News : Superannuation

Superannuation, Tax

Deeming rate better for $3m tax

superannuation earnings tax deeming rate

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

Superannuation earnings tax

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

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

Superannuation earnings tax

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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Property, Superannuation

Fund members access $400m for first homes

FHSSS first home super saver

Superannuation fund members have accessed more than $400 million to purchase a home since the start of the First Home Super Saver scheme in 2018.

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Contributions, Superannuation

Keep contributing despite super tax

superannuation contributions earnings tax

Trustees should continue to contribute to their superannuation accounts as not doing so would not be a prudent strategy to adjust to the proposed super earnings tax.

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Superannuation

Govt payments crucial to early access

Superannuation early access

Certain conditions regarding social security must be met before individuals can access their super benefits early due to severe financial hardship.

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Retirement, Strategy, Superannuation

Pre-1999 benefits can easily be freed

Restricted non-preserved superannuation benefits

A fairly straightforward process can be used to allow individuals with restricted non-preserved superannuation benefits to access these assets.

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ATO, Pensions, Regulation, Superannuation

Commissioner TBC ruling not unconstitutional

Transfer balance cap

The Administrative Appeals Tribunal has upheld a decision by the tax commissioner that commuting an excess over the transfer balance cap was unconstitutional and carried out on unjust terms.

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Retirement, Superannuation, Tax

Zero tax on lump sums not tax-free

Preservation age

Particular attention must be given to the tax situation of people looking to access their superannuation benefits between the ages of 59 and 60.

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