The Hon Josh Frydenberg MP Federal Member for Kooyong Assistant Treasurer
|
|
- William Jasper Shepherd
- 8 years ago
- Views:
Transcription
1 The Hon Josh Frydenberg MP Federal Member for Kooyong Assistant Treasurer 20 August 2015 Second Reading Speech Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 Mr FRYDENBERG (Kooyong Assistant Treasurer) (09:35): I move: That this bill be now read a second time. Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 Today I introduce a bill that amends various laws to implement a range of improvements to Australia's tax and superannuation laws. This government is committed to fairness and sustainability in Australia's tax and superannuation systems. The bill I am now introducing demonstrates that commitment by making some important changes to remove unintended consequences in the tax system and protect lost superannuation accounts with low balances until they can be reunited with individuals. It is imperative that everyone pays the right amount of tax. A large part of this is ensuring that our tax laws are robust and cannot be circumvented for an unfair personal or corporate gain. As the times change, so too should our tax system. This bill will make two tax changes that make our tax system fairer and more robust. These changes are important integrity measures that will eliminate unintended consequences to make sure that the right amount of tax is paid. The government is also committed to ensuring that Australians have adequate retirement savings. This bill will make an important amendment to the superannuation law to protect lost superannuation accounts with low balances from being eroded by fees and charges. The first change in this bill will strengthen the integrity of the scrip for scrip tax roll-over, which applies to companies and trusts involved in mergers and acquisitions activity. The scrip for scrip roll-over rules provide tax relief when a company takes over, or merges, with another company. Where shares or interests in one company are exchanged for similar shares or interests in a new company, the tax payable is deferred. This reduces the costs of takeovers, and ensures that tax impediments do not prevent restructures taking place. Special integrity rules apply to ensure that this tax relief will not apply where the same person or group controls both the acquiring company and the company being acquired. In those circumstances, companies could structure their affairs to obtain an inappropriate tax benefit.
2 A court decision has found that these special rules were not operating as intended. A company was able to issue new interests as part of a takeover which prevented the integrity rules from operating. They were also able to use debt as part of their restructure to avoid paying tax. This is outside the policy intent of denying the tax roll-over in these circumstances and creates a situation where tax could be indefinitely deferred. This schedule resolves this issue, and amends the special rules to ensure they cannot be circumvented, by changing certain definitions, and introducing new, stronger, integrity rules. Similar issues arise with acquisitions or mergers of trusts. The schedule will further amend the scrip for scrip rules to ensure they apply correctly to trusts. This change is an important integrity measure for companies and trusts. Integrity in the tax system is also of high importance for individuals. That is why schedule 2 will amend the Income Tax Assessment Act 1936 to remove an income tax exemption for government employees who work overseas for more than 90 days delivering official development assistance. As a general rule, Australian residents are taxed in the Australian personal income tax system on their worldwide income. This income tax exemption was introduced to ensure that Australians who earned income while working overseas were not subject to double taxation once in the overseas country and then again in Australia. However, over time, this tax exemption has become more of a tax break for certain Australians who travel overseas to work. This has meant that government employees who claim this exemption have not been liable for income tax in either Australia or the overseas jurisdiction. The practical effect is that some government employees are eligible for an income tax exemption on foreign earnings while others are liable to pay income tax. This bill ensures that all government employees who deliver official development assistance overseas are subject to Australian income tax on their pay and allowances. This amendment will take effect from 1 July This will standardise the tax treatment of government employees who deliver official development assistance overseas. Australian Defence Force and Australian Federal Police personnel, as well as individuals delivering official development assistance for a charity or private sector contracting firm, will maintain eligibility for the exemption. This amendment will result in a gain to revenue of $6.7 million over the forward estimates. The final amendment in this bill I bring forward today, in schedule 3, will increase the account balance threshold below which small lost superannuation accounts must be transferred to the ATO. Firstly, let me explain what lost super is.
