Superannuation & Tax changes. Legislation update
Superannuation Contributions Splitting legislation 'stalls' again
You 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 planned
The 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 implemented
The 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.)
Viviane Karoumbalis
Lawyer
Phone: 03 9288 0555
Viviane was admitted to practice in 2009 and practises in the Maddocks General Commercial and Information, Communication and Technology teams.
Viviane's areas of expertise include:
- drafting and reviewing commercial contracts, shareholder and unit holder agreements, and fixed and discretionary trust deeds;
- intellectual property;
- trade practices/ consumer protection law;
- mergers and acquisitions;
- health services;
- statutory interpretation; and
- advising on trust law and general contractual issues.
Viviane acts for a wide range of commercial, government, accounting, manufacturing and professional industry clients.
Prior to joining Maddocks, Viviane was a tax consultant in the Corporate Tax team at a Big 4 chartered firm.
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