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The ATO reminded SMSF trustees to lodge their SMSF annual return for the 2023-24 financial year.   If they use a tax agent, they may have until 15 May 2025 to lodge the return,  this date can be confirmed by their tax agent.

 

 

The Government has registered a legislative instrument Social Security (Waiver of Debts – Legacy Product Conversions) Specification 2025  to provide social security debt relief for any debts that may arise due to people commuting legacy pensions under new rules that apply from 7 December 2024. However,  a disallowance period applies to this legislative instrument, meaning it doesn't officially commence until it is tabled and a further 15 sitting days pass of the next parliament. Due to the election process, the next Parliament is not expected to sit until July 2025 at the earliest.

 

Despite the uncertainties, it is FirstTech’s understanding that these debt-waiver provisions are intended to apply from the same time legacy pension commutations commenced on 7 December.  We await confirmation of this from Centrelink, as well as details of their administrative treatment of these rules prior to the commencement date.

 
 
 
 
 
 
 
 

 

 

In the 2025–26 Federal Budget, the Government announced personal income tax cuts which will take effect over two financial years starting from 2026–27. 

 

Parliament has passed the personal income tax cuts and increases to the Medicare levy low-income thresholds in the Treasury Laws Amendment (More Cost of Living Relief) Bill 2025. The Bill awaits Royal Assent to become law.

 

The new tax cuts will apply from:

• 1 July 2026, the 16 per cent marginal income tax rate for resident individuals will be reduced to 15 per cent

 

• 1 July 2027, the 15 per cent rate will be reduced further to 14 per cent

 
 
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Latest articles

2025-25 Federal Budget - Personal income tax cuts passed parliament

The personal income tax cuts announced in the Federal Budget have already passed parliament and await royal assent.

This article discusses the benefit these tax cuts will provide, their impact on a range of other thresholds and advice implications for concessional contribution strategies. 
 
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End of year super strategies

As we approach the end of the 2024-25 financial year, it’s a great time to review year-end superannuation strategies and get ready for the new financial year.

 

 

 

 

 

 

 

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SMSFs and CGT rollover on relationship breakdown

When two members of an SMSF are separating, and the fund pays a family law superannuation payment to another fund, and/or rolls over a spouse’s interest to another fund by in-specie transfer, a CGT rollover may apply to disregard CGT in the originating fund and transfer the cost base of the asset to the new fund.

 

 
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Adviser use only. Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances.  You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.