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The Australian Business Review
16 september 2020
Glenda Korporaal
The super system is at a crossroads with the combination of the $33bn early access drain, the withdrawal of banks from wealth management and the decline …
29 August 2020
Dennis Shanahan – Political Editor
Scott Morrison and Anthony Albanese have identified two policy and political issues — superannuation and aged care — that have fresh currency and urgency as a result …
The Australian
29 August 2020
Adam Creighton – Economics Editor
The biggest policy battleground over the next year will almost certainly be superannuation.
The government is sitting on the retirement income review, a recommendation of …
15 August 2020
Olivia Caisley – Reporter
Patrick Commins – Economics Reporter
Additional Reporting: Joe Kelly
Scott Morrison has given a strong signal he is no longer wedded to increasing the super guarantee to 12 …
The Weekend Australian
1-2 August 2020
Patrick Commins – Economics Correspondent
Baby boomers are alone among the generations to suffer a fall in income through the COVID-19 crisis, according to Commonwealth Bank analysis of three …
13 June 2020
Sydney Morning Herald
Shane Wright – Senior economics correspondent for The Age and The Sydney Morning Herald.
Retirees are facing a massive hit to more than $100 billion worth of vital income …
The Australian Business Review
27 May 2020
Gerard Cockburn – Business Reporter
Self-managed super funds suffered a $70bn hit from the market turmoil in the March quarter, putting further strain on the retirement savings of …
The Australian
21 May 2020
Peter Van Onselen
Spare a thought for self-funded retirees in these difficult times. Not only are they in the age bracket most at risk from the virus, but their financial …
The Australian
19 April 2020
John Durie
Scott Morrison may well get his wish if private equity, backed by industry superannuation fund money, does bid for Virgin Australia, but not the way the Prime Minister …
Australian Financial Review
13 April 2020
Elio D’Amato
There has been an unprecedented spending initiative by the government to prop up the economy and its citizens through a virtual shutdown for the next six to …
The Australian
31 March 2020
Janet Albrechtsen
Many people are recycling Warren Buffett’s famous quote that it’s only when the tide goes out that we discover who has been swimming naked. And for good reason: …
The Australian
8 February 2020
Katrina Grace Kelly – Columnist
The result of last year’s federal election is described as a miracle, but I prefer to deal in facts. So, if we examine a long …
The Australian
27 January 2020
Glenda Korporaal – Associate Editor (Business)
The Save Our Super lobby group has called on the federal government to grandfather any future negative changes to superannuation and abolish the $1.6m …
Click here for the PDF document
13 January 2020
The Manager Retirement Income Policy Division Treasury Langton Cres Parkes ACT 2600
Save Our Super submission: Consumer Advocacy Body for Superannuation
Dear Sir/Madam
Save Our Super …
Submission by Save Our Super in response to Retirement Income Review Consultation Paper – November 2019
by Terrence O’Brien, Jack Hammond, Jim Bonham and Sean Corbett
saveoursuper.org.au
10 January 2020
Click here for …
Retirement Income Review Consultation Paper
November 2019
© Commonwealth of Australia 2019
Click here to view/print the PDF
Saturday, December 14, 2019
The Australian
29 July 2019
Jim Chalmers
For three decades compulsory superannuation has afforded Australians the best chance of simultaneously providing a decent retirement for us all while building a fighting fund of capital for our …
The Australian
22 July 2019
Editorial
After decades in which successive governments have shifted the superannuation goalposts, the last things savers want is the Morrison government’s forthcoming review to recommend changes that could shrink their …
Australian Financial Review
30 May 2019
Martin Fahy
Australians want to have a high standard of living in retirement, and they are prepared to pay for it via a 12 per cent super guarantee.
The …
The Australian
7 May 2019
Judith Sloan – Contributing Economics Editor
When it comes to monumental policy failings of the Coalition’s period in government, a standout is superannuation.
The changes that were made to the …
The Australian
24 March 2019
Michael Roddan
Federal cabinet ministers have deliberated on confidential new Treasury modelling of the nation’s reliance on the Age Pension, which shows the amount of money spent on retirees will …
The Australian
Michael Roddan, Reporter
28 December 2018
Confidential Treasury modelling of the nation’s reliance on the Age Pension has found the amount of money spent on welfare for retirees will fall faster than previously …
Address by Jack Hammond QC, founder of Save Our Super.
Tuesday, 18 September 2018 at La Trobe University Law School, City Campus, 360 Collins Street, Melbourne, lunch-time seminar, “Australian Superannuation: Fixing the Problems”.
