News : Regulation

ATO, Regulation

ATO will seek further NALE input

ATO NALE

The ATO will give the SMSF sector a final opportunity to provide feedback on the NALE rules for practitioners and has also defended ASIC’s cost fact sheet.

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Regulation, Superannuation

Anticipating law change unwise

non-concessional contribution bring forward

SMSF members should not implement any strategies taking advantage of impending changes to the non-concessional contributions bring forward before the legislation containing the amendments is passed, an industry body has said.

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ATO, Regulation

Death benefit lump sums unclear

Death benefit lump sums

The ATO is yet to clarify if multiple lump sum payments can be made from death benefit pensions.

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Regulation

Six members still on table, ECPI move delayed

Six member SMSFs

Six-member SMSFs are still on the table for the government, which has reduced the time in which they can be introduced once legislation is passed.

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Pensions, Regulation

Exam bill brings other changes

pension death benefit

The welcome news of a longer time frame to complete the adviser exam has overshadowed necessary changes to lingering death benefit and pension issues.

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Financial Planning, Regulation

FPA wants AFSL system dumped

FPA AFSL system

The AFSL system for financial planners should be replaced by a new framework focusing on individual registration through a single disciplinary body, the FPA says.

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Regulation

SMSFA applauds SIS Reg changes

SIS work test changes

The amendments made to the Superannuation Industry (Supervision) Regulations easing age limits applying to the work test and spouse contributions have been welcomed by the SMSF Association.

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Regulation, Superannuation

Work test changes to start on 1 July

work test changes

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.

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Regulation, Superannuation

Delaying NCC action could bring rewards

bring forward contribution

Members who are eligible but wary about exercising the non-concessional contribution bring-forward provision this year could be rewarded for their patience.

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Regulation

ATO sees TBC review as unlikely

Transfer balance cap review

The government is unlikely to review the transfer balance cap in the short term in response to the coronavirus’s effect on SMF asset values, the ATO has said.

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