Industry hot topics

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Federal Budget 2023: Impacts for financial service professionals

The Federal Treasurer Jim Chalmers announced the 2023 – 2024 Federal Budget on Tuesday 9 May.

Read expert analysis from the Macquarie Technical Advice Services team on the impacts for the financial planning and advice industry.

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Little Black Book

Access technical information and expertise in the one place, without having to search the web for industry facts and figures.

An introduction to philanthropic giving

This fact sheet provides an overview of some of the financial product and taxation considerations that arise when your clients are considering philanthropic giving.

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NCC flow chart 2024-25

A visual tool to assist advisers in determining a client’s non-concessional contribution cap capacity for a specific income year.

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Super opportunities for senior Australians from 1 July 2022

Read more about the new laws, the opportunities that will now be available to older individuals, along with some considerations when developing strategies for clients.

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Big Black Book 2023/24

The most comprehensive reference guide for financial advisers, available now.

Technical roundup

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March 2024

During the month of February, the bill containing the Government’s proposed changes to the Stage 3 tax cuts passed both houses and received Royal Assent. The Government also announced that it intends to amend the Paid Parental Leave Scheme by introducing superannuation contributions to the payments.

Also of note is the release of the Average Weekly Ordinary Time Earnings (AWOTE) figure for the December 2023 quarter, which triggered indexation of the concessional and non-concessional contribution caps.

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February 2024

During December 2023 and January 2024, the Government introduced a bill to Parliament to implement its proposed changes to the Stage 3 tax cuts and released draft legislation seeking feedback on minor amendments to the education requirements for financial advisers.

Other items of note include an extension to the deadline by which financial advisers must be registered with ASIC.

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December 2023

During the month of November, the Government released draft legislation seeking industry feedback on the first tranche of the Delivering Better Financial Outcomes package of reforms, together with a detailed overview of its roadmap for financial advice reform.

In other news, legislation was passed to implement changes in relation to the ASIC financial adviser register and amendments to the tax treatment of off-market share buy-backs.

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November 2023

During the month of October, the Government released a Consultation Paper seeking industry feedback on its proposal to regulate crypto and digital assets by imposing additional requirements on crypto exchanges and digital asset platforms.

In other news, a Bill was introduced to Parliament which, if passed, would implement two changes to social security that would affect pension and income support recipients.

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October 2023

Since the last roundup, the Government released a consultation paper seeking feedback on reforms addressing unpaid employer superannuation guarantee contributions, and released draft legislation to introduce an additional tax on earnings for superannuation balances over $3 million. The Government also announced its intention to make two changes to social security that would affect pension and income support recipients.

In other news, ASIC announced an extension to the date by which financial advisers are required to be registered.

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September 2023

During the month of August, social security measures announced in the 2023-24 Federal Budget passed both houses and received Royal Assent. Legislation including changes to the First Home Super Saver Scheme and recognising experience in the financial adviser industry was also passed, and now awaits Royal Assent.

Other items of note include Treasury’s release of exposure draft legislation seeking feedback on the objective of superannuation.

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August 2023

During the month of July, APRA released for consultation its proposal to remake the Financial Claims Scheme Prudential Standard, and the Government released a consultation paper seeking feedback on a new individual tax residency framework.

Other items of note include a media release by AFCA summarising the total number of complaints received for the 2022-23 financial year and details of the areas the complaints relate to.

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July 2023

During the month of June, the Government released its response to the Quality of Advice Review aimed at making high quality financial advice more accessible and affordable.

Another item of note includes the introduction of a Bill to Parliament which contained proposals to better recognise the experience of existing financial advisers as well as address technical limitations in the current financial advice framework.

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June 2023

During the month of May 2023, the Government handed down the 2023–24 Federal Budget, but the measures announced are unlikely to have a significant effect on the provision of financial advice.

Other notable developments include an announcement by the Australian Taxation Office (ATO) confirming that the 50% reduction in the minimum pension drawdown rate for account based pensions and similar products will no longer apply for the 2023–24 financial year.

