SUPERCentral Governing Rules – Update
The SUPERCentral Governing Rules have been updated. The new updated rules (Version May 2015 or 05/15) will apply to all superannuation funds which are currently on the SUPERCentral system.
ATO Issues Taxpayer Alert
The ATO has issued a Taxpayer Alert concerning arrangements (which the ATO describes as “dividend stripping”.)
Terminal Illness Benefit – Proposed Change
The Assistant Treasurer, Josh Frydenberg, has announced that the Government would relax the life expectancy requirement for accessing super benefits on the basis of terminal illness.
Assets Test changes announced and Government drops proposed indexation change
The Social Services Minister has made two significant announcements and given up on a previously announced change.
2015 Federal Budget – SMSF perspective
After being bitten and not achieving its goals in the last Budget, the Government has decided to address the Budget Deficit by means of bracket creep (increasing the tax take as salaries increase and move into higher tax brackets).
ATO Penalties Regime – Trustee penalties going up
The dollar value of each penalty unit will increase from $170 to $180 with effect from July 2015. Consequently, the maximum penalty for failing to sign the ATO Trustee Declaration will increase from $8,500 to $9,000, as the maximum penalty is 50 penalty units.
Media contact:
Michael Hallinan
Supercentral
(02) 8296-6205
michael@townsendslaw.com.au