Superannuation Editorials

As we’ve mentioned elsewhere, the recent budget had no surprises in relation to superannuation and generally met our expectations.

If things go to plan the new government’s first budget will be tabled in Parliament on Tuesday 13th May. This should give us the opportunity to gauge its attitude to fiscal policy.

Our Editorial last month expressed disappointment that SMSFs were being excluded from playing any role in the new proposal for First Home Savers Accounts.

SMSFs are the notable exclusion from the government’s list of permissible vehicles nominated as First Home Saver Accounts. Why?

Whilst the outgoing government deserves much credit for Better Super, the incoming Prime Minister also deserves some mention.

SMSF trustees have an important responsibility to carry out their duties to safeguard the interests of members' retirement savings.

In last month's editorial we reminded members that limited time remained for those SMSF trustees intending to commence a strategy of using market linked pensions for reducing the asset test assessment of their superannuation savings for Centrelink purposes.

Whilst most of the new superannuation rules were in place on 1 July 2007, the final piece in the Simpler Super puzzle will fall into place on 20 September 2007.

Following the recent superannuation changes introduced through Simpler Super, a Senate Finance and Public Administration Committee has just tabled its report into the provisions of the Superannuation Legislation Amendment Bill 2007

Welcome all to the new era with Simpler Super, or as the government's recent promotional material points out, Better Super.