News : Superannuation

TSB can be reduced via tax law

August 31, 2023

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.

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Documentation, Superannuation

Notice failure will lock contribution status

August 30, 2023

Jason Spits

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.

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Retirement, Superannuation

Importance of super welcomed

August 24, 2023

Todd Wills

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.

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Insurance, SMSF, Superannuation

SMSF-funded insurance may be illegal access

August 23, 2023

Jason Spits

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

2023/24 ideal for concessional contributions

August 15, 2023

Todd Wills

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

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ATO, Compliance, Pensions, SMSF, Superannuation

SMSF reserves under control

August 10, 2023

Darin Tyson-Chan

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

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Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

August 10, 2023

Todd Wills

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.

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Compliance, SMSF, Superannuation, Tax

$3m cap won’t destroy SMSFs

August 1, 2023

Todd Wills

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

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ATO, Contributions, SMSF, Superannuation

ATO error denying deductions

Personal superannuation contributions deductions

July 31, 2023

Darin Tyson-Chan

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

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SMSFA, Superannuation, Tax

$3m super tax law expected by mid-2024

July 31, 2023

Todd Wills

The government is likely to release draft legislation for the proposed $3 million superannuation earnings tax by early September, with the bill expected to pass through parliament in mid-2024.

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