treasury

“Unresponsive. Slow. And not member-focussed.” The Assistant Treasurer took superannuation funds to task for failing members on several levels at a “critical juncture” for the system, repeating the government’s call for a legislated objective of super.

The bill would require any future legislation affecting superannuation to comport with the objective of preserving savings “to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way”.

With Treasury currently considering amendments to provisions governing non-arm’s-length income and expenses (NALI/E), the SMSF Association and other professional bodies say the ATO should not rush a controversial tax determination about NALI and capital gains tax in SMSFs.

Speculation over Lowe’s future as the RBA chief had been swirling for months amidst fallout over interest rate decisions. Bullock, the current deputy governor, will become the first female leader of the central bank.

Buy-now-pay-later products look like credit, act like credit and carry the risk of credit, so they should be subject to the same regulatory scrutiny as credit products, the financial services minister said.

Treasury’s plan would increase the headline tax rate to 30 per cent from 15 per cent for earnings on superannuation balances above $3 million. The SMSF Association and others have called it unsustainable and discriminatory to SMSFs.

The federal government is seeking feedback on proposed changes to rules aimed at preventing non-arm’s-length transactions by superannuation funds, in a bid to address concern that SMSFs and smaller funds that breach the provisions could be disproportionately penalised.

The Treasury has released for public consultation draft legislation aimed at closing a tax loophole for off-market share buybacks, prompting renewed fears over the future of franking credits despite assurances that mum-and-dad investors will not be affected.

The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.