News : Superannuation

Contributions, SMSF, Superannuation, Tax

Retirement savings, tax lead client concerns

superannuation contribution caps Division 296 tax retirement savings SMSF BT Technical Services Bryan Ashenden

Increasing retirement savings and tax management strategies will be key concerns for advisers and their clients in the next financial year.

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SMSF, Superannuation, Tax

Don’t mistake Div 296 action date

Division 296 tax SMSF total super balance $3 million MLC Julie Steed

SMSFs should not confuse when they need to act to sidestep the impact of the proposed Division 296 tax, with the critical date occurring not in 2025, but in 2026.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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Retirement, SMSF, Superannuation

$250,000 threshold for member moves

Investment Trends Ludovic Sevestre survey Superannuation switching member engagement Self-directed

A super balance of $250,000 is the threshold at which fund members are seeking more from their provider, with those aged 45 more likely to look at switching.

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Legislation, Superannuation, Tax

Simpler Div 296 calculation possible

Division 296 calculation method SMSF Retail superannuation Industry superannuation MLC Julie Steed

The supposed administrative impost that led to the government’s Division 296 calculation method could have been avoided using direct reporting for the non-SMSF members affected.

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Pensions, SMSF, Superannuation

Reissue minimum pension reminder

minimum pension SMSF Superannuation Institute of Financial Professionals Australia Graeme Colley

SMSF advisers should remind clients minimum pensions must be paid in full as some are likely to reference last year’s reduced figure as a guide for this year.

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Retirement, Superannuation

Inflation pushing retirees to work longer

Inflation Cost-of-living Retirement

Retirees are choosing to stay in the workforce longer and postpone their retirement plans due to record rises in cost-of-living expenses.

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Contributions, Superannuation

Remove contribution excesses to avoid issues

SMSF Superannuation concessional contribution non-concessional contribution excess Heffron

SMSF members who make excess concessional contributions may be better off taking the funds out again rather than letting them be treated as non-concessional contributions.

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Legislation, NALI/NALE, Superannuation, Tax

Progress of NALE bill uncertain

NALE non-arm’s length expenses Chartered Accountants Australia and New Zealand Tony Negline Parliament

Changes to the rules around non-arm’s length expenses may not pass parliament before 30 June raising doubts as to their application in the current financial year.

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Superannuation, Tax

Govt funds own Div 296 operation

Div 296 tax Defined benefit interests Federal budget SMSF Association

The government will spend more than $10 million to implement the proposed Division 296 tax on defined benefit interests.

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