News : Superannuation

Legislation, SMSF, Superannuation, Tax

Withdrawals can eliminate $3m cap liability

SMSF Self-managed superannuation SMSF Association Technical Summit Division 296 tax Liability Withdrawals Total superannuation balance

SMSF drawdowns can allow members to maintain a total super balance of $3 million or less and escape a Division 296 tax liability.

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Retirement, Superannuation

Make homes part of retirement funding

Retirement income Housing Home Superannuation Actuaries Institute Andrew Boal

The homes of retirees should be considered in discussions about funding retirement incomes, with changes made in pension policies to make it more attractive to drawn down on equity.

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Contributions, Regulation, Superannuation

General TBC likely to rise again

CPI Consumer price index AWOTE General transfer balance cap Concessional contribution cap Non-concessional contribution cap

Superannuants are likely to experience further increases in the general transfer balance cap in the coming years due to indexation.

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Retirement, SMSF, Superannuation

Leave payments may block super release

MLC TechConnect Julie Steed Superannuation Definition of Retirement Termination of employment

SMSF members ending work may not be retired from a super standpoint if they continue to receive any form of employer payments, which may restrict access to their savings.

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financial advice, Superannuation

Contributions lead end-of-year concerns

Contributions Personal deductible Catch-up concessional Death benefit Superannuation AMP Advice TapIn John Perri

Super contributions was the key area of concern for many advisers in the lead-up to the end of the financial year as clients sought to use the catch-up provisions.

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ASIC, Regulation, SMSF, Superannuation

Senate inquiry slams ASIC over Dixon response

ASIC Senate Dixon Advisory Self-managed superannuation SMSF Senate inquiry

A Senate committee has criticised ASIC for its response to the Dixon Advisory case as part of an inquiry into the regulator’s handling of corporate misconduct.

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financial advice, Superannuation

Govt amends super-funded advice rules

Financial advice advice fees Superannuation Delivering Better Financial Outcomes Financial Advice Association Australia FAAA Sarah Abood

The government has amended its rules on funding financial advice from super, removing barriers that would have required funds to approve each piece of advice.

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Administration, Insurance, SMSF, Superannuation

No distinction in insurance benefit treatment

Life insurance SMSF Self-managed superannuation Premiums Death benefits Member benefits

Benefits paid from a superannuation-funded life insurance policy do not have different status to other benefits, unless held by a separate super vehicle.

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Regulation, Superannuation

Employment after retiring okay

Definition of retirement Condition of release SMSF Self-managed superannuation

Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income stream.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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