This edition includes a summary of significant superannuation tax news and announcements made as at 30 September 2017, including:
- 2017-18 Budget measures implemented
On 7 September 2017, the Government introduced the First Home Super Saver Tax Bill 2017 (FHSS) and the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Bill 2017 (TLAB) into the House of Representatives. The Bills implement the 2017-18 Federal Budget Housing Affordability measures.
- Further guidance and reporting for 2016-17 Budget Changes
On 26 September 2017, the ATO released updated draft versions of Law Companion Guides LCG 2016/8, LCG 2016/9, and LCG 2016/12. The LCGs have been updated to reflect amendments made to the legislation since the original versions of the LCGs issued, and additional guidance since that time.
- Super Guarantee Reforms: closing the GAP
On 1 September 2017, the Australian Tax Office (ATO) released the ‘Super Guarantee Gap’. This is the difference between the amount payable by employers to meet their Superannuation Guarantee (SG) obligations for their employees and the actual amount received by employees’ super funds
- Other superannuation matters
If you would like to discuss or have any questions around the items covered in this edition, please contact us.