News : Superannuation

Administration, Compliance, Superannuation

Admin system needs to be TSB record

Financial advisers and accountants need to ensure their administrative system is the source of truth for their SMSF clients’ total super balance (TSB) records and should not rely on the ATO for this purpose, an industry technical expert has said.

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ATO, Superannuation

ATO consulting on SuperStream verification

The ATO is looking to roll out its member verification service to ensure secure transfers in late 2019 as part of the extension of SuperStream to SMSFs.

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Superannuation

Greater transparency in SMSFs inevitable

The plethora of changes affecting SMSFs is expected to continue, with transparency a certain and imminent development in the sector, according to the SMSF Association.

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Retirement, Superannuation

Australians have consistent happy retirement view

ING-commissioned research into the nation’s attitudes toward retirement has revealed Australians across all generations have a similar view to what a comfortable retirement would resemble.

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Administration, Compliance, Superannuation

Fund guardians key in mitigating litigation

SMSF members would be wise to appoint a fund member guardian in addition to an enduring power of attorney (EPA) to safeguard their fund should they lose mental capacity.

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Strategy, Superannuation

New rules have impact on SMSF contributions

The average contribution to SMSFs more than doubled in the June quarter after trustees took advantage of new legislation that increased contribution deductibility from July 2017.

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Retirement, Strategy, Superannuation

TRIS now a short-term strategic tool

A transition-to-retirement income stream (TRIS) should be viewed purely as a short-term strategy to enable SMSF members to withdraw money from the accumulation account of the fund, a sector strategist has said.

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Retirement, Superannuation

Australians feel big retirement savings needed

The latest industry research into attitudes on retirement, conducted by Rice Warner and commissioned by ING Australia, has revealed individuals from generations X, Y and Z believe they will need between $1.5 million and $1.75 million in savings to fund their retirement, but do not know how to go about achieving it.

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Superannuation

Diversified super funds weathered GFC

Superannuation members whose assets were diversified across a range of categories had experienced markedly stronger returns in the 10 years since the global financial crisis (GFC) compared to those in a cash option, according to the Association of Superannuation Funds of Australia (ASFA).

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ATO, Superannuation

TSB, TBC details visible in myGov: ATO

The ATO has used a superannuation regulatory update speech to remind individuals who log into the myGov portal can now view details of all their super accounts and balances.

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