News : Superannuation

Superannuation

Six-member fund decision political

six member SMSFs political

The recent passing of superannuation legislation allowing six-member SMSFs was driven by political motives.

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Auditing, Superannuation

Better audit efficiency achievable

accountants audit

The efficiency of the year-end audit can be improved if SMSF accountants place more importance on one aspect of their interaction with a fund’s auditor.

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Regulation, Superannuation

Six-member time frame will create delays

six-member SMSF delays

Trustees are advised to wait before registering new members as many institutions are not ready for the introduction of six-member SMSFs.

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ATO, Superannuation

ATO offers interim six-member solution

ATO six-member funds

The ATO has been forced to introduce a temporary registration system for six-member funds and has advised SMSFs to expect potential delays when registering.

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Strategy, Superannuation

Trust deed must include certain items

SMSF trust deed

An SMSF trust deed must have a series of non-negotiable items in it, such as rules allowing the use of a contribution suspense account.

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Pensions, Superannuation

Drawdown relief for all pensions

minimum pension relief

The reduced minimum pension that will now apply for the 2022 financial year is not restricted to account-based pensions.

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Retirement, Superannuation

Intergen Report positive for SMSFs

SMSF intergenerational report

The findings of the 2021 Intergenerational Report are very positive sign of the future for the SMSF sector for the coming decades.

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Retirement, Superannuation

Retiree group applauds super legislation

retirees super legislation

The Your Future, Your Super legislation has been endorsed by the Association of Independent Retirees for the performance and efficiency gains it will produce.

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Contributions, Superannuation

NCC bring-forward date confirmed

NCC bring-forward

The official date from when people aged 65 and 66 can use the non-concessional contributions bring-forward rule has been confirmed by Treasury.

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Strategy, Superannuation

Trustees to determine access to benefits

trustees benefit payments

An SMSF technical expert has advised trustees to be more involved in benefit payment strategies and not just rely on advisers to determine the required actions.

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