News : Superannuation

Regulation, Superannuation

Six-member SMSF law progresses

six-member funds

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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ECPI, Superannuation

Confusion over DSFA trigger

SMSF DSFA criteria

The criteria used to determine whether an SMSF has disregarded small fund assets for exempt current income purposes is still unclear among some advisers.

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Contributions, Superannuation

Easy fix for contribution eligibility question

superannuation contribution eligibility

At the end of the financial year advisers are asking how much their clients can contribute to superannuation, but that should not be the first issue addressed, according to a technical consultant.

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Retirement, Superannuation

AIR applauds minimum pension decision

retirees minimum pension

The government’s decision to extend the period of the minimum pension reduction has been endorsed by the Association of Independent Retirees.

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Compliance, Superannuation

New trustee duty muddies compliance

Best financial interest SMSF

The trustees duty amendment to the Your Future, Your Super will make SMSF compliance more difficult with investments in certain conventional asset classes.

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Insurance, Superannuation

Cancel life cover before starting fund wind-up

SMSF life insurance

SMSFs holding life insurance policies should cancel them before starting the wind-up process to ensure the fund is not incorrectly viewed as active.

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Contributions, Superannuation

Budget to amplify contribution errors

contribution errors work test

The government’s decision to remove the work test will have significant implications for contribution errors made subsequent to the measure’s introduction.

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Compliance, Superannuation

Terms of engagement need review

SMSF terms of engagement

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Pensions, Superannuation

Political motives for drawdown rate extension

minimum pension drawdown rates

The SMSF sector has welcomed the decision to extend the reduction on minimum pension drawdown rates, despite its election-focused nature.

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Administration, Superannuation

Admin fee discount needs defining

SMSF fee discount

The definition of discount provided on SMSF administrative fees, often given to partners or employees of accounting firms, requires clarification.

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