Australia

Details

  • Service: Tax, Superannuation & Pension Funds, Topics, Federal Budget
  • Industry: Financial Services, Superannuation
  • Type: Business and industry issue
  • Date: 15/05/2013

Superannuation

KPMG's Superannuation practice offers a range of services to superannuation funds, life offices, employers and fund trustees.

Superannuation & Pension Funds

KPMG’s Superannuation & Pension Funds provides tax, advisory and compliance services to public sector, public offer, industry and corporate funds.

2013 Federal Budget and the superannuation industry 

There were a number of changes proposed in the 2013-14 Federal Budget to impact the superannuation industry. Including amendments to the Pay As You Go (PAYG) income tax instalments and the prevention of 'dividend washing'.

This brief provides a review of the major implications for the superannuation industry arising from the 2013 Federal Budget.

 

Key insights

  • The government will extend the requirement to PAYG income instalments to other large entities.
  • The prevention of 'dividend washing' will add $60 million to revenue to the government’s forward estimates.
  • The tax exemption of earnings on superannuation assets supporting income streams will be capped to the first $100,000 of earnings per year.
 

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Federal Budget contacts

If you would like to discuss the 2014 Federal Budget, please contact your KPMG adviser or one of our KPMG professionals.

Federal Budget 2014

Federal Budget 2014
KPMG's review of the major implications arising from the 2014 Federal Budget.