News : Superannuation

Retirement, Superannuation

SG increase boosts retirement outlook

superannuation guarantee, comfortable retirement, Association of Superannuation Funds of Australia, ASFA, 12 per cent, Mary Delahunty

The increase in the superannuation guarantee has reached a level that will result in younger workers exceeding the comfortable retirement standard.

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ASIC, financial advice, Superannuation

Rollover-linked firm has licence cancelled

self managed super, self managed superannuation, SMSF, Australian Securities and Investments Commission, ASIC, Shield Master Fund, licence, cancelled, Financial Services Group Australia, Graham Holmes, banned, Ferras Merhi, investigation, First Guardian Master Fund

ASIC has cancelled the licence of a firm that provided advice regarding the Shield Master Fund and also banned its responsible manager.

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ATO, Regulation, Superannuation, Trusts

High Court can hear Bendel appeal

self managed super, self managed superannuation, SMSF, ATO, High Court appeal, unpaid present entitlements, UPE, Federal Court, Commissioner of Taxation v Bendel, unit trusts, loans, Division 7A, financial accommodation

The High Court has granted leave for the ATO to appeal the Bendel case decision related to the treatment of unpaid present entitlements.

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Division 296, SMSF, Superannuation, Tax

Personal injury a Div 296 escape

Any individual who makes a superannuation contribution stemming from a personal injury insurance payment will not be captured by the Division 296 tax.

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Division 296, SMSF, Superannuation, Tax

Minister meeting confirms no tax changes

The SMSF Association has labelled Division 296 consultations that took place in 2023 as an endorsement process after meeting recently with the new Financial Services Minister.

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Division 296, LRBA, SMSF, Superannuation, Tax

LRBA carve-out inconsistent

Plans to carve out LRBAs from the total super balance figures used to calculate Division 296 tax highlight the irregularities around their inclusion within TSBs.

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Division 296, SMSF, Superannuation, Tax

Half a million may be hurt by new impost

New analysis by the Financial Services Council has calculated the full impact of the proposed superannuation tax under four different scenarios.

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Superannuation

AMP tweaks super to boost pension

AMP has made a change to the operation of its retail super products that may boost age pension payments when its fund members retire.

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Investments, Superannuation

Div 296 prompts flows to super alternatives

Division 296, SMSF, self managed super, superannuation, investment bonds, Generation Life, Felipe Araujo, wealth transfer, death benefits

The proposed Division 296 tax has changed the behaviour of investors, who are now looking at alternatives outside of superannuation to mitigate its impact.

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SMSF, Superannuation, Tax

Alternative Div 296 model possible

SMSF, self managed super, Division 296, calculation, unrealised capital gains, calculation, earnings, SMSF Alliance, David Busoli, total super balance, TSB, $3 million threshold, actual income

An alternative Division 296 calculation can used which does tax unrealised capital gains with an SMSF specialist noting it could be built around a model already in the bill.

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