News : Superannuation

Superannuation, Tax

$3m soft cap effect significant

$3 million tax impact

Advisers are expecting the proposed tax to be applied to people with a total super balance over $3 million will affect one-third of their SMSF clients.

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Retirement, SMSF, Superannuation

Longevity risk greater for SMSFs

longevity risk SMSF

SMSF trustees are likely to live longer than superannuants belonging to public offer funds, making them more susceptible to longevity risk.

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Superannuation

SMSFs reject $3m soft cap

SMSF members $3 million tax

A recent sector survey has found nearly half of SMSF members believe the proposed $3 million soft cap is a bad policy initiative.

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Accounting, Contributions, Superannuation

Lost super can become contribution trap

unclaimed super contribution

SMSF members claiming lost super must consider what it will do to their contribution caps if they pay it back into their fund.

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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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