3 In general, lost super is a super account where the fund has either lost contact with the member or the account has been idle for more than five years. When we look at how people get into super, we know that around 70 per cent of employees are members of the default fund offered by their employer. Individuals are generally far less engaged with their superannuation than they are with their bank accounts. When many people switch jobs, they often end up with a new super account and fail to consolidate existing accounts. As a result many people end up with more superannuation accounts than they want or need. According to the ATO, 45 per cent of working Australians have more than one super account. In many cases, members are not aware that they have lost super accounts. For super accounts with smaller balances, the cost of fees and charges and insurance premiums can exceed investment returns. This can be particularly problematic for lost super accounts because, in most cases, the members are not aware that they have these accounts and can end up losing money that was meant for their retirement. I have said before that competition in the superannuation system is important. Research by the Grattan Institute in 2014 has found that there is not strong competition based on fees in the super sector. The problem of high fees is exacerbated because many Australians have unnecessary superannuation accounts, which means they could be paying significant amounts in needless fees every year. The Australian Prudential Regulation Authority estimates that the median total fee paid by Australians for a low-cost super account is around $532 per year. Transferring lost super accounts with low balances to the ATO will help protect these accounts from fee erosion and preserves their value until they can be reunited with the member. The ATO does not charge any fees for maintaining these accounts. In fact, individuals are able to reclaim their super money from the ATO at any time and are paid interest calculated in accordance with the consumer price index on this money. The process for reclaiming these moneys is quick and simple. Currently, lost member super accounts with less than $2,000 must be transferred from funds to the ATO as unclaimed superannuation money. This bill will increase the $2,000 threshold in two phases first to $4,000 from 31 December 2015 and then to $6,000 from 31 December This is different to unclaimed banking where no maximum monetary threshold applies. In the budget the government announced six measures that will reduce red tape for superannuation funds by removing redundant reporting obligations and by streamlining some of the lost and unclaimed superannuation administrative arrangements.
4 These include: updating the definition of 'uncontactable' to account for contemporary forms of member communication, for example on-line communication; supporting eligible rollover funds proactively consolidating lost accounts; and allowing direct payments of lost super held by the ATO to persons with a terminal illness. These changes will make it easier for individuals to be reunited with their lost and unclaimed superannuation. The ATO also plays an important role in assisting individuals to keep track of their super. The ATO has a range of strategies in place to reunite members with lost and unclaimed superannuation accounts and reduce the number of unnecessary and inactive accounts in the superannuation system. The ATO uses its own data as well as data from other sources to maximise the number of super accounts matched to an individual. Individuals can access their super account information online through the government's mygov web service or through SuperSeeker. These services allow individuals to consolidate lost superannuation to their chosen superannuation fund. They also allow individuals to transfer any ATO held superannuation to their superannuation account. In the financial year, over 450,000 accounts worth nearly $2 billion have been consolidated using ATO services. The ATO also proactively works with super funds to ensure that they have updated addresses and contact details for their lost members. I note that this lost super measure was first announced by Labor but was not enacted. In November 2013, the government announced that it would deal with a backlog of tax and superannuation measures that had not been legislated. Consistent with that commitment, the government is introducing this bill to enact the measure. The government recognises that for many Australians their superannuation savings will form a significant part of their retirement income. With this bill, the government will help ensure that Australian's retirement savings are protected from fee erosion. The three measures presented in this bill represent important updates to our tax and superannuation law. The government is committed to seeing all Australians paying their fair share of tax. The two tax changes presented in this bill make our tax system more robust so that companies, trusts and individuals cannot unfairly avoid tax in a way that was never intended. The government is also committed to ensuring that money Australians have saved for their retirement through superannuation is preserved rather than depleted by account fees and charges. These changes represent important updates that are consistent with the government's values of fairness and sustainability, with full details contained in the explanatory memorandum.
