News : Superannuation

Superannuation

Govt payments crucial to early access

Superannuation early access

Certain conditions regarding social security must be met before individuals can access their super benefits early due to severe financial hardship.

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Retirement, Strategy, Superannuation

Pre-1999 benefits can easily be freed

Restricted non-preserved superannuation benefits

A fairly straightforward process can be used to allow individuals with restricted non-preserved superannuation benefits to access these assets.

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ATO, Pensions, Regulation, Superannuation

Commissioner TBC ruling not unconstitutional

Transfer balance cap

The Administrative Appeals Tribunal has upheld a decision by the tax commissioner that commuting an excess over the transfer balance cap was unconstitutional and carried out on unjust terms.

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Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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ATO, Compliance, Pensions, SMSF, Superannuation, Tax

ATO clarity required on TRIS

TRIS

The lack of clarity on how the ATO will handle non-compliance with transition-to-retirement income stream requirements will require SMSFs to stick closely to the law.

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SMSF, Superannuation

Trustee establishment age rises

SMSF trustee establishment

The average age of Australians setting up an SMSF has increased along with the average superannuation balance of these new funds.

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ATO, Compliance, Superannuation

ATO issues scam alert

Early superannuation release schemes

The ATO has continued to warn SMSF members of schemes and promoters that target their funds to engage in activities that breach superannuation laws.

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BDBNs, SMSF, Strategy, Superannuation

BDBN not just about time of death

BDBN estate planning

An effective SMSF estate plan must go beyond the survival of one party over another at the time of the relevant member’s death.

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Pensions, SMSF, Superannuation

Injury settlements no threat to caps

Personal injury settlement

SMSF members receiving a personal injury settlement payment should not be concerned it will impact their TBC or TSB and reduce their ability to make other contributions.

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SMSF, Superannuation, Tax

Trustees exploring options ahead of $3m cap

Super tax

SMSF trustees are searching for alternative strategies outside of superannuation to mitigate the tax implications of the proposed $3 million super earnings tax.

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