News

Pensions

Reserve allocations may need actuaries

The allocation of a reserve associated with a legacy pension may require actuarial services if more than one of these income streams exist.

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Accounting, Division 296, SMSF, Superannuation, Tax

Poll finds mixed support for Div 296

A poll has found around half of Australians are in favour of the Division 296 tax, with many giving it strong support.

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Appointments, Business News, Crypto Assets

New SMSF digital asset body formed

A cohort of industry experts has formed a new body to drive the uptake and use of digital assets within the SMSF sector.

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Business News

Bright honoured with scholarship

An organisation for superannuation fund executives has launched a scholarship to recognise the legacy of the late Greg Bright.

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Documentation, Pensions

Deed key to stopping legacy pensions

Trustees need to pay particular attention to the details contained in the SMSF trust deed before commuting a legacy pension.

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Auditing, Compliance, Documentation

Check existence of old declarations

Auditors need to check whether trustees still hold their declarations and take compliance action if they cannot be found.

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AFCA, financial advice, Financial Planning

AFCA should name and shame

Major professional bodies say the threat of publication will provide bad actors with an additional incentive to pay their AFCA fines.

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Retirement, Superannuation

SG increase boosts retirement outlook

The increase in the superannuation guarantee has reached a level that will result in younger workers exceeding the comfortable retirement standard.

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Pensions

Stopping TRIS in retirement needless

Replacing a retirement-phase TRIS with an account-based pension is unlikely to lessen any administrative processes for SMSF trustees.

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Division 296, SMSF, Tax

Div 296 addbacks creating confusion

The addition of withdrawals into the Division 296 formula is causing confusion, but their inclusion should only be to calculate earnings.

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