Latest News

Hot Issues
spacer
Div 296 sparking death benefit discussions
spacer
ATO warns SMSF trustees to be aware of increase in scams
spacer
Roles and Responsibilities in a Business Partnership
spacer
Beware of tax implications for failing to meet minimum pension requirements: consultant
spacer
Leasing property owned by an SMSF
spacer
A super contributions deadline you won’t want to miss
spacer
How topping up your super each year could leave you $80,000 better off in retirement
spacer
Evolution of Boeing - 1916 - 2025
spacer
ATO issues guidance on SMSF trustee appointment and compliance
spacer
ASIC to increase audit surveillance in 2025–26
spacer
Investment and economic outlook, May 2025
spacer
Legal case has succession planning lessons for SMSF members, advisers: legal expert
spacer
Your 30 June superannuation checklist
spacer
Start-ups to suffer under Div 296
spacer
New SMSF trustees propel uptake of financial advice
spacer
Comparison of various Animal Weight
spacer
$95bn loss predicted to Australian economy if Div 296 passes: analysis
spacer
Why more Australian SMSF owners are looking to global equities
spacer
Investment and economic outlook, April 2025
spacer
Trustees reminded of minimum pension drawdown
spacer
How boosting your super can help you reduce your tax bill
spacer
Are your adult children ready for the wealth transfer?
spacer
Financial abuse move now a certainty
spacer
Freshwater Resources by Country 2025
spacer
Investment and economic outlook, March 2025
spacer
Advisers should be aware of signs of elder abuse in SMSF structures
spacer
SMSFs hold record levels of cash and property
spacer
Trustees warned on early access
spacer
The Largest Empires in the World's History
Article archive
spacer
Quarter 1 January - March 2025
spacer
Quarter 4 October - December 2024
spacer
Quarter 3 July - September 2024
spacer
Quarter 2 April - June 2024
spacer
Quarter 1 January - March 2024
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
$3m super tax officially abandoned for this year

The government’s plan to increase the tax on superannuation balances over $3 million has officially been abandoned, at least for this year.

.

At first believed to have been left out of a group of bills Labor tried to push through via a guillotine motion on Thursday, the Better Targeted Superannuation Concessions Bill was included for a brief time before the motion suffered a defeat in Senate.

After tense negotiations between Labor, the Greens, and Senate independents, the government then scaled back its original agenda, cutting 36 bills down to a package of 27 pieces of legislation and excluding the controversial tax on super balances over $3 million.

As it currently stands, the bill has been scrapped having been considered too controversial and too hard to pass.

According to SMSFA CEO Peter Burgess this is “a big win for the sector”.

He told SMSF Adviser that this is a “sure sign” that the government knows they have issues with this bill.

“Only non-controversial bills are guillotined,” Burgess said.

According to the Parliamentary Practice and Procedure Guidelines, guillotines are used where the government can obtain the support of a majority of the Senate to provide finite debating times for a particular bill or to bring protracted debates to a close.

Earlier this week, Finance Minister Katy Gallagher assured that the changes to Division 296 remain Labor policy, but conceded that the bill faces opposition in the Senate, calling the upper house “an obstructionist chamber”.

“There’s a big cross bench with different views, we’ve got an opposition that doesn’t want to work with the government, that wants to stop progress, but we are going to be fighting right up to the end.”

 

 

 

 

SMSF Adviser team
November 28 2024
smsfadviser.com

Site by Plannerweb