Annual General Meeting
SMSF Owners’ Alliance will hold its Annual General Meeting for 2015-16 at 4pm on Wednesday 16 November 2016 at Level 4, 37 Bligh Street, Sydney NSW 2000. All members are invited to attend. Only Principal Members may vote. If you would like to attend, please let us know at: firstname.lastname@example.org
SMSF Owners’ Chairman hammers the Government on super changes
The Chairman of SMSF Owners’, Bruce Foy, has strongly criticised the Turnbull Government for its complex and retrospective changes to superannuation on which little time for consultation has been allowed.
In his annual Chairman’s Review, Mr Foy said: “Their attack on self-managed funds caused deep dismay and anger that has not subsided. We felt betrayed ... download Mr Foy’s review here
New Super Bills introduced.
More details here:
SMSF Owners’ chairman Bruce Foy calls for members to rally against retrospective superannuation tax.
What We Are Telling The Government
We tell the Senate Economics Committee that legislation defining the objective of superannuation as to “substitute and supplement” the age pension is inadequate and lacks ambition. It positions superannuation in merely a supporting role for the age pension. It is a missed opportunity to position superannuation as the main plank of a comprehensive retirement incomes policy.
What We Are Telling The Media
Laws which limit contributions and apply a new tax on earnings were passed quickly through both Houses of Parliament with no substantive debate on the most significant changes to superannuation in a decade.
What We Are Telling Our Members - see latest newsletter
TSMSF owners face a busy few months. The main changes to superannuation have been passed by Parliament and now the challenge for SMSF trustees is to review your superannuation arrangements and make sure you are ready to comply with the new regime.
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.
Get the SMSFOA Submission to Financial System Inquiry Final Report
Friends of SMSF Owners
Small Independent Superannuation Funds Association
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Leading Opinion on SMSF Issues
24 November 2016 – Jennifer Hewett, Australian Financial Review…A rare show of bipartisanship has broken out in Canberra. Unfortunately, it just means a big bipartisan mistake. But given the enormous long-term costs of that mistake will only become obvious many years hence, it's little wonder Scott Morrison and Kelly O'Dwyer are delighted their superannuation changes have passed the Parliament.
22 November 2016 – Professor Judith Sloan – The Australian …The drafting of the legislation is all over the shop, bringing in new accounting concepts never used previously in superannuation tax law and the deadlines are unworkable. The compliance costs for superannuants are immense, even for those who won’t be caught in the first instance.
25 October 2016 – Professor Judith Sloan – The Australian …. There is really no difference between the Gillard and Turnbull governments when it comes to implementing hasty and ill-judged policies and wasting money.
3 October – Robert Gottliebsen, The Australian Business Review.... The “ten million dollar club” of top Australian public servants has struck again by preserving most of the gold plating in their pension nest while the rest of Australia suffers benefit cut backs and/or extra taxes.
21 September 2016 – Robert Gottliebsen – The 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 Sloan – The 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 Weisser – The 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 Sloan – The 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 Ergas – The 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.
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.
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