News : Superannuation

Contributions, Superannuation

Budget to amplify contribution errors

contribution errors work test

The government’s decision to remove the work test will have significant implications for contribution errors made subsequent to the measure’s introduction.

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Compliance, Superannuation

Terms of engagement need review

SMSF terms of engagement

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Pensions, Superannuation

Political motives for drawdown rate extension

minimum pension drawdown rates

The SMSF sector has welcomed the decision to extend the reduction on minimum pension drawdown rates, despite its election-focused nature.

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Administration, Superannuation

Admin fee discount needs defining

SMSF fee discount

The definition of discount provided on SMSF administrative fees, often given to partners or employees of accounting firms, requires clarification.

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Superannuation, Tax

Super info to be shared in separations

superannuation separation

The superannuation balances of separating couples will be transparent to each party under proposed changes put forward by the government.

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Estate Planning, Superannuation

Estate planning not formulaic

SMSF estate planning

SMSF practitioners need to be prepared for all situations that could possibly trigger the implementation of estate planning or fund succession strategies.

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Financial Planning, Superannuation

Advice billing rethink required

SMSF advice billing

Practitioners may need to revise their billing for SMSF advice clients from 1 July due to the legislation resulting from findings by the banking royal commission.

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Contributions, Pensions, Strategy, Superannuation, Tax

Year-end client considerations

financial year end

The end of financial year is arriving and planners need to ensure clients are prepared for SMSF financials and tax returns by 30 June.

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LRBA, Superannuation

Sector growth unimpeded by COVID-19

SMSF sector growth

The growth of the SMSF sector has continued into a third successive quarter after taking a small hit at the height of the coronavirus pandemic.

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Superannuation

SMSFs still on top for member satisfaction

SMSFs member satisfaction

SMSF members continue to report very high levels of satisfaction with the performance of their fund, according to rolling research.

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