5 Debate adjourned. ENDS.
Stronger Super reforms a kaleidoscope of change awaits the industry
Stronger Super reforms a kaleidoscope of change awaits the industry Michael Chaaya, Christine Maher and Daniel Hobbs CORRS CHAMBERS WESTGARTH The government has announced the key design aspects of its
More informationSPEECH Address to the SMSF Association Melbourne 20 February 2015
The Hon Josh Frydenberg MP Federal Member for Kooyong Assistant Treasurer SPEECH Address to the SMSF Association Melbourne 20 February 2015 E&OE. Thank you Andrea for that kind introduction, and to Peter
More informationStronger Super. Information Pack
Stronger Super Information Pack 21 September 2011 Stronger Super Information Pack 21 September 2011 Commonwealth of Australia 2011 ISBN 978-0-642-74735-8 Ownership of intellectual property rights in this
More informationAustralian Superannuation Transfer Guide
Australian Superannuation Transfer Guide Contents Page Making an informed decision 3 How do I know if I have Super in Australia? 3 How do I know if my Australian Super can be transferred? 4 Why should
More informationChapter 2. The Temporary Budget Repair Levy
Chapter 2 The Temporary Budget Repair Levy 2.1 This chapter discusses the legislation introduced by the package of Temporary Budget Repair Levy (the Levy) bills. 2.2 The committee first gives a brief overview
More informationFact Sheet Tax on Super 2009/10
It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super
More information2004-2006 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION AMENDMENT BILL 2006
2004-2006 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES GENERAL INSURANCE SUPERVISORY LEVY IMPOSITION AMENDMENT BILL 2006 EXPLANATORY MEMORANDUM Circulated by the authority of
More informationTHE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015
THE HON JOSH FRYDENBERG MP Assistant Treasurer SPEECH FINANCIAL SERVICES COUNCIL BT FINANCIAL GROUP BREAKFAST SYDNEY 15 APRIL 2015 **CHECK AGAINST DELIVERY** Introductory remarks Good morning. Thank you
More information2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year)
2014/15 Budget 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 1.1 Medicare levy low income thresholds For 2013/14, the Medicare Levy low income thresholds will be as follows: Individuals
More informationAflT~U~r~o:~-~ ~ THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES
AflT~U~r~o:~-~ ~ 1994 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES LIFE INSURANCE (CONSEQUENTIALAMENDMENTS AND REPEALS) BILL 1994 EXPLANATORY MEMORANDUM (Circulated by authority
More informationFrequently asked questions
CHOICE OF SUPER Frequently asked questions 1 Content Choice 3 Standard Choice form 4 Employer default fund 5 Employer s obligations 5 Voluntary Superannuation Contributions 7 Former employees 8 Understanding
More informationThe Benefits of Simplified Superannuation Reform
The Benefits of Simplified Superannuation Reform Prafula Fernandez School of Business Law Curtin University of Technology Abstract This paper considers the recent Superannuation tax reforms in the Tax
More informationSubmission to the Treasury in response to the Discussion Paper Options for improving the Unclaimed Bank Account and Life Insurance Money Provisions
Submission to the Treasury in response to the Discussion Paper Options for improving the Unclaimed Bank Account and Life Insurance Money Provisions Submission to the Treasury 18 July 2014 Privacy Commissioner,
More informationSt.George Income Protection as Superannuation. Annual report for the year ended 30 June 2015.
St.George Income Protection as Superannuation Annual report for the year ended 30 June 2015. Contents Welcome... 3 Recent developments in superannuation... 4 2015/16 superannuation thresholds...4 Higher
More informationTaxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset
2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis
More informationBring your Australian super home. ANZ KiwiSaver Scheme ANZ Default KiwiSaver Scheme
Bring your Australian super home ANZ KiwiSaver Scheme ANZ Default KiwiSaver Scheme If you ve worked in Australia at any time since 1992, you may have some Australian super tucked away. You can transfer
More informationTax Laws Amendment (Personal Income Tax Reduction) Bill 2005
Parliament of Australia Department of Parliamentary Services Parliamentary Library Information analysis and advice for the Parliament BILLS DIGEST 25 May 2005, no. 164, 2004 05, ISSN 1328-8091 Tax Laws
More informationCOMMUNIQUE. NEW TAX LAWS Act Now! August 2012
COMMUNIQUE NEW TAX LAWS Act Now! August 2012 In recent weeks there have been changes to the Income Tax Assessment Act that may have a significant impact on you and your business entity. This Act is referred
More informationyour Guild Retirement Fund annual report
your Guild Retirement Fund annual report For the year ended 30 June 2015 The Annual Report highlights important changes that occurred during the financial year ended 30 June 2015. It provides details on
More informationThe following abbreviations and acronyms are used throughout this explanatory memorandum.
