Articles

As previously mentioned on our website, two superannuation bills were passed by both Houses of Parliament on 23 November 2016.

The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 will now go to the Governor-General’s office to receive Royal Assent, thereby enacting superannuation reforms outlined in the 2016 Federal Budget and subsequent changes released in September 2016.

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Two superannuation bills, which include the proposed introduction of the $1.6 million transfer balance cap and changes to concessional contributions, have been passed by both houses.

The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 amends five separate acts including:

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Amendments to enhance the way incorporated associations are administered and to clarify the way associations operate took effect on 1 September 2016.

Following three years of public consultation, the Associations Incorporation Act 2009 has been amended to include a new Associations Incorporation Regulation 2016 with effect from 1 September 2016. It is intended the changes to the Act and the new Regulation will assist associations comply with the legislative requirements and improve governance.

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The Budget Savings (Omnibus) Bill 2016 was passed by the Senate on 15 September 2016 without amendment and now awaits Royal Assent.

Among other measures the Bill implements measures announced in the 2016-17 Federal Budget reducing the rates of the tax offset available under the R&D tax incentive for the first $100m of eligible expenditure by 1.5 percentage points. The higher (refundable) rate of the tax offset will be reduced from 45% to 43.5% and the lower (non-refundable) rates of the tax offset will be reduced from 40% to 38.5%.

The federal government has today (15 September 2016) made substantial changes to the superannuation package originally announced in the 2016-17 Federal Budget in May 2016.

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On 21 June 2016 the State Government delivered the New South Wales (NSW) budget results for the 2015-16 year.

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With less than a week until the 30 June SuperStream compliance deadline, the Australian Taxation Office (ATO) has announced it will extend the deadline to small businesses until 28 October 2016.

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Abolition of duty

From 1 July 2016 stamp duty has been abolished on the transfer of business assets in New South Wales.

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