News : Superannuation

Auditing, Superannuation

Real cost-saving measures put to Treasury

superannuation; age pension; retirement

A specialist SMSF firm has proposed alternative measures to the federal government’s three-yearly audit proposal to achieve cost savings for the sector.

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Retirement, Strategy, Superannuation

Transfer balance cap catches

If there’s something all laws have in them, it’s unintended consequences. The introduction of the transfer balance cap (TBC) is no exception. It’s got them, just like fleas on a dog’s back.

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Regulation, Superannuation

Implementing PC SMSF findings not a sure thing

The federal government has no immediate plans to apply changes to restrict members with less than $1 million from establishing an SMSF in the wake of the Productivity Commission’s draft report on superannuation.

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Superannuation

Best service providers for 2018 recognised

Research house CoreData and selfmanagedsuper have hosted the sixth annual SMSF Service Provider Awards, with the majority of winners again consolidating their standing among the financial advice community.

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ATO, Superannuation

Proposed regulation to extend SuperStream to all SMSFs

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On 17 July, Treasury released exposure draft legislation that broadly extends the operation of SuperStream to cover SMSFs. Currently, SMSFs only need to be able to receive contributions and rollovers through SuperStream.

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Administration, Superannuation

BT Panorama FUA grows by 74 pct

BT Panorama’s funds under administration (FUA) have risen by 74 per cent to $11.7 billion since 1 October 2017, with SMSFs accounting for $4.7 billion of total FUA.

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Compliance, Regulation, Superannuation

Trust deed position for FHSSS confused

The role an SMSF trust deed plays in allowing the use of the First Home Super Saver Scheme (FHSSS) remains slightly unclear, according to a superannuation specialist lawyer.

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Compliance, Superannuation

Court confirms attorney powers for BDBNs

In a significant judgment, the Supreme Court of Queensland has confirmed an attorney has the power to make, renew or extend a superannuation binding nomination on behalf of a member.

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Superannuation

Industry body welcomes new ministers

The SMSF Association has emphasised it is keen to discuss Labor’s proposal to scrap cash refunds for excess dividend imputation credits with the relevant new ministers in Prime Minister Scott Morrison’s government.

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Strategy, Superannuation

Accumulation account cashing out considerations

Many wealthier super members took action in 2016/17 to reduce their retirement-phase pension accounts to $1.6 million. At the time, they generally did so by rolling back the excess to an accumulation account because this was often the simplest and quickest approach to take.

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