Glossary The following abbreviations and acronyms are used throughout this explanatory memorandum. Abbreviation Definition ADI Authorised Deposit-taking Institution CGT Capital gains tax ITAA 1997 Income
More informationImplications of change in Government
Australia 92 outstanding tax and superannuation measures revisited by new Government Implications of change in Government Since the last update, Australia has had a change of Government. The centre-right
More informationTerry White Chemists Superannuation a sub plan of FirstChoice Employer Super
July 2013 Page 1 Contents Category 1 - Permanent and Part Time staff working more than 15 hours per week Benefits in Brief...1 Getting Started...1 Your Investment Choices...2 Benefits of Insurance Cover...2
More information2009/10 Federal Budget in Brief
2009/10 Federal Budget in Brief The 2009/10 Federal Budget is characterised by a $57.6 billion deficit, with the Government expecting to see the budget return to a surplus position in 2015/16. The focus
More informationAccountant s Tax Guide
Accountant s Tax Guide For the year ended 30 June 2010 Macquarie Wrap Macquarie Adviser Services Tax policies and general assumptions The purpose of the Accountants Tax Guide (the Guide) is to provide
More informationA DIFFERENT KIND OF WEALTH MANAGEMENT FIRM. www.jaswealth.com.au. Superannuation 101. Everything you always wanted to know but were too afraid to ask
A DIFFERENT KIND OF WEALTH MANAGEMENT FIRM www.jaswealth.com.au Superannuation 101 Everything you always wanted to know but were too afraid to ask What is Superannuation? Superannuation 101 Contents What
More informationprotected. As well, the States and Territories undertake to ensure that the exempted
IIEADS OF GOVERNMENT AGREEMENT EXEMPTION OF CERTAIN PUBLIC SECTOR SUPERANNUATION SCHEMES FROM TFre, SUPEk,NNUATION INDASTRY (SUPERVISION) ACT 1993 ^ND THF, SUPEkANNUATION (RESOLATION OF COMPIAINTS) ACT
More informationThe sooner you start thinking about growing your super, the better. But it s never too late.
> Get calculating! If you d like to see the effect that personal contributions may have on your final entitlement, access the Super SA Benefit Projector on the Super SA website www.supersa.sa.gov.au. The
More informationCHOICE OF SUPER. Choice of Super. It s my choice! It s my super. It s my future. A guide for Western Australian State Government employers
CHOICE OF SUPER Choice of Super A guide for Western Australian State Government employers 1 2 CHOICE OF SUPER Content About choice 4 What choice means for WA State Government 5 employees Employer nominated
More informationTax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil
This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian
More informationrepresents 70 percent of the Federal Government
GENERAL TAX ISSUES Income tax represents approximately 70 percent of the total tax revenue of the Australian Federal Government Income tax represents approximately 70 percent of the total tax revenue of
More informationWestpac Personal Superannuation Fund.
