News : Superannuation

Death benefits, Superannuation, Tax

$3m cap issue with death pensions

Total super balance $3 million soft cap tax Calculation methodology Death benefit

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

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Superannuation

Govt names consumer super advocate

Super Consumers Australia Consumer advocate Superannuation Choice

The government has named its preferred superannuation consumer advocacy group and will allocate funding to it for the next five years.

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Contributions, Superannuation

Prepare for cap indexation

transfer balance cap total super balance concessional non-concessional contribution indexation

SMSF advisers should start discussing strategies with their clients to make use of anticipated indexation of a number of superannuation caps in 2024.

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Superannuation

Evidence crucial in early super requests

superannuation release evidence ATO

Superannuants need to furnish sufficient evidence to the ATO before successfully applying to have their funds released before retirement.

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Legislation, SMSFA, Superannuation, Tax

$3m soft cap issues ignored

$3m soft cap tax Superannuation earnings tax Division 296 tax SMSF Association

The proposed bill to implement the $3 million soft cap tax has been sent to the Senate without considering its impacts in several critical areas.

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Pensions, Superannuation

Revisit reserves before new tax starts

SMSF reserves legacy pensions superannuation earnings tax

Reserve and legacy pension allocations inside SMSFs should be revisited before the new earnings tax applies as they may be counted as earnings and not contributions.

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Legislation, Superannuation

Industry super objective view clear

Objective of superannuation Treasury Consultation

Consultation on the proposed objective of superannuation showed significant support for what the measure should ultimately achieve.

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ATO, Superannuation

ATO mulls access approval

ATO Illegal early access Superannuation Condition of release

In an effort to curb cases of illegal early access, the ATO may introduce an additional compliance requirement before funds can be released from an SMSF.

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Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

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Retirement, Superannuation

Govt to examine SMSF retirement income role

Superannuation Retirement

The government will examine how superannuation is being used in retirement and has asked how SMSFs are managing risks and maximising income for members.

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