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May 2023

During April, the Government released an exposure draft of proposed legislation and sought industry feedback on reforms to the financial adviser education standards.

Another item of note includes the release of draft legislation by the Australian Taxation Office (ATO) aimed at rectifying a technical issue relating to the work test.

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April 2023

During March, the Government released a consultation paper seeking industry feedback on its proposal to introduce an additional 15 per cent tax rate on earnings on superannuation balances above $3 million from 1 July 2025.

Another item of note includes the passage of the Paid Parental Leave Amendment (Improvements for Families and Gender Equality) Act 2023 (Cth) which implements several measures aimed at making parental leave more accessible, flexible and gender neutral.

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March 2023

During February, the Government released the Quality of Advice – Final Report which contained 22 recommendations aimed at making high quality financial advice accessible and affordable.

Another item of note includes the release of a consultation paper seeking industry feedback on the Government’s proposal to enshrine an objective of superannuation in law.

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February 2023

During the December 2022 and January 2023 period the Government released a consultation paper seeking industry feedback on its proposed amendments to the non-arm’s length income (NALI) provisions which apply to superannuation funds. 

Another item of note includes the release of the Consumer Price Index (CPI) figure for the December 2022 quarter, which triggers indexation of the general transfer balance cap from $1.7 million to $1.9 million from 1 July 2023.

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December 2022

During November, several Bills were passed by both houses of Parliament and have received or are awaiting Royal Assent. Some of these measures include a reduction to the downsizer contribution eligibility age from age 60 to 55, changes to the Child Care Subsidy and providing an exemption to fringe benefits tax for certain electric cars.

Other items of note include the release of a Practical Compliance Guideline by the ATO, which proposed a new method for calculating tax deductions for work-from-home expenses.

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November 2022

During October, the Government handed down the October 2022 Federal Budget which included a five-point plan aimed at providing cheaper child care, cheaper medicines, expanding the paid parental leave scheme, more affordable housing and measures to increase wages.

Other items of note include the passage of legislation which increases the Commonwealth Seniors Health Card income thresholds for singles and couples.

 

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October 2022

During September, the Government released several Bills aimed at implementing the Financial Accountability Regime (FAR) and Financial Services Compensation Scheme of Last Resort.

Other items of note include the release of a Consultation Paper aimed at reviewing four key elements of the Your Future, Your Super measures, such as the MySuper performance test, the YourSuper Comparison tool, stapling and the best financial interest duty imposed on superannuation trustees.

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September 2022

During August, the Government released the Quality of Advice – Proposals Paper which contained several proposals aimed at making financial advice more accessible and affordable.

Other items of note include a Bill that was passed in both houses in the Parliament of Western Australia and is currently awaiting assent that will allow separating de facto couples to split their superannuation when a relationship breakdown occurs.

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August 2022

During July, the Government introduced several bills which widen the eligibility for the Commonwealth Seniors Health Card (CSHC), provide an exemption to fringe benefit tax (FBT) for electric cars and amend regulations to allow individuals in certain superannuation income streams to make commutations to manage their excess transfer balance cap whilst retaining their asset-test exemptions.

Other items of note include a media release by AFCA summarising the total number of complaints received for the 2021-22 financial year and a snapshot of the areas the complaints relate to.

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July 2022

During June, ASIC released its draft Cost Recovery Implementation Statement detailing ASIC’s estimated regulatory costs and its proposal to recover the costs for the 2021-22 financial year.

Other items of note include the ATO’s announcement to extend the non-arm’s length provisions by 12 months, and ASIC’s warning to superannuation trustees on their communication to members in products that underperformed ASIC’s Performance Test.

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June 2022

During May, the leader of the Labor party, Anthony Albanese was sworn in as Australia's 31st Prime Minister following the federal election. A number of policy proposals relevant to the financial services industry were made as part of the election, however draft legislation is yet to be introduced to parliament. 

The Government and APRA released a discussion paper seeking feedback on the proposed financial institutions supervisory levy for the 2022-23 financial year, and AFCA permanently adopted the 'merit assessment' feature, which makes the complaints handling process faster, cheaper and fairer for all parties. 