Westpac Personal Superannuation Fund. Annual Report for the year ended 30 June 1 Features at a glance. 2 Investment Overview. 4 Investment Options. 5 Investment Option profiles. 10 Performance. 12 Fees
More informationSuperannuation and cancer
Many people with cancer have concerns about superannuation. This fact sheet explains how to access your superannuation and insurance benefits from your fund. Finding all of your superannuation It s common
More informationSubmission Review of the tax arrangements applying to managed investment trusts
Level 39 101 Collins Street Melbourne VIC 3000 Australia The Board of Taxation C/- The Treasury Langton Crescent CANBERRA ACT 2600 By email: taxboard@treasury.gov.au T 61 3 9679 3000 F 61 3 9679 3111 DX
More informationScoping study of small business tax compliance costs. A report to the Treasurer
Scoping study of small business tax compliance costs A report to the Treasurer December 2007 Commonwealth of Australia 2007 ISBN 0 642 74427 0 This work is copyright. Apart from any use as permitted under
More informationFINANCIAL INDUSTRY LEVIES FOR 2015-16
FINANCIAL INDUSTRY LEVIES FOR 2015-16 THE TREASURY AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY INTRODUCTION The purpose of this paper is to set out the Financial Institutions Supervisory Levies ( the levies
More informationAddressing Profit Shifting through the artificial loading of debt in Australia
28 June 2013 The Manager International Tax and Integrity Unit The Treasury Langton Crescent PARKES ACT 2600 Via email: thincapitalisation@treasury.gov.au, Copies David.Bradbury.MP@aph.gov.au, Chris.Bowen.MP@aph.gov.au,
More informationBills Digest No. 56 2001 02
Department of the Parliamentary Library I NFORMATION AND R ESEARCH S ERVICES Bills Digest No. 56 2001 02 Health and Other Services (Compensation) Legislation Amendment Bill 2001 ISSN 1328-8091 Copyright
More informationTax deductible superannuation contributions
Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions
More informationMake a lump sum withdrawal or rollover For a transition to retirement income stream
CSC retirement income RI04 04/13 Make a lump sum withdrawal or rollover For a transition to retirement income stream Use this form if you have a transition to retirement income stream and wish to > > make
More informationFuture Directions for Australia s Tax System Submission of Accommodation Association of Australia
Future Directions for Australia s Tax System Submission of Accommodation Association of Australia Accommodation Association of Australia Principal Contact Mr Richard Munro Chief Executive Officer Phone:
More informationEXTENDING UNFAIR CONTRACT TERM PROTECTIONS TO SMALL BUSINESS IMPLICATIONS FOR MARINE INSURANCE
The Hon Kelly O Dwyer MP Assistant Treasurer and Minister for Small Business Parliament House CANBERRA ACT 2600 20 October 2015 Dear Assistant Treasurer EXTENDING UNFAIR CONTRACT TERM PROTECTIONS TO SMALL
More informationAustralia Tax Alert. Budget 2013-14 targets debt funding by multinationals. Thin capitalization rules. International Tax. 15 May 2013.
International Tax Australia Tax Alert Contacts Peter Madden pmadden@deloitte.com.au Claudio Cimetta ccimetta@deloitte.com.au Vik Khanna vkhanna@deloitte.com.au Alyson Rodi arodi@deloitte.com.au David Watkins
More informationIssued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379.
Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. This is a member guide fact sheet for SuperLeader. It is an important
More informationChanges to regulatory settings for financial products dealing with longevity
ASFA Research and Resource Centre Changes to regulatory settings for financial products dealing with longevity Ross Clare Director of Research October 2013 ASFA Level 6 66 Clarence Street Sydney NSW 2000
More informationImplementing a Diverted Profits Tax
Implementing a Diverted Profits Tax May 2016 Commonwealth of Australia 2016 ISBN 978-1-925220-92-6 This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence,
More informationStatistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014)
Statistics Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014) www.apra.gov.au Australian Prudential Regulation Authority Copyright Australian Prudential Regulation
More informationEXPLANATORY STATEMENT. STATUTORY RULES 2010 No.
EXPLANATORY STATEMENT STATUTORY RULES 2010 No. Issued by authority of the Assistant Treasurer Tax Agent Services Act 2009 Tax Agent Services Amendment Regulations 2010 Section 70-55 of the Tax Agent Services
More informationSelf Managed Super Funds Take charge
Self Managed Super Funds Take charge Gain control of your financial future with a Self-Managed Super Fund (SMSF) About Markiewicz & Co. Markiewicz & Co. is one of Australia s leading full service investment
More informationCorporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016
SUBMISSION Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 March 7 2016 ABOUT INDUSTRY SUPER AUSTRALIA Industry Super Australia (ISA) is an umbrella organisation for the industry
More informationArchaic rule for super funds to be abolished
TaxTalk Insights Financial Services Archaic rule for super funds to be abolished 20 April 2016 Reproduced with the permission of The Tax Institute. This article first appears in Taxation in Australia,
More informationThe end of the financial year is coming! June 2013. Are there any bad debts to write off out of your receivables?
