News : Superannuation

Compliance, Death benefits, Superannuation, Tax

Non-cash payouts can be a great solution

ATO Death benefit member benefit Superannuation benefit Redemption of investments

A recent ATO private ruling regarding death benefits could have had a different outcome if an alternate redemption process had been used.

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Investments, Superannuation, Tax

Invest stage three savings directly

Stage three tax cuts Superannuation Insurance bonds 30 per cent tax $3 million superannuation earnings tax

Superannuants unable to add planned tax savings to their retirement nest egg can invest in their own name and not via investment vehicles to benefit from the revised taxation brackets.

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Retirement, Superannuation

Australians find comfort in super

Superannuation Superannuation system Retirement savings Super Members Council

Most Australians have a high degree of confidence in both the country’s superannuation system and their personal super savings to achieve their financial goals.

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Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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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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