As a result of negotiations with Clive Palmer’s Palmer United Party (PUP), the government has delivered on its promise to repeal the Minerals Resource Rent Tax (the mining tax). 

This month we discuss the circumstances under which inactive and lost super accounts can be transferred to the Australian Tax Office (ATO).  

Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country in a given period of time.  Economists monitor changes in real GDP (adjusted for inflation).  GDP can also be described as a sum of consumption, investment, government spending and net exports.

A managed fund is a professionally managed investment portfolio that investors buy into, purchasing 'units' rather than the underlying assets of the fund.  An investment manager then invests the pooled funds to purchase shares or other assets on the investors’ (or unit holders’) behalf.  The value of a unit in a managed fund will rise or fall with the value of the underlying assets. 

SuperStream is a government reform aimed at improving the efficiency of the superannuation system.  Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in accordance with the ‘SuperStream standard’.  All superannuation funds, including SMSFs, must receive contributions electronically in accordance with this standard.  The purpose of this is to provide a consistent and more efficient process for receiving contributions, improve data quality, and simplify employer obligations.