GR GURNEY CA JJPECZKA CA G L LAPSLEY CA NK FARRELL CA CHARTEREDACCOUNTANTS June 2013 IN THIS ISSUE The end of the financial year is coming! Small business tax concessions and scrip for scrip roll-over
More informationPrivate health insurance rebate and Medicare levy surcharge changes. June 2012
June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions
More informationSuperannuation. your obligation as an employer
Superannuation your obligation as an employer By Chris Campbell September 2014 Overview Superannuation is a significant cost of employing staff. This expense should be factored into your business plan
More informationTax Brief. 19 March 2010. Consolidating Consolidation. Tax cost setting amount for rights to future income and revenue assets. Rights to future income
Tax Brief 19 March 2010 Consolidating Consolidation The Tax Laws Amendment (2010 Measures No. 1) Bill 2010 ( the Bill ) was introduced into Parliament on 10 February 2010. Schedule 5 of the Bill contains
More informationSUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future
SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,
More informationReform of Taxation of Foreign Profits. The Worldwide Debt Cap. July 2009. Osborne Clarke
Reform of Taxation of Foreign Profits The Worldwide Debt Cap July 2009 Taxation of Foreign Profits Taxation of Foreign Profits Proposals It has been confirmed that certain elements of the taxation of foreign
More informationHow To Determine The Tax Rate In Australia
APPENDIX C: GST REVENUE POLICY DECISIONS Compulsory third party schemes alternative global decreasing adjustment methodology Australian Taxation Office 6.7 6.7 6.7 6.7 The Government will not proceed with
More informationThe ins and outs of self-managed super
The ins and outs of self-managed super Everyone likes to be in control of their own destiny particularly when it comes to finances. Running your own super fund and therefore taking complete control over
More informationPost implementation review into certain aspects of the consolidation regime. Discussion Paper. boardtaxation. the of. www.taxboard.gov.
Post implementation review into certain aspects of the consolidation regime Discussion Paper boardtaxation the of www.taxboard.gov.au The Board of Taxation December 2009 Commonwealth of Australia 2009
More informationProtecting Workers Entitlements Package
Protecting Workers Entitlements Package OVERVIEW The Gillard Labor Government s Protecting Workers Entitlements package will provide the strongest protection of employee entitlements Australian workers
More informationGuidance Notes and Circulars
Guidance Notes and Circulars Superannuation Circular No. I.A.1 Contribution and Benefit Accrual Standards for Regulated Superannuation Funds September 2006 www.apra.gov.au Australian Prudential Regulation
More informationATTACHMENT 10 STATEMENT OF REFORM PRIORITIES, CHALLENGER SUBMISSION TO TAX FORUM, OCTOBER 2011
ATTACHMENT 10 STATEMENT OF REFORM PRIORITIES, CHALLENGER SUBMISSION TO TAX FORUM, OCTOBER 2011 Ik A tax plan for our future Stronger. Fairer.Simpler TAX FORD 4-5 October 2011 -qq STATEMENT OF REFORM PRIORITIES
More informationCapital gains tax treatment of earnout arrangements
Capital gains tax treatment of earnout arrangements Proposals Paper May 2010 Commonwealth of Australia 2009 ISBN 978-0-642-74607-8 This work is copyright. Apart from any use as permitted under the Copyright
More informationPRODUCT DISCLOSURE STATEMENT. 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376
PRODUCT DISCLOSURE STATEMENT 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376 SMSF Product Disclosure Statement CONTENTS SMSF Product Disclosure
More informationCommonwealth Superannuation Corporation. Entity Resources and Planned Performance
Commonwealth Superannuation Corporation Entity Resources and Planned Performance COMMONWEALTH SUPERANNUATION CORPORATION Section 1: Entity Overview and Resources... 111 1.1 Strategic Direction Statement...
