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On 31 July 2013, the Government issued a Press Release stating that no major changes would be made to superannuation tax policy for five years. This will be legislated if the Labor Government is re-elected.
It is clear that confidence in the superannuation system has been impacted by regular changes. This proposal is designed to encourage confidence in investment decisions knowing that the rules will not continually change.
The Government has also highlighted that certain measures will be retained, such as:
•gradual rise of the Superannuation Guarantee to 12% by 1 July 2019
•increase in concessional contribution caps for older Australians to $35,000, and
•low income superannuation contribution.
Legislation will be brought forward to establish a Super Council to ensure future changes are consistent with the agreed charter. This Council would also undertake a review of issues to be addressed which will include discussion and consultation papers.
In a recent press release, Treasurer Chris Bowen confirmed the Rudd Government’s decision to terminate the Carbon Tax and move towards a floating price a year earlier. To partially fund the loss of revenue, it is proposed to tighten the requirements for salary packaging a car under Fringe Benefit Tax (FBT) by abolishing the Statutory Formula method for arrangements entered into from the date of announcement. Those affected would need to use the operating cost method. The Statutory method would not be available for FBT years commencing 1 April 2014. The operating cost method requires those to keep log book of business use of the leased vehicle to be kept for a continuous period of 12 weeks in the first year. For arrangements entered into before the date of announcement the statutory method may continue to be used while the lease arrangement remains in place.
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- No major changes to superannuation - proposal
- Proposed changes to FBT on cars