News : Superannuation

ATO, Superannuation

ATO issues warning to auditors, laggard funds

auditors trustees report

The ATO has issued warnings to SMSF trustees who have failed to comply with SAR deadlines and has discovered auditors are making a common ACR mistake.

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Contributions, Superannuation

Downsizer timing now more important

Downsizer contibution timing

The timing of downsizer provisions contained in this year’s budget will take on more significance from 1 July 2022.

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Retirement, Superannuation

Retiree cost of living rises marginally

retirees cost living

The cost of a comfortable retirement increased slightly in the March quarter, with retirees spending more money on their homes and entertainment as COVID-19 restrictions eased.

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Retirement, Superannuation

New residency rules lack precision

SMSF residency rules

Changes to residency rules announced in last week’s federal budget may not eliminate harsh outcomes resulting from breaches of the law covering this area.

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ATO, Superannuation

ATO offers dedicated help for SAR lodgements

ATO SMSF annual returns

The ATO will offer priority assistance to SMSF practitioners seeking a deferral arrangement for the lodgement of SMSF annual returns.

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Contributions, Superannuation

AIR welcomes increased super flexibility

budget superannuation retirees

The budget measures improving the ability for individuals to make contributions to their super funds has been praised by retirees.

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Pensions, Superannuation, Tax

Tax on pension reserves a concern

legacy pension reserves

The severity of the tax treatment of reserves associated with legacy pensions contained in this year’s budget is cause for concern.

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Superannuation

Budget soft campaign start for next election

budget election

The welcome changes to superannuation in this year’s federal budget make up part of the government’s soft campaign launch for the next election.

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Superannuation

Buried issues in super addressed by budget

The major changes announced in this year’s budget will address lingering issues in the superannuation system and allow people to seize back control over their contributions.

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Contributions, Superannuation

The downsizer and bring-forward rule collision

downsizer bring-forward

Reducing the eligible age for the downsizer measure could lead to complications with the interaction between it and other contribution thresholds.

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