In an article for the Business Day section of the Sydney Morning Herald, Nassim Khadem talks about the tax incentives that the Abbott Government has so generously offered to the rich retirees. Khadem also examines the possible consequences of the move and the way it may hurt the treasury. There is not a sizeable difference in the number of funds claiming tax breaks. What has changed instead is the amount of tax break being claimed by each and this is likely to hit government revenue where it hurts.
Category: Commentary Archives
SMSF Owners Breathing Easy For Now
In an article for the website Money Management, Nicholas O’Donoghue argues that the Superannuation sector has been offered great clarity by the Federal Budget. Things could have got tricky had some real changes been made to the Superannuation laws but the budget categorically abstained from doing so.
AUSTRAC Rules Out Alteration in Anti-money Laundering Regulations
Australia’s anti-money laundering financial regulator AUSTRAC has decided not to go ahead with the proposed changes to the anti-money laundering regulations, satisfied that sufficient provisions to deal with the threat are already in place. In an article for the website SMSF Adviser, Katarina Taurian sheds light on the issue.
Change in Taper Rate Worrisome
In an article for the website Money Management, Jasmine Goh talks about the changes worked out via the Federal Budget and how it may cause a loss of entire part pension for 90,000 fund members even as it partially erodes the part pension of close to 250,000 fund members.
Change in Tapering Rate to Hit SMSF Trustees Hard
In an article for the website Super Review, Jassmyn Goh talks about how part pension changes effected through the Federal Budget will affect thousands of SMSF trustees and members. Close to 90,000 fund members are set to lose their part pension fully whereas an estimated 250,000 will face an erosion of the part pension. The scope of the Federal budget change is quite evident in the changed mood of the SMSF trustees and members across Australia.
SMSF Accounting Firms Opting For a Lot of Mergers
In an article for the website SMSF Adviser, Miranda Brownlee talks about the growing number of mergers between SMSF accounting firms. At least partially, the declining numbers of service providers can be put down to this trend.