News : Superannuation

Regulation, Retirement, Superannuation

Retirement definition set to shift

Retirement definition

The definition of retirement allowing people to access their superannuation benefits legally is set to significantly change in the coming income year.

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Retirement, Superannuation

Retirement costs climb as inflation soars

Retirement costs

Retirees are facing budgetary challenges due to high inflation, especially in essential services, according to ASFA, which has announced the departure of its chief executive.

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Superannuation, Tax

Super tax threshold not negotiable

Superannuation earnings tax

The superannuation earnings tax is all but locked in and highly unlikely to change, with officials stating key aspects were non-negotiable.

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ATO, Auditing, Compliance, Superannuation

Accurate notices of intent vital

Notices of intent

Notices of intent in relation to personal contributions will not be covered by the audit process this year putting greater onus on SMSF members to ensure they are accurate.

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Retirement, Superannuation, Tax

CGT concessions a super bonus

small business CGT concessions

The small business CGT concessions can be of great benefit for individuals who have not accumulated much super while running their own enterprises.

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Pensions, Regulation, Retirement, Superannuation

Age issue curbs bring-forward rule

NCC bring-forward rules

The non-concessional contribution bring-forward rules can only be used if a person is under 75 during the relevant financial year.

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financial advice, SMSF, Superannuation

SMSF advice a possibility from APRA fund

SMSF advice

Calls to allow APRA-regulated funds to provide advice may mean they also have to consider a member’s SMSF benefits in the circumstances of that advice.

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Business News, fraud, Superannuation

Govt to set up scam prevention hub

Scam prevention

The government will set up a scam prevention centre to detect scams, share data and inform the public about new scams and fraudulent schemes.

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ATO, Superannuation

ATO sets date for personal TBC availability

TBC

Super fund members will gain access to personal TBC details early in the new financial year but should report outstanding information now.

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Superannuation, Tax

Super earnings tax is double taxation

Super earnings double taxation

The earnings tax on superannuation balances above $3 million is a wealth tax and will subject fund members to a form of double taxation.

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