INTRODUCTION and …
The Australian
27 August 2016
Grace Collier Columnist Melbourne @MsGraceCollier
According to a Coalition insider, years ago our federal treasurer at the time, Peter Costello, completely “stuffed up” our superannuation system. Until recently, this theory …
20 August 2016
Grace Collier Columnist Melbourne @MsGraceCollier
Sacre bleu! In recent weeks, while defending the government’s superannuation policy in the media, Scott Morrison has morphed from a future prime minister into a dogmatic zealot.
…
4 May 2019 – Due to an inadvertent transposition, the quotes in this document do not match the proper source. We have corrected the document. The update can be found here:
We remind Scott Morrison …
The historic use of appropriate grandfathering provisions to protect those who were significantly affected by major superannuation rule changes, justifies their use in the Coalition’s Superannuation ( Excess Transfer Balance Tax) Imposition Act 2016 (C’th) (No 80 of 2016) and Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 ) (C’th) (No 81 of 2016).
However, …
Jack Hammond, QC, founder of Save Our Super
Terrence O’Brien, B Econ (Hons), M Econ, former Treasury official
Any government must retain the right to change policies as circumstances change over time. Policy change always poses two questions: Is the change an improvement? And is it properly implemented? This article focusses on implementation issues, which …
“Trust” and “Certainty” are Save Our Super’s “Pillars of Principle”. They are fundamental. Only with those two pillars of principle in place can a fair and sustainable Australian superannuation system survive and flourish.
Trust
First, a government should not undermine people’s trust in the superannuation system.
Trust is shattered when, for example, a Minister like …
Save Our Super calls for all Federal parliamentarians to promote and support superannuation policies and legislation which contain grandfathering provisions that maintain the previous entitlements of those Australians who will be significantly affected by major rule changes to the then existing superannuation provisions.
Tuesday, December 13, 2016
Save Our Super is an apolitical community-based group which makes the public aware of the implications of the Coalition’s superannuation legislation and Labor’s superannuation policies.
Some of our supporters vote Liberal/National; some vote Labor; others vote for other parties or independents. But we are united in Our Call For Action by the Federal Parliament.
Tuesday, …
It is manifestly unfair and unreasonable to individuals who now, or will, rely on their superannuation savings for a retirement income under the then existing rules to make new rules which significantly affects them.
Therefore, appropriate grandfathering provisions need to be put in place to protect all significantly affected Australians.
Thursday, June 28, 2018
| Paul Robinson |
| change.org/SaveOurSuper |
| facebook.com/SaveOurSuperAU |
| saveoursuperau@gmail.com |
| #saveoursuperau campaign |
| #saveoursuper campaign |
| #saveoursuper AU |
Reversionary pension v BDBN: which one wins?
22 August, 2019By Bryce Figot, Special Counsel, DBA Lawyers and Daniel Butler, Director
Introduction
There is a misconception that reversionary pension documentation will always apply before a binding death benefit nomination. If the SMSF deed is silent on the question, it can be entirely possible at times that the binding death benefit nomination (‘BDBN’) will apply before any reversion pension documentation. The reasoning is to do with several often overlooked laws.click here for more…
Can a surviving spouse claim their deceased spouse’s super while being executor of their estate?
1 March, 2019By Shaun Backhaus (sbackhaus@dbalawyers.com.au), Lawyer and Daniel Butler (dbutler@dbalawyers.com.au), Director, DBA Lawyers
Introduction
The recent case of Burgess v Burgess [2018] WASC 279 (‘Burgess’) continues a line of cases that consider the conflict that arises where a person acts as executor of a deceased estate while also receiving superannuation death benefits in their personal capacity.click here for more…
Grotesquely unreasonable and SMSF trustees paying death benefits: Re Marsella
28 February, 2019By Daniel Butler, Director (dbutler@dbalawyers.com.au) and Kimberley Noah, Lawyer, DBA Lawyers
Introduction
The decision in Re Marsella [2019] VSC 65 (‘Re Marsella’) highlights the importance of trustees of self managed superannuation funds (‘SMSFs’) exercising their discretion to pay death benefits in good faith, with real and genuine consideration and in accordance with the purpose for which their power was conferred.click here for more…
Labor’s superannuation and related proposals
15 February, 2019By Daniel Butler, Director (dbutler@dbalawyers.com.au) and Shaun Backhaus, Lawyer (sbackhaus@dbalawyers.com.au)
Introduction
The next Federal election, according to our current Prime Minister Mr Scott Morrison, will be held in May 2019 and, if the Labor Government is elected, significant change is likely. Thus, a brief ‘stock take’ of what the superannuation landscape will look like under a Labor Government is set out below.click here for more…
Total superannuation balance and limited recourse borrowing arrangements: Part 2
28 November, 2018By 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, 2018By 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, 2018Joseph 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, 2018By 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, 2018By 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, 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…
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…
Minimising lost opportunity: Payments above Account-Based Pension (‘ABP’) minimum
15 October, 2018By 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…
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