Shorten’s $34b super gaffe

Original article by Andrew Tillett, Tom McIlroy
The Australian Financial Review – Page: 1 & 6 : 17-Apr-19

Opposition Leader Bill Shorten used a press conference on 16 April to state that Labor will not increase existing taxes on superannuation or introduce new taxes if it wins the federal election. Shadow finance minister Jim Chalmers later clarified Shorten’s comments, stating that he meant there will be no changes to super policy apart from those that have been previously announced. Labor has in fact previously announced four proposed changes to super policy. The Coalition has estimated that these reforms could increase tax revenue by about $34bn over a decade.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, GRATTAN INSTITUTE

Shorten super tax net to trap a million

Original article by Rosie Lewis, Adam Creighton
The Weekend Australian – Page: Online : 12-Jan-19

Treasury analysis indicates up to one million Australians could be impacted by superannuation tax changes if Labor wins the next election. Labor’s planned changes include a cut to the cap on non-concessional superannuation contributions that people can make each year, and a reduction in the high-income super contribution threshold. The self-employed and mothers returning to work from maternity leave are among those most likely to be affected by Labor’s changes.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, RICE WARNER ACTUARIES PTY LTD

Multiple SMSF strategy may prove illegal

Original article by Sally Patten
The Australian Financial Review – Page: 5 : 24-Apr-17

Changes to superannuation tax rules from 1 July 2017 may prompt some investors who already have one self-managed super fund (SMSF) to set up a second one. However, the Australian Taxation Office has indicated that it will keeping a close eye what it perceives as any attempt to reduce tax by setting up a second SMSF. Fines, penalties and even disqualification are possible remedies available to the ATO.

CORPORATES
AUSTRALIAN TAXATION OFFICE, SMSF ASSOCIATION, HLB MANN JUDD

Super win sparks stoush

Original article by Phillip Coorey, Joanna Mather
The Australian Financial Review – Page: 1 & 8 : 24-Nov-16

Federal Treasurer Scott Morrison has ruled out further changes to superannuation after the Senate passed tax reforms that had been announced in the May 2016 Budget. The changes that take effect on 1 July 2017 include restricting annual concessional contributions to no more than $A25,000 and imposing a $A1.6m cap on super retirement accounts. The reforms are expected to generate total savings of $A3bn over four years. However, the Government has stressed the need for a further $A20bn of Budget repair measures if the nation is to retain its "AAA" credit rating.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, S&P GLOBAL RATINGS

Savers’ contributions after tax plunge 29pc

Original article by Sally Patten
The Australian Financial Review – Page: 5 : 23-Nov-16

Data from the Australian Regulation & Prudential Authority shows that after-tax superannuation contributions fell by 29 per cent year-on-year in the September 2016 quarter, to $A3.7bn. Post-tax contributions totalled $A19.2bn in the year to September, which is 17 per cent lower than previously. Jordan George of the SMSF Association and Profectus Financial Group’s Mark Fenech attribute the downturn in contributions to uncertainty regarding the Federal Government’s proposed super reforms.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SMSF ASSOCIATION, PROFECTUS FINANCIAL GROUP PTY LTD, AUSTRALIAN LABOR PARTY

Super shapes as an election issue yet again

Original article by Phillip Coorey
The Australian Financial Review – Page: 8 : 9-Nov-16

The Federal Government’s superannuation tax reforms are set to be passed by parliament, after the Australian Labor Party agreed to back the measures. However, Labor will seek a mandate for further super tax reform at the next election after Treasurer Scott Morrison refused to support the Opposition’s proposed changes to the Government’s reforms. Amongst other things, the Australian Labor Party had sought to have non-concessional contributions capped at $A75,000 per year, rather than $A100,000 as proposed by the Government.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, FINANCIAL SERVICES COUNCIL

Labor push for tougher cuts on superannuation

Original article by Phillip Coorey
The Australian Financial Review – Page: 3 : 8-Nov-16

The Opposition will seek more changes to the Federal Government’s superannuation tax reforms in return for its support in parliament. Amongst other things, the Australian Labor Party wants non-concessional contributions to be capped at $A75,000 per year, rather than $A100,000 as proposed by the Government. The super legislation will be introduced into parliament during the second last sitting week for 2016, and the Government hopes the reforms will be passed by both houses before parliament rises for the year.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Labor to back Coalition super changes

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 8 : 7-Nov-16

Sources within the Australian Labor Party have indicated that it is likely to support most of the Federal Government’s proposed superannuation reforms. The Government has made a number of compromises in order to gain support for its reforms; amongst other things, it agreed to abandon a push to introduce a $A500,000 lifetime cap on non-concessional contributions. Meanwhile, the Senate’s legislative agenda for the week beginning 7 November includes the bill to hold a plebiscite on same-sex marriage.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, ONE NATION PARTY

Super done, next task is growth

Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 4 : 16-Sep-16

Federal Treasurer Scott Morrison will use a speech on 16 September 2016 to call for structural economic reforms. He will argue that action is needed to boost the earnings of the nation, individuals and businesses, citing the environment of low inflation, interest rates, wages growth and economic growth. Meanwhile, Morrison has urged the Opposition to support superannuation reforms after the Coalition agreed to abandon its proposed lifetime cap on non-concessional contributions. This had been a key sticking point for the Australian Labor Party.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, LIBERAL PARTY OF AUSTRALIA

PM’s focus budget and IR

Original article by Phillip Coorey, Laura Tingle
The Australian Financial Review – Page: 1 & 2 : 15-Sep-16

Prime Minister Malcolm Turnbull has identified the Federal Government’s key legislative priorities for the remainder of 2016. They include industrial relations reform, corporate tax cuts, superannuation tax reform and changes to competition law. Turnbull says he is "quietly confident" that the Senate will pass bills to reinstate the Australian Building & Construction Commission and establish the Registered Organisations Commission, and he may be open to compromise deals in order to ensure their passage.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, REGISTERED ORGANISATIONS COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS, AUSTRALIA. DEPT OF THE TREASURY