News : Legislation

Investments, Legislation, SMSF, Superannuation

Proper CSLR process possibly omitted

New information obtained by the FAAA indicates the requirement to perform an analysis of the CSLR before its implementation may have been overlooked.

New information obtained by the FAAA indicates the requirement to perform an analysis of the CSLR before its implementation may have been overlooked.

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Legislation, Pensions, SMSF, Superannuation

Safe to act on legacy pensions now

SMSF members can act with confidence that any moves to exit a legacy pension now cannot be undone even if parliament winds back the changes later this year.

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Legislation

Crossbencher influence to increase

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

The influence of crossbenchers in the Senate will continue to be important when parliament resumes in February and is likely to be boosted following the looming federal election.

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Legislation, Tax

Slow Div 296 progress may delay start date

The slow progress of the Division 296 bill through parliament has eaten into the time set aside to prepare for its implementation, meaning its possible start date may also be pushed back.

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Legislation, Superannuation

Super objective will not reshape Div 296

superannuation, SMSF,

The government is likely to use the objective of super to promote the implementation of the Division 296 tax, stating it is consistent with its role as the defender of the retirement income system.

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Legislation, Superannuation

Objective of super enshrined in law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Investments, Legislation, Tax

Share volatility exposes Div 296 severity

Division 296 tax Total superannuation balance Equities SMSF Self-managed superannuation Unrealised capital gains

The Division 296 tax could lead to particularly unfair outcomes in situations where SMSFs hold certain equities that experience significant fluctuations.

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Administration, Legislation, Pensions

Defining reserves key to pension exit

Reserve Legacy pension Non-concessional contributions cap Concessional contribution cap Commutation

The definition of a reserve is likely to impact the extent to which it can be extinguished under the proposed legacy pension amnesty.

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Legislation, Tax

Govt maintains super tax is fair

Stephen Jones Self-managed superannuation funds Division 296 tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

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financial advice, Legislation

Limit new advice class to existing products

Delivering better outcomes Financial adviser Scope of advice Advice reforms

The government’s proposed new class of advisers should operate under a very limited scope and only be authorised to speak about products already held by a consumer.

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