The Budget 2016-17: How it affects Financial Services

May, 2016

By Christopher Lim, Lawyer, and Luke Hooper, Special Counsel

Released on 3 May 2016, the Budget contains some interesting announcements affecting the financial services industry.

The Australian managed funds industry has been given an international push with the announcement of Collective Investment Vehicle initiatives and support for the Asia Region Funds Passport.

The Government has given the National Innovation and Science Agenda a further nudge and has announced a “regulatory sandbox” for FinTechs and expansions to venture capital tax incentives and arrangement.

The Budget also introduces some of the most significant changes to superannuation since the introduction of Simpler Super by capping lifetime non-concessional contributions and introducing a pension account cap.

Please find below, short summaries of the announcements which we think may interest financial services providers.

Collective Investment Vehicles

Support for the Asia Region Funds Passport

Regulatory sandbox

Expanding venture capital limited partnership arrangements

Tax incentives for early-stage investors

Increased funding for enforcement and surveillance

Dispute resolution

Superannuation contributions changes

Taxation of Superannuation

Removal of transition to retirement (TTR) tax exemption

Enhancing choice in retirement income products

Removal of anti-detriment provision for death benefits from superannuation

Offering Choice in Public Sector Superannuation Accumulation Plan

Financial Assistance to the New South Wales (NSW) Government for NSW Police

Contact Mills Oakley

For more information, please contact:


Mark Bland |
Partner
T: +61 3 9605 0832
E: mbland@millsoakley.com.au
Chris Ketsakidis
Partner 
T: +61 3 9605 0006
E: cketsakidis@millsoakley.com.au

Lisa-Marie  McKechnie|
Partner
T: +61 2 8289 5857
E: lmckechnie@millsoakley.com.au

Luke Hooper
Special Counsel 
T: +61 3 9605 0894
E: lhooper@millsoakley.com.au
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