News : Superannuation

Regulation, Retirement, Superannuation

SMSF trustees face double whammy

SMSF trustees are facing adverse consequences from two policy proposals should Labor win the next federal election, according to a superannuation educator.

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Regulation, Superannuation

SMSFs facing major SuperStream issue

The extension of SuperStream to SMSFs will be a positive development for rollovers, however, the inclusion of contributions will be problematic, a technical expert has warned.

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Superannuation

Industry bodies back Labor’s retirement reform

The Association of Superannuation Funds of Australia (ASFA) has welcomed the federal opposition’s announcement of a package of proposed reforms to improve retirement outcomes for women.

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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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