A new piece of legislation giving effect to proposed measures announced during the 2018 Budget in respect of limited recourse borrowing arrangements (‘LRBA’) is currently being discussed by Parliament.
NCC
First Home Saver Scheme withdrawals from 1 July
The legislation to implement the First Home Saver Scheme, which permits individuals to withdraw (up to certain limits) the amount of their voluntary superannuation contributions plus associated earnings for the purpose of purchasing their first home, was enacted in December 2017 and will apply from 1 July 2018.
Family trusts more important than ever
Family trusts are increasingly being used for retirement planning purposes since the Government introduced more measures to limit the ability to make both concessional and non-concessional contributions to superannuation funds.
Making a $540,000 non-concessional contribution without any money
On 1 July 2017 the maximum amount a member can contribute to their super fund each year non-concessionally (i.e. no tax deduction) will decrease from $180,000 to $100,000. Currently, a member can make a so-called “non-concessional” contribution (NCC) of either $180,000 or $540,000 (an advance contribution covering the next three years, triggering the so-called “bring […]
SUPERCentral News – Issue 149 February 2017
New Regime – Fair and Sustainable Super The legislation to implement the new Fair and Sustainable Super – Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 has now been enacted. The Fair and Sustainable Super changes are the most significant changes in Superannuation since the Costello changes of 2007. The New Contribution Caps […]
Transitional measures for the $500,000 cap
It seems (based upon a response to a question posed during the course of the campaign) that the Government will introduce transitional measures in relation to this $500,000 cap. The transitional measures will apply in two situations. The first situation is where a super trustee had entered into a contract of sale before 3 May […]