News : Superannuation

Regulation, Superannuation

Treasury releases work test exemption draft laws

The federal government has released draft legislation and regulations that will provide a one-year exemption from the work test for super contributions to allow recent retirees to boost their super balances.

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Financial Planning, Regulation, Superannuation

Seismic change predicted from royal commission

The banking royal commission’s final report will likely be the catalyst for unprecedented change in the financial services industry, an industry executive has said.

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ATO, Regulation, Superannuation

Super reforms slowing SMSF growth

The growth in the number of SMSFs has slowed, particularly in the past 12 months, as the sector bears the brunt of the super reforms announced in the 2016 federal budget.

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Retirement, Strategy, Superannuation

Impact of death on total super balance

The 1 July 2017 super reforms introduced yet another new term to the super lexicon – total superannuation balance (TSB). This is more or less defined as everything (accumulation accounts, pensions, defined benefits) an individual has in the superannuation system at a particular point in time across all of their super funds.

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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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