News : Superannuation

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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Auditing, Superannuation

Price of audits expected to rise

SMSF audits price

Practitioners have indicated they believe SMSF audit prices will increase after 1 July due to the amendments to APES 110.

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Residential Property, Superannuation

Property developments okay with sole purpose

property development sole purpose

An SMSF running a property development in all reality is unlikely to be in breach of the sole purpose test, according to specialist lawyer.

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ATO, Superannuation

Disputed member exits an issue

member exits SMSF

Protracted member exits are beginning to be treated more severely by the ATO as it becomes a growing issue across the SMSF sector.

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Pensions, Superannuation

Work test, legacy pension details clarified

work test bring forward

The government has clarified how the proposed work test and non-concessional contribution bring-forward rules outlined in the budget will operate.

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Pensions, Superannuation

Govt releases ECPI changes draft legislation

ECPI legislation

Two years after announcing changes to ECPI, the government has released draft legislation for industry consultation on the move.

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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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