This article is more than 24 months old and is now archived. This article has not been updated to reflect any changes to the law.
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.)
Lawyer in Profile
Partner
+61 3 9258 3864
julian.smith@maddocks.com.au
Qualifications: BA, LLB, Monash University, LLM, University of Melbourne
Julian is a Partner in Maddocks Commercial team. He advises a diverse range of clients across the Australian commercial and financial services landscape.
Julian's corporate practice spans various sectors, including financial services, professional services, and family-owned enterprises. He advises on:
- capital raising,
- disclosures,
- restructures,
- mergers and acquisitions,
- corporate governance,
- directors' duties, and
- trusts, corporations, and securities law.
Julian’s financial services practice involves advising financial market participants on the entire financial services lifecycle including fund structuring, management options, and compliance with regulatory requirements.
Julian also offers guidance on alternative and disruptive financial services businesses, such as online foreign exchanges, internal markets, and management rights schemes.
Read Our Latest Articles
Superannuation
Evidencing Arm's-Length Private Lending - SMSF Defends Against ATO NALI determination
customer support
legal advice
-
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.