Media Releases

SMSF Association Media Release The Federal Government’s proposed new tax on superannuation balances exceeding $3 million could have a negative impact on up to 50,000 SMSF members, with the mean additional tax liability exceeding $80,000 in 2020-21 and 2021-22, according to a research report released today. The report, by the International Centre for Financial Services…

SMSF Association Media Release The Federal Government’s decision to push ahead with its plans to tax unrealised capital gains in its proposed new tax on earnings on superannuation balances exceeding $3 million is bitterly disappointing, says SMSF Association CEO Peter Burgess. The draft legislation released today confirms the Government’s intention to measure earnings by calculating the difference in…

SMSF Association Media Release The SMSF Association is urging the Government not to lose sight of key aspects of the Modernising Business Registers (MBR) program, that would have delivered improved administrative efficiencies and enhanced data security. The Association pointed to key aspects of the MBR program that were designed to streamline the way company details…

SMSF Association Media Release The SMSF Association has renewed its call for a more equitable and less costly approach to the Federal Government’s proposed new tax on superannuation balances exceeding $3 million. With the draft legislation imminent, SMSF Association CEO Peter Burgess used his opening session at its Technical Summit on the Gold Coast this…

SMSF Association Media Release The SMSF Association has concerns with the ATO’s draft Tax Determination (TD) on how the Non-Arms-Length Income (NALI) provisions interact with the Capital Gains Tax (CGT) regime. Association CEO Peter Burgess says although it is good to get clarity on this important issue for the SMSF sector, it’s concerning that the…

SMSF Association Media Release The Federal Government’s response to the Quality of Advice Review is a positive step towards ensuring Australians have greater access to high quality, accessible and affordable financial advice, says SMSF Association CEO Peter Burgess. “In his announcement today, the Minister for Financial Services, Stephen Jones, has clearly shown he has listened…

SMSF Association Media Release The SMSF Association welcomes the decision by the Senate Economics Legislation Committee to recommend that the Federal Government review the legislative amendments that target franked distributions funded by capital raisings.   The amendments – Schedule 5 of the Treasury Laws Amendment (2023 Measures No.1) Bill 2023 – aimed to prevent certain…

SMSF Association Media Release The SMSF Association is urging the Government to re-open industry consultation on the proposed $3 million superannuation tax threshold that was included in tonight’s Federal Budget. SMSF Association CEO Peter Burgess says: “Further consultation about this new tax is imperative so that the full impact on the small business and farming…

SMSF Association Media Release The SMSF Association has raised concerns about a proposed legislative change that will exclude certain distributions funded by capital raisings being eligible for franking credits. In its submission to the Senate Economics Legislation Committee, due to report on 26 May, the Association says: “We support measures that prevent tax avoidance and…

SMSF Association Media Release The SMSF Association is urging the Federal Government to deliver stability, consistency, and certainty for superannuation. Association CEO Peter Burgess says: “We support in principle the concept of a legislated Objective of Superannuation. Continual changes to the superannuation system add complexity to what is an already complex system, at the same…