|
|
September 2005
Superannuation & Tax changes. Legislation update
|
 Lawyer in Profile  Rebecca SargeantSenior Associate Phone: 03 9288 0555 Rebecca's areas of practice include:
She advises extensively on all areas of taxation and has experience in providing advice to a broad range of clients and business structures. She also has experience in drafting various types of commercial agreements and trust deeds. Rebecca is currently studying for her Masters of Taxation Law at Melbourne University. Rebecca has been assisting in managing the Cleardocs Help Desk as the need arises over the past year.  
The legislation designed to allow members of accumulation funds to split future personal and employer super contributions has stalled...again.
Superannuation Contributions Splitting legislation 'stalls' againYou may recall that this legislation was first introduced into Federal Parliament in 2003 but lapsed when the 2004 Federal election was called. It surfaced again in the May 2005 Federal Budget and the new form of the legislation was due to be introduced in the last sitting of Parliament. As the legislation is likely to allow couples to split contributions at year-end for contributions made in the previous year, the legislation may not have been a priority in the first sitting of the new financial year. The next sitting dates for Federal Parliament are 5-15 September 2005. We'll keep you informed. Superannuation Surcharge abolished as plannedThe superannuation surcharge payable on an individual's surchargeable contributions has been abolished with effect from 1 July 2005. However, remember that the surcharge for the 2004/5 financial year still applies at 12.5%. (The changes were made in the Superannuation Laws Amendment (Abolition of Surcharge) Act 2005.) Changes to Personal Income Tax Rates implementedThe personal income tax relief announced in the May 2005 Federal Budget was also passed. But beware: the rates and thresholds were raised by the Senate. The ATO has not yet updated its website - so check the amended rates here: http://parlinfoweb.aph.gov.au/piweb/view_document.aspx?ID=363&TABLE=SCHED (The changes were in The Tax Laws Amendment (Personal Income Tax Reduction) Act 2005.)
To set up on Cleardocs, all you need to do is key in your name, industry, email and password. Then you're ready to create Cleardocs documents. It only takes a few minutes. (There's no joining fee. Just a pay per use document fee.) Existing users wanting to start a new document, log in (top right) |
The legal information and commentary on this site is general only. Documents ordered
through Cleardocs affect the user‘s legal rights and liabilities. To assess their
suitability for the user, legal, accounting and financial advice must be obtained.
