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Changes to superannuation

As a result of the Minerals Resource Rent Tax being passed by both Houses, the following complementary measures will also come into effect from 1 July 2013:

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Mid-year economic and fiscal outlook (MYEFO) 2011/2012

The 2011-12 MYEFO released on 29 November forecasts solid economic growth, low debt and a return to surplus in 2012-13, according to the Federal Treasurer.

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Does your self-managed super fund invest in collectables or personal use assets?

New rules in relation to investment by Self-Managed Super Funds ('SMSFs') in collectable and personal use assets have commenced on 1 July 2011! These are the result of the Super System Review in 2010, which recommended a blanket ban on holding collectable and personal use assets by SMSFs. While the government rejected this recommendation, the new rules include some much stricter requirements and significant penalties, if breached.

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Client Information Bulletin June 2011

In this issue: Business Tax Planning Issues to Consider Prior to 30 June 2011, Are you planning to purchase substantial assets or a motor vehicle in your small business?, Are you receiving a pension from your SMSF? Consider Minimum Pension Payments, Beware of breaching super contributions caps!, What are Reportable Employer Superannuation Contributions?, Minimum Wage Increase, Paid Parental Leave becomes compulsory, 2011/12 Tax Rates, Are you on the Tax Office Watch List?, Substantiation requirement for work-related travel expenses, and ATO Focus: Unpaid Director Fees.

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Federal Budget 2011/12

The Treasurer, Mr Wayne Swan, handed down the 2011/12 Federal Budget on 10 May 2011. In line with the promise to return the budget to surplus by 2012/13 despite the recent natural disasters, a number of changes were announced to achieve this objective. These changes are intended to achieve $22 billion worth of savings to and restrained spending by the government, according to Mr Swan.

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Client Information Bulletin April 2011

In this issue: FBT Year End To Do List, Collectables and Personal Use Assets in Super Funds, Are you receiving a pension from your SMSF?, Changes of Taxation of Trusts to Come, ATO Targetting GST Compliance, Study Expenses Now Deductible for Youth Allowance Recipients, and Flood Levy Update.

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Client Information Bulletin October 2010

In this issue: Update on minimum pension payments from Super Funds, ATO Compliance program 2010/11—target areas, Continuing ATO support for businesses in financial distress, FREE superannuation clearing house for small business through Medicare Australia, MyState Financial and Tas Perpetual Trustees Merger—tax implications for 2010!, Land Tax Reforms—Shack Land Relief, New Rates and Cap Rebate.

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Client Information Bulletin June 2010

In this issue: Newsflash – Update on Commissioner’s position on application of Division 7A to distributions made to companies from trusts, Reportable Employer Superannuation Contributions and what you need to do, Salary packaging arrangements – Should you review them now?, Year end super tax tip 1 – Have you taken your minimum payment from your super fund this year?, Year end super tax tip 2 – PAYG withholding obligations for super funds paying money to their members, Beware!! Are you on the Tax Office watch list?, Year end tax tip - Share losses, Year end tax tip – Are you a small business entity? If so what can you do by way of year end tax planning?

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