News : Superannuation

Superannuation

Super objective supported by public

objective of superannuation support FSC

There is general public support for the proposed objective of superannuation, which is currently before parliament.

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ATO, Compliance, Superannuation

Illegal early access help sought

ATO Illegal early access Illegal early release Non-lodgement Voluntary disclosure service

Practitioner assistance has been sought by the regulator to help reduce and potentially eliminate the illegal early access of super benefits.

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ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

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Estate Planning, Superannuation

Intestacy rules may prevent will dispute

Superannuation Estate planning Will Intestacy State rules

Superannuants should have a will, but state-based intestacy rules may sometimes deliver the same intended outcomes and avoid any disputes.

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ATO, SMSF, Superannuation

Illegal access nets $637 million

illegal early access superannuation SMSF ATO

An ATO review of illegal early access to superannuation via SMSFs has found an estimated $637 million left the system over a two-year period.

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Retirement, Superannuation

Trust low in govt retirement products

Retirement income products superannuation FSC

Few consumers trust that the government is best suited to decide which retirement products will suit them, with many wanting to retain that choice for themselves.

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Investments, SMSFA, Superannuation

SMSFs outperform APRA funds

SMSF Performance Investments APRA funds SMSF Association University of Adelaide Research

New research shows SMSFs outperformed APRA-regulated funds on a rate-of-return basis for the 2022 financial year.

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Superannuation, Tax

Div 296 tax carries penalty rates

Division 296 tax Tax liability penalty interest rates total super balance $3 million

The penalty interest rates applied to unpaid tax liabilities under the proposal to tax total super balances over $3 million have been defined.

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Retirement, SMSF, SMSFA, Superannuation

SMSF Association opposes RIC inclusion

SMSF Association Investment strategy Retirement Income Covenant

The SMSF Association believes communication at crucial stages of the SMSF journey would be a more practical strategy to realise the aims of the Retirement Income Covenant.

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Legislation, Superannuation, Tax

$3m soft cap tax concerns left off table

$3m soft cap tax Consultation Total superannuation balance Associated earnings SMSF

During the initial consultation phase for the proposed $3 million soft cap, industry feedback was not sought regarding certain key aspects of how the tax would operate.

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