News : Superannuation

Retirement, Superannuation

Super reforms cause ‘tectonic’ SMSF asset shift

The 2016 superannuation reforms have had a significant negative impact on SMSF pension assets and Labor’s proposal to reduce imputation credits for SMSFs would further punish self-funded retirees, according to Class.

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Retirement, Strategy, Superannuation

TBC may expose super benefits to unwanted parties

SMSF trustees who have had to roll back some of their fund assets from pension to accumulation phase to comply with the $1.6 million transfer balance cap may have inadvertently given access to a portion of their retirement savings benefits to unwanted parties upon death, according to a technical expert.

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Regulation, Superannuation

Assessment of super regulators may reveal gaps

The banking royal commission’s hearings on the superannuation sector will examine the role of primary regulators the Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA), which could identify regulatory gaps, according to a financial services consulting firm.

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Superannuation

SMSFs would have advantage under ‘open super’

SMSFs stand to benefit from the open banking regime’s likely evolution into open super as the sector’s current systems and ongoing integrations for member data are already at a good level.

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ATO, Retirement, Superannuation

Timing of pension payments has ECPI implications

Advisers and their clients should be aware that the timing of pensions payments made throughout the year can have an effect on the level of exempt current pension income (ECPI) an SMSF can claim in a particular year, a superannuation technical expert has said.

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ATO, Retirement, Superannuation

PC made SMSF findings despite flawed data

Jordan George

The Productivity Commission went ahead and made significant findings regarding SMSF returns and costs despite acknowledging problems with its “fundamentally flawed” data, an industry body has argued.

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Regulation, Superannuation

SMSF analysis restates PC report’s figures

Class has reaffirmed the performance of SMSFs compared to Australian Prudential Regulation Authority (APRA)-regulated funds, following discrepancies in the Productivity Commission’s inquiry into superannuation.

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Estate Planning, Superannuation

Estate planning in the new environment

The introduction of the transfer balance cap (TBC) on 1 July 2017 has had a severe impact on estate plans that include superannuation savings.

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Superannuation

Statistics show SMSFs not just for the rich

The latest data reflecting the current position of the SMSF market has indicated these types of retirement saving structure are not purely the domain of extremely wealthy individuals as is often thought, the SMSF Association has said.

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Financial Planning, Strategy, Superannuation

Deductible contributions top adviser query

During the June quarter, deductible personal super contributions have been the top query coming from financial advisers, following super reforms allowing more Australians to use this strategy and top up their retirement savings, according to BT Financial Advice’s (BTFA) technical team.

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