spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
ATO hit list 2025 – Key Areas Under Review
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
Benefits of a business plan
Roles and Responsibilities in a Business Partnership
Mixing business and pleasure? Be vigilant this tax season
30 June 2025 - Tax Checklist - Small (and Micro) Business
3 more GST fraudsters sentenced under ATO’s Operation Protego
Evolution of Boeing - 1916 - 2025
ATO - Targeted Areas of Focus 2024-25
6 ways to improve your business plan
Benchmarks for small business
Beware the early lodgment tax trap, CPA Australia warns
Tax lawyer flags compliance traps with family trusts
Superannuation on paid parental leave from 1 July 2025
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
Comparison of various Animal Weights
2025 Tax Planning Guide Part 2
From 1 July 2025 ATO Interest is no longer tax deductible
SME confidence and conditions see uptick over Q1 2025, survey reveals
Depreciation expert urges property investors to leverage tax depreciation
Buy a business
Upskilling and self-education costs
How secure is your super account?
Freshwater Resources by Country 2025
Why Might a Lease Dispute Occur?
$20,000 instant asset write-off
2025 Tax Planning Guide Part 1
New Bunnings scam warning
Articles archive
Quarter 2 April - June 2025
Quarter 1 January - March 2025
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2015
Articles
ATO states estimates are acceptable
Hockey considers super access for first time home buyers
Reportable Fringe Benefit Amount - Employer Reporting
Simple Mistake on Share Transfer
ATO highlights billions in forgotten super
In a bankruptcy what does a trustee do?
Bankruptcies, what are they?
SMSF trustees unprepared for new collectibles rules
We wish all our clients a Merry Christmas, a Happy New Year and a restful holiday
Employee Christmas Parties and Gifts – Any FBT?
Breaking down the latest ATO determination on TRIS
Hockey considers super access for first time home buyers

 

First time home buyers may be allowed to dip into their superannuation savings ....


.... to help them get on the property ladder, under proposals being considered by Treasurer, Joe Hockey.

     



Speaking at a recent doorstop, Hockey said the superannuation system needed to be "more flexible" going forward, following on from the findings of the latest Intergenerational Report.


Hockey said the Government was open to making further changes to the pension system, and warned that "the status quo can only remain the status quo if we all undertake change".


"If a young Australian is going to live to 100… then we may need to look at how we can make superannuation more flexible to cope with the ins and outs from a working life," he said.


"It is incredibly hard for young Australians to get into the first home market.


"We are prepared to look at a diverse range of proposals to help young Australians buy their first home, particularly given that in various parts of Australia the property market is running quite hot."


However, Association of Superannuation Funds of Australia (ASFA) chief executive, Pauline Vamos, urged caution in response to proposals to allow first time buyer access their super to pay for home deposits.


"The current compulsory rate of the Superannuation Guarantee (9.5 per cent) is barely enough to allow most people to build enough retirement savings to fund a comfortable retirement. Raiding the nest egg early to pay for a home deposit or other purposes is likely to dramatically reduce people's final benefits," she said.


"We know the earlier you start saving for your retirement, the more you benefit from returns and compound interest. This works in reverse when it comes to taking money out of super. If you take it out at a young age, the more you lose these benefits and the more your final balance will fall."


She added that increasing the flexibility of the super system would "only really work if contribution rates are significantly higher".


Hockey said it was "vitally important" that Australians "think outside of the traditional about retirement" and that superannuation would play a bigger part in retirement income going in the decades ahead.


"Quite obviously, as retirement income — private retirement income, increases over the next 40 years as a result of compulsory superannuation… then naturally enough total reliance on the Age Pension is going to decrease," he said.


 


By Nicholas O'Donoghue
9 March 2015
Moneymanagement.com.au


 




23rd-March-2015
 
sitemap | site by AcctWeb