News : Superannuation

Legislation, SMSF, Superannuation, Tax

Revenue will drive Div 296 progress

Division 296 tax, Prime Minister,  Anthong Albanese, Treasurer, Jim Chalmers, 

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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Legislation, SMSF, Superannuation

Fixing CSLR priority number one

Parliament, CSLR,,

Amending the CSLR has been identified as the most important financial advice-related issue the Labor government must address when parliament restarts.

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Superannuation, Tax

Div 296 start not tied to sitting days

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

The ability of the government to pass the Division 296 tax bill through parliament may have little effect on the date it actually starts, which may be as soon as the new financial year.

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Superannuation

Scam call warning over benefit balances

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

An accounting body has alerted practitioners and consumers to avoid engaging with unsolicited callers who are using market volatility to offer reviews of superannuation fees and investments.

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financial advice, Financial Planning, Superannuation, Tax

Calls for reform greet govt return

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

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financial advice, Financial Planning, Superannuation

Collective advice model inequitable

Collective advice, superannuation funds, fee-for-no-service, Institute of Financial Professionals Australia, IFPA, Delivering Better Financial Outcomes, APRA funds, intra-fund advice, fee-for-service

Collectively charging super fund members for advice was unfair to those who did not use it and opened the door for a return of fee-for-no-service arrangements.

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Death benefits, Superannuation

Benefits payable to grandchildren

Cooper Grace Ward, Scott Hay-Bartlem, superannuation death benefit, Grandchildren, Will, SMSF, financial dependant, interdependency relationship

The nature of the relationship between a grandparent and their grandchildren will be the key driver determining if superannuation benefits can be paid to the latter.

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SMSF, Superannuation

Low-balance in-specie payment possible

Heffron, SMSF, Annie Dawson,

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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Contributions, Superannuation

Don’t rush into bring-forward contributions

Advisers should not rush to use bring-forward non-concessional contributions without first examining how a client can maximise other contributions in the current and future years.

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Retirement, SMSF, Superannuation

TRIS impact on TBC a common trap

TRIS, transfer balance cap, TBC, Accurium, Natalie Scott,

Practitioners must take note of situations where clients with a TRIS turn 65 before 30 June as the event will impact the member’s transfer balance cap.

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