'Run by SMSF owners for SMSF owners'
Speaking Up for One Million Australians with SMSFs 
facebook5

URGENT
The Government has released the second tranche of draft legislation on the changes to superannuation it announced in the May budget.
This tranche deals with the new $1.6 million transfer balance cap that will apply from 1 July 2017 and other measures. SMSF Owners is now examining the draft legislation with a view to making a submission by the very tight deadline of 10 October.

The draft legislation can be found here: consult.treasury.gov.au/retirement-income-policy-division/super-reform-package-tranche-2  If members have comments to offer on the draft legislation, please send them to: info@smsfoa.org.au

For an overview of the new draft legislation, see this Heffron SuperNews bulletin: www.heffron.com.au

We’ll keep you updated.

Our Member Forum is now active.

Members and Vistors can view comments click on Member Forum above. Only Members can post comments. Members who wish to do so should go to Member Login & use their usual password. Then click on FORUM in the top Navigation Panel and follow instructions. All comments will be moderated.

 

RonBewleyExpert Analysis
Dr Ron Bewley, former Head of the School of Economics at the University of NSW examines super tax policy changes. 
[download the pdf]

SMSF Owners’ chairman Bruce Foy calls for members  to rally against retrospective superannuation tax.

Click Here to Download the letter to Members & Supporters


What We Are Telling The Government

The proposed objective of superannuation – to substitute and supplement the age pension – is inadequate. It assigns superannuation only a supporting role to the age pension instead of making it the central pillar of Australia’s retirement income system. It lacks vision and ambition.

Click for more ...


What We Are Telling The Media 

The Treasurer’s decision to scrap the $500k non-concessional contribution limit makes sense…it was never necessary in the first place.

Click for more ...


What We Are Telling Our Members -  see latest newsletter

The Government defines the purpose of superannuation in draft legislation but contentious measures are still to be released.
The definition of super will not stop further fiddling with the superannuation rules.

Click for more ...

Speaking Up For One Million Australians, just like you

New Super changes explained ...
This link will take you to a very useful summary in Heffron Super News about what the latest round of superannuation policy changes will mean in practice.
 www.heffron.com.au/heffron/Resources

Advocacy

Get the SMSFOA Submission to Financial System Inquiry Final Report

More


Friends of SMSF Owners

SMSF Owners shares views with other groups representing investors [more...]

 


Small Independent Superannuation Funds Association


 Investment Services

OnMarket is a new way you can directly access the market for corporate fund raising from your mobile phone, tablet or computer. The Online app is a faster and easier way to invest in IPOs without going via a broker. Join here now for free.

image001

 

Leading Opinion on SMSF Issues

21 September 2016 – Robert GottliebsenThe Australian
Around the world public servants in collaboration with their actuarial mates have been misleading politicians about the real cost of the bonanza pension schemes they have been promised. Nowhere has the game been played better than in Australia.
 
17 September 2016 – Judith SloanThe Australian
The biggest take-home message is that the Coalition can never be trusted on superannuation. Its leaders say one thing and do another, trying to out-Labor the ALP when it comes to imposing higher taxes on savers who are seeking to provide for their retirement.

13 September 2016 – Rebecca WeisserThe Australian ...The government’s modelling shows everyone from the third income decile up — that is, 70 per cent of the population — is worse off under its new retirement system.

13 September 2016 – Professor Judith SloanThe Australian ...Scott Morrison and Kelly O’Dwyer may well regret ever hearing the word superannuation. Having experienced a rush of blood to their heads and working on the basis of misleading and deceptive advice given to them by activist bureaucrats, they now find themselves in a right royal pickle.

12 September 2016 – Professor Henry ErgasThe Australian ...There is a fundamental defect in the government’s superannuation proposals that has been entirely overlooked. Instead of growing in line with average earnings, the $1.6 million “transfer balance” cap is only indexed to consumer prices.

9 Sept 2016 - John Roskam, Australian Financial Review ...  Expressing the objective of superannuation in the way the government proposes is to put tax and financial consideration at the centre of superannuation policy. Instead, the starting point should be the inherent dignity of individuals taking personal responsibility for the care of themselves in retirement.

1 Sept 2016 – Noel Whittaker in Cuffelinks…. If we can believe the rumours, Federal Cabinet is busy working on ways to make its proposed superannuation policies more palatable. It may be a challenging task: at first glance, the Budget 2016 policies seem inconsistent and lacking in logic.

27 Aug 2016 - Robert Gottliebsen in The Australian  ... Thanks to what Scott Morrison and his feathered public servant advisers have done to people's super, the family home is being turned into a super fund...another strong housing price rise will follow.

27 Aug 2016 - Grace Collier in The Australian ... People who aim to fund their own retirement are not angry about having to pay more tax. These people are well accustomed to paying for everyone else; they have done it all their lives. They are angry because they have been lied to by Morrision...in my opinion the man is dangerous and not fit to be Treasurer.

24 Aug 2016 - Robert Gottliebsen in The Australian ...The public servants' defined benefit superannuation scheme has become one of the greatest scandals in the nation...

23 Aug 2016 - Judith Sloan in The Australian ... Scott Morrison has embarked on the unusual task of trying to persuade fellow members of his own party in
parliament to support his superannuation proposals announced at budget time.

20 Aug 2016 - Grace Collier in The Australian ... I am told that before the election, Cabinet simply waved the policy through simply because nobody understood it and time constraints were pressing.

Click on the heading in red to download the article or click here for More Articles

Treasurer's U-Turn On Super

The online superannuation newsletter Cuffelinks has published the Treasurer's response to a question on his about-face on superannuation taxation.

At an industry conference in February this year, the Treasurer said certainty and confidence were important and he would not "change the deal" on superannuation. Three months later, in the May budget, the Treasurer changed the deal.

He was questioned about his U-turn at another industry conference on 25 August by Graham Hand of Cufflinks whose report is here.

The Treasurer justified his new restrictions on super by saying 99% of people were not affected by the $1.6 million cap and fewer than 100,000 have put in more than $500k in after-tax contributions.

The Treasurer was talking about the total superannuation population, most of whom have relatively low account balances. When it comes to self-managed funds, 15% of members have account balances of over $1 million (the ATO stats don't give a breakdown between $1 million and $2 million). That's 150,000 people. Then there's another 500,000 people with account balances between $200k and $1 million who may aspire to reach $1.6 million or more.

Treasurer, regardless of how many people are affected, a bad policy is not made right because it affects only a relative few, pretty much all of them members of self-managed funds who have made the commitment to support themselves in retirement...under the rules.
The lasting damage the budget super changes have done is to erode certainty and confidence in superannuation for everyone - the very values you extolled in your February speech.

A directory of useful services and providers to SMSFs

  • Broking
  • Fund Administration
  • Legal
  • Property Investmnent
  • Investment Services

    The toolkit

Forum11

Go to the SMSF Owners Forum

The Forum is a place to have your say on how government policy affects you and your self-managed fund

  • A place to raise questions and make comments on the taxation and regulation of SMSFs
  • A place to share your views with other SMSF owners