News : Superannuation

LRBA, SMSF, Superannuation, Tax

LRBA TSB treatment a soft cap issue

$3 million soft cap LRBA apportioning

The apportioning of LRBA liabilities remaining to be paid to the total super balance of SMSF members is another $3 million soft cap issue.

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SMSF, Superannuation

SMSFs lead in satisfaction ratings

Roy Morgan Superannuation satisfaction

The level of contentment of SMSF fund members with their choice of superannuation vehicle continues to remain high despite an overall decline in super satisfaction.

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Regulation, Retirement, Superannuation

Govt releases super objective draft bill

Superannuation objective

Treasury has released a draft exposure bill outlining the objective of the superannuation system, which will include a requirement for future policies to show how they align with the objective.

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Superannuation

TSB can be reduced via tax law

TSB total superannuation balance reduction

SMSF members concerned about the proposed $3 million earnings tax can use additional book-keeping steps to reduce the total super balance that appears in their member statements.

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Documentation, Superannuation

Notice failure will lock contribution status

superannuation contribution notice

A failure to properly lodge contribution notices will result in them being treated as non-concessional, with even the ATO restricted in making changes to their status.

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Retirement, Superannuation

Importance of super welcomed

2023 intergenerational report

A representative body has praised the government’s approach to superannuation as a driver of retirement income, but believes further improvements to the system are necessary.

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Insurance, SMSF, Superannuation

SMSF-funded insurance may be illegal access

SMSF life insurance premium APRA fund

SMSFs paying for life insurance in an APRA-regulated fund may find the payments are considered to be illegal early access rather than premiums.

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Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

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ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

Superannuation reserves

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

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Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

The use of a deeming rate, in lieu of the proposed calculation method, to achieve the outcomes of the $3 million superannuation earnings tax would be within normal industry practice.

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