Government's plan to simplify & streamline superannuation: where are we now?
The extent of the Government’s ‘Plan to simplify and streamline superannuation’, as announced in the Federal Budget, came as quite a surprise to many. This paper provides an overview of the Government’s proposals and the further developments since the budget announcement, including discussion of the following specific aspects of the proposals:
Two press releases issued by the Treasurer as part of the May Federal Budget (Nos. 038 and 039) proposed some important changes to the CGT Small Business Concessions, which significantly expand their scope. This presentation examines the proposed changes, including the following:
Changes to apply from 1 July 2006
$5m maximum net asset value test
active asset test
SB CGT Affiliates
significant individual test
application of the concessions in the event of death of significant individual
changes to specific concessions
changes to apply from 1 July 2007
$5m threshold to increase to $6m
STS taxpayers to qualify regardless of $6m threshold.