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New Penalty Regime for SMSFs from 1 July 2014

New Penalty Regime for SMSFs from 1 July 2014

4 June 2014

A new penalty regime for self-managed super fund (SMSF) trustees comes into effect from 1 July 2014 which gives the Australian Taxation Office (ATO) more power and flexibility to impose effective sanctions for SMSF related contraventions.

Currently the ATO has limited choices to sanction a SMSF or its trustees but from 1 July 2014 the expanded penalty regime goes some way to rectify this by allowing the ATO to:

  • Issue rectification and education directives to trustees of SMSF; and
  • Impose an administrative penalty regime for trustees for certain contraventions of the SIS Act (Superannuation Industry (Supervision) Act 1993 - the superannuation legislation and the statutory bible for all superannuation funds).

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Superannuation Guarantee to rise to 9.5% from 1 July

Superannuation Guarantee to rise to 9.5% from 1 July

4 June 2014

In the 2014 Budget the Government announced its intention to change the time-frame for increasing the superannuation guarantee rate to 12% due to the uncertainty over the repeal of the Mineral Resources Rent Tax.

Superannuation guarantee (SG) is the official term for compulsory superannuation contributions made by employers on behalf of their employees.

The SG rate will increase to 9.5% effective 1 July 2014, as previously legislated.

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Women and money – getting into good financial habits

Women and money – getting into good financial habits

1 June 2014

Women generally face more financial hurdles in their retirement than men for a number of reasons. Broken work patterns to raise children, lower average earnings, and a longer life expectancy are the main causes. Therefore, women need to take action when they are young so that they are not significantly disadvantaged later on.

There is a significant financial gap that can open up over a lifetime due to many women spending less time in the paid workforce than men. Over the next 40 years, for example, a 25-year-old male is expected to earn (on average) $2.5 million. In the same period, females are expected to earn just $1.5 million. 

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Boyce Team to Race Again for Charity

Boyce Team to Race Again for Charity

29 May 2014

Boyce will once again field a team in the annual City2Surf challenge to raise money for the Burns Support Foundation.

Last year we had a record number of members in our team and raised a phenomenal $33,500 for this worthwhile organisation. We'd love you to join us this year - whether it's your first time, or you're a regular!  Read below for details of how to sign up to the Boyce team.

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2014 FEDERAL BUDGET | The path back to sustainability

14 May 2014


Federal Treasurer, Joe Hockey, last night delivered the Coalition Government’s first Budget and unsurprisingly there were not many surprises.  As has been the trend over past years much of the detail had been leaked prior to budget night.

The 2014-15 Budget focuses on the expenditure side for the longer term and includes two main revenue raising measures to address the forecast budget deficits, reducing the 2014-15 cash deficit to $29.8 billion, down by approximately $20 billion from the current $49.9 billion.

The Government has flagged expenditure savings in areas including foreign aid, education loan programs, and family and welfare benefits whilst increasing revenue through the reintroduction of the fuel excise indexation and a 2% increase in the highest marginal personal tax rate for a three year period through the introduction of a “Temporary Budget Repair Levy”.

The 1.5% reduction in the company tax rate to 28.5% will proceed as planned from 1 July 2015.

One of the few surprises in the Budget was the linking of the leaked healthcare co-payment – set at $7 per visit – to a new Health Research Future Fund. Savings from cuts to health to be diverted to this fund will reach $20 billion by 2020 – the largest of its kind in the world.

The Treasurer said the ‘age of entitlement is over’ and he asked all of us to share some of the pain, although the commentary suggests that some will feel more pain than others. 

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