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Policy

Tax & Super

This Month

Revealed: Only three super funds made money this year

Just three MySuper funds made any money for members over the 2022 financial year, as turmoil in equity and bond markets led to widespread losses across the $3.2 trillion sector.

  • Aleks Vickovich and Lucy Dean
Jeremy Cooper is on gardening leave after stepping down as chairman of retirement income at Challenger.

Super funds new retirement duty ‘a big step forward’

Former ASIC deputy chairman Jeremy Cooper says new laws forcing funds to help members plan for retirement needs to be complemented by an overhaul of financial advice rules.

  • Aleks Vickovich

June

Many super funds will report a loss in 2022-23.

‘Not pretty’: Super funds lose money for only the fifth time in 30 years

Superannuation sector analysts project losses of up to 10 per cent after a wild 12 months of inflation-fuelled panic across financial markets.

  • Aleks Vickovich and Lucy Dean
The ATO is keen to move invoicing off emails to take away a common attack by cyber criminals.

Why the ATO wants businesses to email less

As the tax office plays whack-a-mole, taking down about 600 websites impersonating it, it is urging businesses to move away from emailing invoices.

  • Max Mason
ATO deputy commissioner Rebecca Saint.

Tax Office protocol targets ‘reckless’ privilege claims

The ATO has released a new guide to identifying communications covered by confidentiality rules, after a series of controversial cases

  • Tom McIlroy
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Jim Chalmers, right, at his house in Logan with Treasury secretary Steven Kennedy.

Dual income tax should be on Chalmers’ radar

A big, bold policy would be a flat tax of 25 per cent on personal capital income that would be simpler and more equitable than the current hotchpotch of tax breaks.

  • John Kehoe
Premier Dominic Perrottet hugs Treasurer Matt Kean after the NSW budget was handed down on Tuesday.

Perrottet’s grand stamp duty plan ends with a whimper

Lack of federal support explains why the policy included in the NSW budget falls a long way short of the more ambitious proposal flagged by the Premier.

  • Brendan Coates
The number of people claiming working from home tax deductions grew to 4.39 million as the pandemic hit.

Working from home tax claim shortcut set to end

An 80¢-per-hour tax shortcut created to assist during the COVID-19 pandemic won’t be available after June 30.

  • Tom McIlroy
Aiming for the right retirement could be reduced to three core questions.

How to design a simpler and safer retirement system

A Nobel Prize-winning economist explains how super could be restructured around the new retirement income covenant.

  • Robert Merton
Consensus is emerging on how to make financial advice more affordable

Warring finance sector unites to make advice affordable

Twelve industry associations have penned a joint submission to government offering rare consensus on how to make financial advice more affordable.

  • Aleks Vickovich
Bob Hawke and Paul Keating

Would taxpayers be better off if superannuation never existed?

Modelling by the Parliamentary Budget Office shows what would have happened to the federal government’s budget if superannuation never existed.

  • Michael Read
New Zealand Prime Minister Jacinda Ardern will meet with Anthony Albanese on Friday.

Albanese and Ardern urged to talk tax and worker mobility, shortages

Improving and simplifying tax rules and addressing workforce mobility questions should be on the agenda for trans-Tasman talks, according to tax watchers.

  • Tom McIlroy
Superannuation Minister Stephen Jones. Parliament House, June 7, 2022. Photo: Rhett Wyman/AFR

Too many ATO employees on temporary contracts: Labor

Assistant Treasurer Stephen Jones says ongoing Tax Office operations should not be funded on a temporary basis.

  • Tom McIlroy and Edmund Tadros

May

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Raise superannuation taxes on the rich: super fund CEO

Mercer Pacific president David Bryant said the current system, in which all Australians pay a flat 15 per cent tax on earnings, is equal but not equitable.

  • Michael Read
Organisation for Economic Cooperation and Development secretary-general Mathias Cormann.

Push for global tax deal has slowed, Mathias Cormann admits

The OECD boss says he retains quiet hopes for the 139-country pact to stop governments cutting their corporate rate below 15 per cent.

  • Hans van Leeuwen
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The industry superannuation sector has surpassed $1 trillion in assets.

Industry super sector surpasses $1trn

Industry funds manage almost one in every three dollars in the super system.

  • Michael Read
Economists generally consider that China’s strict COVID-zero policy means the government will not be able to meet its annual GDP growth target of about 5.5 per cent.

Beijing bets on $30b tax relief plan to lift economy

China’s State Council announced the new measures that are intended to “stabilise” the economy and offset the impact of the coronavirus lockdowns.

  • Tom Hancock
Tim Wilson MP for the seat of Goldstein

Superannuation behemoth swallows Wilson’s policy dreams

In a week, Tim Wilson went from setting Scott Morrison’s campaign priorities to losing his seat and his government.

  • Myriam Robin