News : Superannuation

Legislation, SMSF, Superannuation

Govt has taken sides in super wars

NALE $3 million superannuation earnings tax Angus Taylor

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

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Contributions, Legislation, Superannuation

Use payday super to fix SG payments

Superannuation guarantee charge Payday super

The introduction of payday super would be an opportune time to address and repair problems with the current superannuation guarantee payment system.

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ATO, SMSF, Superannuation

Illegal access leads ATO concerns

ATO SMSF illegal early access compliance

The ATO has flagged illegal early access as the leading area of compliance it is working on, noting an increase in funds appearing to break the rules.

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ATO, Superannuation

ATO tracking early access damage

ATO SMSF illegal early access

The ATO has commenced a new program tracking the impact of illegal early access from SMSFs in an effort to identify those most likely to engage in the practice.

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financial advice, Superannuation

Super awareness high, but advice needed

superannuation awareness financial advice MLC

Australians are generally aware of the role of superannuation, with some making additional contributions, but still want help to deal with unexpected change.

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Compliance, Contributions, Legislation, Superannuation

Payday super needs new penalty regime

Superannuation guarantee Contributions SG Payday super IFPA

Government plans to align super contributions with salary payments should be accompanied by a progressive penalty system.

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Retirement, Superannuation

Competition to improve super

Stephen Jones superannuation sector competition

The government is looking to improve the outcomes for all superannuants by encouraging increased competition between all segments of the industry.

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Compliance, SMSF, Superannuation

Sole purpose must be starting point

SMSF sole purpose test

SMSFs should never try to retrospectively fit fund transactions under the sole purpose test, but use it as a first point of reference when deciding on fund-related actions.

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Contributions, Retirement, Superannuation

SG working, but some may fall short

Superannuation guarantee contributions ASFA comfortable retirement standard

The superannuation guarantee will help many people reach a comfortable retirement, but some will have to work longer or save more to reach that standard.

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Superannuation

Low interaction limits retirement outcomes

Objective of superannuation accumulation retirement Stephen Jones

Limited content during the accumulation phase has led many superannuation funds and members to have very limited interaction when moving into retirement phase.

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