News : Superannuation

Retirement, Superannuation

SMSFs mainly viewed as nest egg

SMSF retirement nest-egg

SMSF members have only started to reconsider superannuation as a retirement funding tool, with many still viewing it as an untouchable nest egg.

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Residential Property, Superannuation

Merged funds dependent on property

Merged SMSFs property

SMSFs can combine to create a six-member fund, but the process will be dependent on underlying property holdings.

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Superannuation

SuperStream omits cashless rollovers

SuperStream rollovers

Unlike cash superannuation rollovers, those involving in specie asset transfers do not have to be executed via the SuperStream system for SMSFs.

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Superannuation

Exceptions provide six-member options

exceptions SMSFs six-member

SMSFs may be able to increase their membership level to six without breaking state laws or changing their deed using exceptions available in specific circumstances.

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Contributions, Superannuation

Bring-forward triggers trapping members

SMSF bring-forward

SMSF members may automatically trigger bring-forward arrangements under certain conditions, finding themselves trapped in something they cannot change.

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Regulation, Superannuation

Super details accessible for separated couples

superannuation separated couples

An amendment bill before parliament will allow separated couple to access their former partner’s super account details in an effort to alleviate financial hardship.

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Superannuation

Frequency of reporting still poor

SMSF data reporting

A significant majority of SMSF practitioners are still servicing their clients and providing only annual fund information to them.

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ATO, Superannuation

ATO tweaks Super Fund Lookup process

Super Fund Lookup ATO

A new procedure is now being applied to newly established SMSFs and how the ATO reflects their status on the Super Fund Lookup website.

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Investments, Superannuation

Better returns not a control priority

investment returns

The control SMSF trustees seek in running their own superannuation fund is not entirely about generating better returns than the public offer funds of which they were or are members.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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