Superannuation reform bills passed by both Houses of Parliament
As previously mentioned on our website, two superannuation bills were passed by both Houses of Parliament on 23 November 2016.
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 will now go to the Governor-General’s office to receive Royal Assent, thereby enacting superannuation reforms outlined in the 2016 Federal Budget and subsequent changes released in September 2016.
Superannuation reform bills passed by both houses
Two superannuation bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have been passed by both houses.
The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 amends five separate acts including:
Changes to NSW association laws from 1 September 2016
Amendments to enhance the way incorporated associations are administered and to clarify the way associations operate took effect on 1 September 2016.
Following three years of public consultation, the Associations Incorporation Act 2009 has been amended to include a new Associations Incorporation Regulation 2016 with effect from 1 September 2016. It is intended the changes to the Act and the new Regulation will assist associations comply with the legislative requirements and improve governance.
Reduced rates of R&D tax offset
The Budget Savings (Omnibus) Bill 2016 was passed by the Senate on 15 September 2016 without amendment and now awaits Royal Assent. Among other…
Government announces changes to 2016-17 Budget superannuation proposals
The federal government has today (15 September 2016) made substantial changes to the superannuation package originally announced in the 2016-17 Federal Budget in May 2016.
NSW State Budget
On 21 June 2016 the State Government delivered the New South Wales (NSW) budget results for the 2015-16 year.
ATO extends SuperStream deadline
With less than a week until the 30 June SuperStream compliance deadline, the Australian Taxation Office (ATO) has announced it will extend the deadline to small businesses until 28 October 2016.
NSW state budget – Changes to duties
Abolition of duty
From 1 July 2016 stamp duty has been abolished on the transfer of business assets in New South Wales.
Year End Tax Planning Opportunities
The 2015/16 year is almost at an end, presenting a perfect time to consider any tax planning opportunities that may be relevant to your business, including the following.
Abolition of NSW Stamp Duty on the transfer of business assets and marketable securities
From 1 July 2016, the following transactions will no longer be subject to stamp duty:
1. Transfer of marketable securities; and
2. Transfer of business assets.