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Latest news
The Government has released the Mid-Year Economic and Fiscal Outlook (MYEFO) for 2024–25.
The mid-year update restated a number of previously announced measures, including:
- 5 year window to commute legacy pensions
- Introduction of payday super from 1 July 2026
- Reforms to the retirement phase of super
The Assistant Treasurer, Stephen Jones issued a media release on 14 December 2024 titled ‘A pathway out of legacy retirement products’.
Regarding the social security treatment of legacy pension commutations, the media release states:
“… social security treatment will not be preserved for those who choose to transition out of their legacy retirement product. However, no debts will arise from the re‑assessment of these products’ asset values for the period before conversion.
Individuals who want to exit their legacy retirement product should consider seeking financial advice before taking action.”
The bill implementing changes to the annual indexation for study and training loans has received Royal Assent.
Indexation is now based on either the Consumer Price Index (CPI) or Wage Price Index (WPI) – whichever is lower, with effect from 1 June 2023. This means the indexation rate applied on 1 June 2023 of 7.1% will be reduced to 3.2%, and the indexation rate applied on 1 June 2024 of 4.7% will be reduced to 4%.
The ATO will automatically make adjustments and provide the indexation credit to individuals, which will reduce their outstanding loan amount, or result in a refund for the excess amount on debts that are completely repaid after the application of 2023 or 2024 indexation.
How much people with a HELP debt will benefit can be estimated using the HELP Indexation Credit Estimator here.
More information can be found in this FAQ.
Latest articles
Tax considerations of offset accounts and redraw facilities
This article explores the most frequently asked questions regarding the tax implications of using an offset account compared to a redraw facility.
Taxing times - getting the most out of disability super benefits
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Who's liable to pay tax on income of a deceased estate
It’s a common misconception that as long as the deceased estate is kept open, the income derived by a deceased estate is always assessable to the estate for tax purposes.
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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.