required to properly understand how the new ‘ipso facto’ regime operates.

    click here for more…

  • Minimising lost opportunity: Payments above Account-Based Pension (‘ABP’) minimum

    15 October, 2018

    By Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


    Introduction

    Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF members who receive payments above the account-based pension (‘ABP’) minimum annual amount, and have responded by implementing various strategies to avoid this trap. This article shows that timely action can minimise any further opportunity cost resulting from the trap.

    click here for more…

  • Stocktake on recent superannuation changes – when will the Government give us a long-term vision?

    17 July, 2018

    By 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, 2018

    By 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, 2018

    Joseph 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, 2018

    Joseph 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, 2018

    Joseph 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, 2018

    Shaun 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, 2018

    By 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, 2018

    Joseph 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, 2018

    Joseph 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…

  • Draft law aims to shut down a gap in the salary sacrifice regime

    5 October, 2017

    By 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…

  • Minimising lost opportunity: Payments above Account-Based Pension (‘ABP’) minimum

    15 October, 2018

    By Joseph Cheung (jcheung@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers


    Introduction

    Significant time has passed since the introduction of the transfer balance cap (‘TBC’). During this period, many have become aware of the potential trap caused by the TBC for SMSF members who receive payments above the account-based pension (‘ABP’) minimum annual amount, and have responded by implementing various strategies to avoid this trap. This article shows that timely action can minimise any further opportunity cost resulting from the trap.

    click here for more…

Recent Posts

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  • Brickworks joins special dividend rush to beat Labor franking credit change
  • Dear Bill: Don’t let Chris Bowen blow it on franking credits
  • Retail funds dominate in 50 worst-performing super investments
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  • Shorten franking policy must be fair to retirees
  • Evidence is a stranger in Labor policy push
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  • Super members on track for loss in 2018
  • The era of easy super returns is over
  • Companies hoarding $45bn in franking credits
  • Grey army stirs for battle against Labor’s retiree tax

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