News : Superannuation

Superannuation, Tax

Div 296 tax carries penalty rates

Division 296 tax Tax liability penalty interest rates total super balance $3 million

The penalty interest rates applied to unpaid tax liabilities under the proposal to tax total super balances over $3 million have been defined.

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Retirement, SMSF, SMSFA, Superannuation

SMSF Association opposes RIC inclusion

SMSF Association Investment strategy Retirement Income Covenant

The SMSF Association believes communication at crucial stages of the SMSF journey would be a more practical strategy to realise the aims of the Retirement Income Covenant.

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Legislation, Superannuation, Tax

$3m soft cap tax concerns left off table

$3m soft cap tax Consultation Total superannuation balance Associated earnings SMSF

During the initial consultation phase for the proposed $3 million soft cap, industry feedback was not sought regarding certain key aspects of how the tax would operate.

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Legislation, Regulation, Retirement, SMSF, Superannuation

RIC unnecessary for SMSFs

SMSF Retirement Income Covenant Investment strategy IFPA

The government is being encouraged to exclude SMSFs from the provisions of the Retirement Income Covenant after it recently raised the possibility of their inclusion.

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Retirement, Superannuation

Shift in policy focus supported

Actuaries Institute retirement superannuation drawdown accumulation decumulation

The government’s increased focus on the decumulation phase of superannuation has drawn support from a key professional body.

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ATO, SMSF, Superannuation

Sector shows solid long-term growth

ATO SMSF sector data Growth Establishments wind-ups assets

The latest annual data from the ATO has confirmed the ongoing steady growth of the SMSF sector, which now accounts for a quarter of all superannuation assets.

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ATO, Contributions, SMSFA, Superannuation, Tax

Contribution deduction process can be fixed

Tax deduction Notice of intent Contributions SMSF Association SMSF

The process to lodge a notice of intent to claim a tax deduction on personal superannuation contributions can be streamlined, with industry bodies calling for change.

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Accounting, Education, Superannuation

Super literacy low for cash-strapped

Financial literacy Superannuation Ecstra Foundation

Financial literacy around superannuation is poor for many lower-income people, who still question why they can’t access their funds until retirement age.

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Contributions, Superannuation

TBC to remain at $1.9m

Transfer balance cap Superannuation contributions non-concessional contribution concessional contributions bring forward contributions

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds

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