News : Superannuation

Legislation, Superannuation

Objective of super enshrined in law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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Administration, SMSF, Superannuation

Reconsider voting by member balance

Constitution Voting rights Superannuation balance SMSF Corporate trustee Self-managed superannuation fund

Account balance-based voting in SMSF corporate trustee company constitutions may lead to an added administration burden and unfair outcomes.

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Superannuation

TBC increase to $2m highly likely

Transfer balance cap TBC CPI Consumer price index

The most recent consumer price index figures point to the likelihood of the general transfer balance cap increasing to $2 million as at 1 July 2025.

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Accounting, Compliance, Superannuation

Bookkeeping can add compliance risk

SMSF Self-managed superannuation fund Excess contribution Illegal early access Loan Classification Condition of release

The incorrect classification of money withdrawn early from superannuation can lead to additional compliance issues for SMSF trustees.

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AAT, ATO, Compliance, Contributions, Superannuation

Divorce doesn’t alter contribution rules

Non-concessional contribution Divorce AAT Total superannuation balance ATO Special circumstances

The AAT has upheld an ATO decision that divorce-related superannuation splits are not special circumstances that alter how contribution caps will be applied.

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Retirement, Superannuation

Gain or reward key to proof of work

condition of release retirement superannuation gainful employment SMSF Institute of Financial Professionals Australia IFPA Natasha Panagis

To meet a condition of release using the definition of retirement, the relevant employment situation must have an associated gain or reward.

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ATO, SMSFA, Superannuation

Spike in super release for medical costs

Release of superannuation Compassionate grounds Medical treatment ATO Dental Weight-loss

Requests to access superannuation on compassionate grounds rose in 2023/24, with a notable lift in applications for dental and weight-loss treatments.

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Retirement, Superannuation

Age pension fails to meet retirement needs

Retirement Age pension Superannuation

The age pension is proving insufficient to support even a basic standard of living in retirement, leading to growing concerns about financial well-being among senior Australians.

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