News : Superannuation

Importance of super welcomed

August 24, 2023

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

August 23, 2023

Jason Spits

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

2023/24 ideal for concessional contributions

August 15, 2023

Todd Wills

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

August 10, 2023

Darin Tyson-Chan

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

August 10, 2023

Todd Wills

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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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

August 1, 2023

Todd Wills

SMSFs will remain an attractive superannuation vehicle despite the impacts of the $3 million super earnings tax.

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

July 31, 2023

Darin Tyson-Chan

Some SMSF members are incorrectly being denied the ability to claim a tax deduction for personal contributions due to an ATO procedural error.

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SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

July 31, 2023

Todd Wills

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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Property, Superannuation

Fund members access $400m for first homes

July 31, 2023

Jason Spits

Superannuation fund members have accessed more than $400 million to purchase a home since the start of the First Home Super Saver scheme in 2018.

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Contributions, Superannuation

Keep contributing despite super tax

superannuation contributions earnings tax

July 26, 2023

Todd Wills

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

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