More informationAustralia s lost superannuation (retirement saving) accounts*
Australia s lost superannuation (retirement saving) accounts* August 2008 Associate Professor Hazel Bateman Director, Centre for Pensions and Superannuation The University of New South Wales Sydney, Australia
More informationPersonal investors guide to capital gains tax 2013
Guide for investors Personal investors guide to capital gains tax 2013 To help you complete your tax return for 1 July 2012 30 June 2013 Covers: n sale of shares n sale of units in managed funds n distributions
More informationTAX LAWS AMENDMENT (TAX INTEGRITY MULTINATIONAL ANTI-AVOIDANCE LAW) BILL 2015 EXPOSURE DRAFT EXPLANATORY MATERIAL
TAX LAWS AMENDMENT (TAX INTEGRITY MULTINATIONAL ANTI-AVOIDANCE LAW) BILL 2015 EXPOSURE DRAFT EXPLANATORY MATERIAL Table of contents Glossary... 1 Tax integrity multinational anti-avoidance law... 3 Glossary
More informationGUIDE TO CAPITAL GAINS TAX 2002 03
GUIDE TO CAPITAL GAINS TAX 2002 03 Covers: Individuals who have sold their main residence Individuals with complex capital gains tax obligations Companies, trusts and funds Lodge online with e-tax at www.ato.gov.au
More informationDivision 293 Tax Recommendations to reduce compliance costs for defined benefit funds
30 September 2014 Senator The Hon. Mathias Cormann Minister for Finance & Acting Assistant Treasurer PO Box 6100 Parliament House Canberra ACT 2600 Dear Senator Cormann Division 293 Tax Recommendations
More informationThe Liberals Small Business Policy
The Liberals Small Business Policy Supporting the growth of strong, successful small businesses across Western Australia with practical assistance and less red tape. Printed and Authorised by B Morton,
More information21 st CENTURY US ACCOUNTING Q&A TRUST
21 st CENTURY US ACCOUNTING Q&A TRUST Q. WHAT IS A TRUST? A. A trust is a business structure that requires a trustee, a trust and beneficiaries. The trustee holds property and earns and distributes income
More information[ MAStech ] TOP TIPS FOR OVERSEAS PENSION SCHEME TRANSFERS
[ MAStech ] TOP TIPS FOR OVERSEAS PENSION SCHEME TRANSFERS 30 BY DAVID BARRETT AND KELLY COX, MAStech DAVID Barrett & KELLY Cox Clients who have lived and worked overseas will often have benefits accrued
More information2014 Annual Report. Greater Rollover and Pension Fund. CUBS Superannuation Fund ABN 90 120 177 925
2014 Annual Report CUBS Superannuation Fund Greater Rollover and Pension Fund CUBS Superannuation Fund ABN 90 120 177 925 Trustee Equity Trustees Limited ABN 46 004 031 298 AFS Licence No. 240975 RSE Licence
More informationSetting up your Business in Australia Issues to consider
According to a recent International Monetary Fund study, Australia is in the top ten wealthiest countries in the world. With an educated and skilled workforce, it presents great opportunity for expansion.
More informationSUPERANNUATION. Home Insurance. Super fundamentals. Foundations for your future
SUPERANNUATION Home Insurance Super fundamentals Foundations for your future As one of your most important financial investments, it s worth understanding how superannuation works. For many Australians,
More informationNEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE. Client Portal
CONTACT US 31-33 Hosken Street Bluff Point WA 5630 PH: (08) 9923 1174 F: (08) 9923 1660 www.adamhunter.com.au Image Source: SnapAction NEWS FROM ADAM HUNTER PTY LTD WHAT S HAPPENING IN OUR PRACTICE Client
More informationSuperannuation and cancer
Many people with cancer have concerns about superannuation. This fact sheet explains how you may be able to access your superannuation and the insurance benefits attached to your fund. Finding all of your
More informationtax corrs Editors: september 2012
corrs tax Editors: Welcome to the September 2012 edition of the Corrs Tax newsletter. We bring you brief summaries of topical taxation issues, as well as their implications for your business. In this issue:
More informationAnnual Report 2014 The Universal Super Scheme
Annual Report 2014 The Universal Super Scheme This report is for members with: Whole of Life and/or Endowment contracts Preparation date 1 November 2014 Issued by The Trustee, MLC Nominees Pty Limited
More informationProduct Disclosure Statement
AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of
More informationBox D Self-managed Superannuation Funds
Box D Self-managed Superannuation Funds 1 8 6 4 2 Self-managed superannuation funds (SMSFs) are the fastest-growing segment of the Australian superannuation industry. In June 213, SMSFs held around $5
More informationKPMG Superannuation Services Pty Limited ABN: 90 094 584 755 Australian Financial Services Licence No. 241366
ABCD KPMG Superannuation Services Pty Limited ABN: 90 094 584 755 Australian Financial Services Licence No. 241366 Telephone: +61 2 9335 7000 10 Shelley Street Facsimile: +61 2 9335 7001 Sydney NSW 2000
More informationSenate Community Affairs Legislation Committee
Submission to the Senate Community Affairs Legislation Committee on the Social Services Legislation Amendment (Fair and Sustainable Pensions) Bill 2015 12 June 2015. 102/55 Holt St, Surry Hills NSW 2010.
