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Superannuation tax reform: The new fairness measures

Published on 01 Oct 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The failure to properly transition from a superannuation system that had permitted unlimited accumulations on introduction of the 2007 changes has necessitated two major reforms. First, to limit the amount of exempt pension income in a superannuation fund, through introduction of the transfer balance caps and, second, to limit the amount of wealth that can be held in the tax referred environment of a superannuation fund, through taxation as Australia moved from an exempt/exempt/taxed basis of taxation to its current position to show the problems being resolved by these two changes. While the methods chosen to resolve these problems have been seen before in superannuation taxation, there are concerns about their complexity, equality of treatment of taxpayers, creating additional tax distortions and the differential treatment of pensions.

Author profile

Gordon Mackenzie CTA
Gordon Mackenzie BSc LLB, LLM, Grad Dip Securities Analysis, CTA, F Fin, CA. Gordon is the convenor of the Master of Tax (Tax and Financial Planning) in the Tax School at UNSW, as well as teaching three superannuation regulation and tax subjects into the Master of Financial Planning run by the Banking and Finance School. He is also Director of the UNSW SMSF Specialisation for CA ANZ and CPA Australia, which has completed 600 candidates in 4 years. Before becoming an academic he was Global Tax Director at AMP Ltd and before that was their Technical Services Director with a staff of 30 professionals Australia wide servicing 3000+ advisers. As a lawyer for AMP Ltd he was responsible for the licensing of some of their licensed subsidiaries such as Hillross ltd - Current at 23 February 2017
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