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May 2022

During April, the Prime Minister announced the date of the election (21 May 2022) and resultant proroguing of the Parliament. The Government is now in caretaker mode and all bills and other business matters introduced to Parliament will need to be reintroduced to the next Parliament.  Other items of note include ASIC’s release of a legislative instrument which provides an exemption to the financial adviser qualification requirements for existing advice providers meeting certain criteria (e.g. on a career break).  

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April 2022

During March, the Government handed down its 2022 Federal Budget which includes an increase to the low to middle income tax offset and an extension of the halving of the minimum pension payment requirements. Other items of note include the release of the Quality of Advice Review – Issues Paper. The review will look into how the regulatory framework could better enable the provision of high quality, accessible and affordable advice.

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March 2022

During February, a Bill containing several superannuation and tax proposals passed both houses and received Royal assent. Other items include the release of new guidelines against cybercrime by the ATO and the TPB to help tax practitioners verify their clients identity, thereby reducing the risk of identity theft and tax fraud.

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February 2022

During December 2021 and January 2022, the Government released a Policy Paper seeking feedback on the education standards for financial advisers, proposing recognition of on-the-job experience.

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December 2021

Over the past month, FASEA released a consultation paper seeking feedback to amend Standard 3 of the Financial Planner and Adviser Code of Ethics 2019 regarding conflicts of interest.

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November 2021

Over the past month, the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 received Royal Assent, which expands the role of the Financial Services and Credit Panel, introduces a new registration system for financial advisers and more.

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October 2021

During September, the Paid Parental Leave Amendment (COVID-19 Work Test) Act 2021 received Royal Assent, which increases the accessibility of the COVID-19 Disaster Payments. Other items of note include the extension of SMSF COVID-19 relief measures for the 2019/20 and 2020/21 financial years.

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September 2021

During August, several regulations were registered to finalise the Your Future, Your Super reforms. Other items of note include the release of APRA’s inaugural MySuper Product Performance Test results.

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August 2021

During July, Treasury released exposure draft legislation to implement recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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July 2021

In June, in addition to the introduction of the Better Advice Bill, new legislation was passed to extend the bring forward rule for non-concessional contributions, increase the maximum allowable members in a self-managed superannuation fund, and the implementation of Your Future, Your Super measures.

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Adviser guides

ArticleLink

An introduction to philanthropic giving

This fact sheet provides an overview of some of the financial product and taxation considerations that arise when your clients are considering philanthropic giving.

View article

Non-concessional contribution capacity flowcharts

These charts provide a visual tool to assist advisers in determining a client’s non-concessional contribution cap capacity for a specific income year

View article

Contribution cap companion

The Contribution Cap Companion is a comprehensive guide to super contributions..
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Insuring through super

This guide focuses on the tax and benefit access issues to provide key principles or 'rules of thumb' for insurance arrangements.
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Superannuation death benefits

This chart is a visual tool for advisers regarding the payment and tax treatment of superannuation death benefits.
View article

Articles

ArticleLink
The Experienced Adviser Pathway: a new transitional arrangement for existing advisers

The Government has delivered on its election commitment to better recognise the experience of existing financial advisers with the Treasury Laws Amendment (2023 Measures No.3) Act 2023 receiving Royal Assent on 20 September 2023.

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Sharpening the focus on member outcomes: addressing underperformance in superannuation

The Your Future, Your Super reforms that came into effect in 2021 included the introduction of an annual performance test to address underperformance in superannuation products.This article provides an overview of the test, the choice products that are likely to be in scope for the test and what it means for financial services professionals and their clients.

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A new super earnings tax on high balances

The Government intends to introduce a new 15 per cent tax on the investment earnings of super balances of above $3 million. In this article, we provide a summary of the proposal and how it is intended to operate and describe the next steps in the legislative process.

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Year end strategies: Technical tips for financial services professionals

A quick reference source to help with some of the key year-end planning matters that may need to be considered for clients.

View article

Federal Budget 2023: Impacts for financial service professionals

The Federal Treasurer Jim Chalmers announced the 2023 – 2024 Federal Budget on Tuesday 9 May.
Read expert analysis from the Macquarie Technical Advice Services team on the impacts for the financial planning and advice industry.

