News : Superannuation

Property, Superannuation

Foreign purchaser duty may hit overseas-born trustees

foreign purchaser duty overseas-born trustees

SMSFs with New Zealand-born trustees may be considered as foreign trusts if the trustees don’t hold a residency visa at the appropriate time.

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Financial Planning, Superannuation

Large lump sum death benefits hard to swallow

lump sum death benefits

Large lump sum death benefits can place surviving SMSF members with higher balances in a vulnerable situation, a wealth management expert says.

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ATO, Investments, Superannuation

ATO requests SMSFs show detailed investment strategy

ATO SMSFs investment strategy

The ATO will ask some SMSFs to produce detailed investment strategies to justify why their investments are held in single assets.

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Compliance, Superannuation

Trustees reminded to self-report SMSF breaches

SMSF trustees contraventions ATO

The ATO has given SMSF trustees a reminder to self-report any contraventions, but also to be prepared to come with solutions when seeking its help.

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Superannuation

SMSF practices with high fund numbers lead market

Small medium-sized SMSF practices funds

Small and medium-sized SMSF practices are the dominant advice providers, servicing more than half of the funds administered by one service provider.

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Regulation, Superannuation

SuperStream deferral introduced into parliament

SuperStream deferral

Regulations that will push back the start date of SuperStream for SMSFs into 2021 have entered parliament, locking in the deferred timetable released earlier this year.

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Superannuation

Aspirational element needed in superannuation objective

aspirational element superannuation objective

The government should include an aspirational element in the objective of superannuation that raises the purpose of the retirement savings system.

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Pensions, Retirement, Superannuation

Mixed-phase SMSFs ahead on assets

Mixed-phase SMSFs assets

Mixed-phase SMSFs currently have higher average balances per fund and per member than other funds, according to new data released by an SMSF administration services provider.

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Strategy, Superannuation

Restrictions on 13.22c trusts may trigger blow-up

Restrictions on 13.22c trusts

Tight restrictions around the use of 13.22c trusts should be a warning to SMSF trustees to approach them with caution or risk facing a complete unwinding of any related arrangements.

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Regulation, Superannuation

SMSF Association calls for residency test review

SMSF residency test

The residency test for SMSFs is a rule the SMSF Association will be encouraging the government to amend due to some resulting poor outcomes for superannuants.

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