2013 - 2014 Australian Budget: SMSF key points

Australian Budget 2013:  SMSF key points

Super penalty cut

The excess superannuation contributions tax will be reformed so that savers who exceed their annual contributions limit will be taxed at their marginal rate plus interest, rather than at the top marginal rate.

Inactive threshold up

The threshold for small, inactive super accounts transferred to the Tax Office will be raised to $2500 on December 31, 2015 and to $3000 on December 31, 2016.

Aged care bond delay

The requirement for providers of aged care facilities to insure accommodation bonds will be deferred until after July 1, 2014, with government continuing to act as guarantor in the meantime.

$4.5m for smart class

A new national partnership for MoneySmart teaching is to be formed to improve financial literacy at the cost of $4.5 million over four years.

OTC control lifted

The government will provide $5.9 million over four years to The excess superannuation contributions tax will be reformed so that savers who exceed their annual contributions limit will be taxed at their marginal rate plus interest, rather than at the top marginal rate.

Inactive threshold up

The threshold for small, inactive super accounts transferred to the Tax Office will be raised to $2500 on December 31, 2015 and to $3000 on December 31, 2016.

Aged care bond delay

The requirement for providers of aged care facilities to insure accommodation bonds will be deferred until after July 1, 2014, with government continuing to act as guarantor in the meantime.

$4.5m for smart class

A new national partnership for MoneySmart teaching is to be formed to improve financial literacy at the cost of $4.5 million over four years.

OTC control lifted

The government will provide $5.9 million over four years to improve supervision of over-the-counter derivatives markets as part of Australia’s commitment to reduce systemic risk in these markets.

APRA levy up

The Superannuation Complaints Tribunal is to be supported through an extra $2.6 million of funding and offset by an increase in the super fund levy paid to the Australian Prudential Regulation Authority.

Charter in focus

The government will provide $200,000 in 2012-13 to finance a group of experts charged with developing a charter of superannuation adequacy and sustainability and for consulting on the establishment of a Council of Superannuation Custodians.

No bonus for workers

The pension bonus scheme – a lump-sum payment to people who defer their pension and remain in the workforce – will end on March 1, 2014 “to help ensure the pension system is simpler and more sustainable for older Australians into the future”.improve supervision of over-the-counter derivatives markets as part of Australia’s commitment to reduce systemic risk in these markets.

APRA levy up

The Superannuation Complaints Tribunal is to be supported through an extra $2.6 million of funding and offset by an increase in the super fund levy paid to the Australian Prudential Regulation Authority.

Charter in focus

The government will provide $200,000 in 2012-13 to finance a group of experts charged with developing a charter of superannuation adequacy and sustainability and for consulting on the establishment of a Council of Superannuation Custodians.

No bonus for workers

The pension bonus scheme – a lump-sum payment to people who defer their pension and remain in the workforce – will end on March 1, 2014 “to help ensure the pension system is simpler and more sustainable for older Australians into the future”.

Compiled by Sally Patten

The Australian Financial Review

http://www.afr.com/p/national/budget/budget_briefs_KUqAGEK7Fb1mBSe5tQhtRM

 

 

 

 


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