View article

Federal Budget October 2022: What it means for financial services professionals

The Federal Treasurer Jim Chalmers announced the updated 2022 – 2023 Federal budget on October 25. Read our expert analysis of the impacts for the financial planning advice industry.

View article

Super opportunities for senior Australians from 1 July 2022

Read more about the new laws, the opportunities that will now be available to older individuals, along with some considerations when developing strategies for clients.

View article

DDO – what does it mean for personal advice providers?

The Design and Distribution Obligation (DDO) regime, commencing on 5 October 2021, will have a significant impact on financial advisers.

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Year end strategies

Technical tips for financial services professionals to help with some of the key year-end planning matters that may need to be considered for clients
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Rethinking ongoing professional development

In the past, Financial Advisers may have viewed continuing professional development (CPD) as an administrative obligation that needed to be ticked off at the end of each year. However, developments over the past few years challenge that notion.

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Termination of employment: technical tips to help your clients

Recent events have resulted in some employers cutting back on staff numbers. When a client’s employment has been terminated it is important to be aware of the implications that will impact their financial situation and the appropriate strategy moving forward, including the taxation of payments, the potential impact on other income tested benefits, access to superannuation, as well as the implications for social security benefits.

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Main residence tax changes may impact expats

Expatriates who own property in Australia that is, or was, their main residence may now be subject to tax when the property is sold. This follows royal assent on 12 December 2019 of legislation to remove the main residence capital gains tax (CGT) exemption for individuals who are foreign residents for Australian tax purposes.
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Top 10 NCC tips

Legislation implementing the reforms not only introduced a number of new concepts that advisers need to be familiar with, but also created added complexity in determining a client’s NCC capacity in an income year.
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Anti-detriment benefit phase out

The anti-detriment benefit is an increase to the amount of a lump sum benefit payable on death.
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5 important super estate planning considerations

Helping clients with their estate planning needs is a vital aspect of the financial planning process with superannuation being an important component of the plan.
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FASEA issues drafts of Adviser Professional Standards

On Friday 16 November 2018, the Financial Adviser Standards and Ethics Authority (FASEA) began to release the much-anticipated final draft standards to give effect to the new Adviser Professional Standards Framework.
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A fine balance between personal and corporate tax

Tighter super contribution criteria, especially for non-concessional contributions, has meant greater focus by financial services professionals on alternative, non-super investment opportunities, including personal investment, corporate structures and investment bonds.
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Catching up on concessional contributions

Clients with lower superannuation balances may have the opportunity to boost their retirement savings by making additional concessional contributions (CCs) above the standard CC cap.
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The CGT sting in the tail when leasing out a room

More and more Australians are considering the opportunity of leasing part of their homes to supplement their income. The ‘share economy’ presents easy and flexible access to the short-term rental market through simple-to-use apps such as Airbnb.
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Franking matters... but less than before

Recently the leader of the Labor party announced a proposal to reverse the Howard-era policy of refunds for excess franking credits. It came as quite a surprise to the market, which moved to discount stocks that carry a premium for franking credits versus those that don’t.
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The Aussiegolfa case – substance prevails over form

The decision in Aussiegolfa1 was handed down by the Federal Court of Australia on 14 December 2017.
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Adviser education pathways and Code of Ethics

Legislation was passed by Parliament on 09 February 2017 that aims to raise the education, training and ethical standards of financial advisers who provide personal advice to retail clients.
View article

Fast facts

Fast factLink
Understanding Total Superannuation BalanceView article
An overview of the main residence CGT exemptionView article
Partial main residence CGT exemptionView article
Meaning of dependant for super and tax purposesView article
Meaning of spouse for super and tax purposesView article
Private Ancillary FundsView article
Main residence CGT exemption – dwellings acquired from deceased estatesView article
Impact of service period on insurance in superView article
Meaning of child for super and tax purposesView article
Reportable Employer Superannuation ContributionsView article
Super death benefit nominationsView article

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