News : Superannuation

Regulation, Retirement, Superannuation

Govt releases super objective draft bill

Superannuation objective

Treasury has released a draft exposure bill outlining the objective of the superannuation system, which will include a requirement for future policies to show how they align with the objective.

read more
Superannuation

TSB can be reduced via tax law

TSB total superannuation balance reduction

SMSF members concerned about the proposed $3 million earnings tax can use additional book-keeping steps to reduce the total super balance that appears in their member statements.

read more
Documentation, Superannuation

Notice failure will lock contribution status

superannuation contribution notice

A failure to properly lodge contribution notices will result in them being treated as non-concessional, with even the ATO restricted in making changes to their status.

read more
Retirement, Superannuation

Importance of super welcomed

2023 intergenerational report

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.

read more
Insurance, SMSF, Superannuation

SMSF-funded insurance may be illegal access

SMSF life insurance premium APRA fund

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

read more
Contributions, Strategy, Superannuation, Tax

2023/24 ideal for concessional contributions

Voluntary superannuation contribution

Trustees contemplating making a voluntary contribution to their superannuation funds should take action within this fiscal year.

read more
ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

Superannuation reserves

The ATO has seen the number of reserves being used by SMSFs significantly diminish and no longer regards this as a concerning compliance issue.

read more
Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

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.

read more
Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

Superannuation earnings tax

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

read more
ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

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

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.