Superannuation Guarantee Contributions –
Current Superannuation Guarantee rate of 9.25% will remain frozen
until FY2016. This means the planned SG increase to 12% will be
delayed by a further two years to FY2022.
Concessional Contribution Caps – The
level of contribution caps will be reviewed when the Budget
position returns to surplus.
Superannuation Incentives for Low Income
Earners – The current Low Income Superannuation
Contribution of up to $500 provided to low income earners will be
Superannuation Co-contributions – The
thresholds and level of payment under the current Super
Co-contributions scheme will be reviewed when the Budget position
returns to surplus.
Minimum Pension Payments – Review of the
minimum pension payment levels will be conducted in view of current
financial market conditions to ensure that they are adequate and
Implement Process For Excess Contributions
Breaches – Develop a process to address breaches of
the contribution caps that result from unintentional mistakes made
by the member, employer or superannuation fund.
Streamline Small Business Super Reporting
– Small businesses can report super payments to a
superannuation clearing house, to be established, via the
Australian Taxation Office. Currently, the super payments are
submitted to Medicare, which manages the government's clearing
Abolish Carbon Tax & Minerals Resource Rent Tax
(MRRT) – The MRRT and carbon tax to be abolished but
the current income tax cuts and the current Social Security pension
and benefit payment increases (that compensate for the increased
cost of living resulting from the carbon tax) will be
Company Tax Reduction – The current
company tax rate of 30% is to be reduced by 1.5% to 28.5% from
Fringe Benefit Tax on Car Benefit –
Labor's proposal to remove the statutory formula method for
calculating the FBT value of employer provided car benefit will be
An actuarial review of the Invensys Australia Superannuation Fund showed it to be in surplus to the tune of $189.2 million. In mid 2003, the Invensys Group proposed to the trustee that the surplus be repatriated to the principal employer in the group.
CIVs will have flow-through status for tax purposes and similar criteria as the MITs, to encourage foreign investment.
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