More informationAn Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes.
Version: 1.7.2013 South Australia Payroll Tax Act 2009 An Act to re-enact and modernise the law relating to payroll tax; to harmonise payroll tax law with other States; and for other purposes. Contents
More informationTAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO.#) BILL 2014: EXPLORATION DEVELOPMENT INCENTIVE EXPLANATORY MATERIAL
TAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO.#) BILL 2014: EXPLORATION DEVELOPMENT INCENTIVE EXPLANATORY MATERIAL Table of contents Glossary... 1 Chapter 1 Exploration development incentive...
More informationC.1 Taxation of equity-based payments
C Taxation C.1 Taxation of equity-based payments Australian taxation arrangements Equity-based payments are remuneration for employment services provided in the form of equity or rights (this could constitute
More informationTaxation treatment of Exchange Traded Options
Taxation treatment of Exchange Traded Options 18 May 2011 Patrick Broughan, Director, Deloitte Touche Tohmatsu Ltd Alison Noble, Account Director, Deloitte Touche Tohmatsu Ltd The views in this document
More information11.06% BALANCED RETURN
MAtTERS Spring 2015 11.06% BALANCED RETURN Contents Third consecutive year of double digit returns for members...1 Deadline extension for SuperStream compliance now October 2015!...2 A message from the
More informationHow To Grow The Superannuation Industry
Evolving Superannuation Industry Trends November 2012 kpmg.com.au 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International
More informationInternational Payroll Services
International Payroll Services The ability to manage a global workforce and comply with the localised regulations and requirements are paramount for any expanding business. Easy Payroll can provide a seamless
More informationATO releases Compliance in Focus for 2013-14
TaxTalk Alert ATO releases Compliance in Focus for 2013-14 16 July 2013 On 16 July 2013, the Australian Taxation Office (ATO) released its new look Compliance Program for 2013-14, Compliance in Focus.
More informationProduct Rationalisation Managed Investment Schemes and Life Insurance Products
Product Rationalisation of Managed Investment Schemes and Life Insurance Products Proposals Paper Commonwealth of Australia 2009 ISBN 978-0-642-74544-6 This work is copyright. Apart from any use as permitted
More informationReview of retirement income stream regulation
Review of retirement income stream regulation Submission by UniSuper About UniSuper UniSuper is the superannuation fund dedicated to people working in Australia's higher education and research sectors.
More informationThe 2015/16 Federal Budget key Tax announcements for business 14 May 2015
The 2015/16 Federal Budget key Tax announcements for business 14 May 2015 Executive summary On 12 May 2015, the Treasurer Joe Hockey delivered the 2015/16 Federal Budget. The Budget includes a number of
More informationSuperannuation: dealing with life s changes
Booklet 2 Superannuation: dealing with life s changes MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Accessing your superannuation benefits 04 Conditions of release
More informationPlum Superannuation Fund Plum Superannuation Fund Plum Personal Plan Preparation date: 18 December 2015
Plum Superannuation Fund Plum Superannuation Fund Plum Personal Plan Preparation date: 18 December 2015 This update to the Plum Superannuation Fund Product Disclosure Statement is provided as a result
More information2013 Benefit Statement Notes
2013 Benefit Statement Notes At 30 June 2013 Important information The Board of Trustees of the State Public Sector Superannuation Scheme (ABN 32 125 059 006) (QSuper Board) is required to provide you
More information