News : Superannuation

SuperStream needs info updates

February 1, 2021

The extension of SuperStream to cover SMSF rollovers means advice practitioners should be checking clients’ funds are ready to make use of the pending changes.

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Superannuation

Cost of SG rise will hit wages

February 1, 2021

Tharshini Ashokan

Employee wage rises will be adversely affected by the legislated superannuation guarantee (SG) rise, a senior government minister says.

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ATO, Superannuation

TBC indexation set for July

January 28, 2021

Tharshini Ashokan

Indexation of the general transfer balance cap will occur on 1 July, leading to a departure from a standard figure for super fund members.

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Documentation, Superannuation

ATO ruling has hidden influence impact

January 27, 2021

Jason Spits

The level of influence exerted by different parties within a 50/50 unit trust structure may come under greater examination following a recent ATO ruling.

Drop exam, licence for limited super advice

accountants limited superannuation advice

January 19, 2021

Jason Spits

More people could receive assistance if accountants were not subject to licensing or adviser exams in order to provide limited super advice, an industry body has said.

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Superannuation

NCCC breaches most serious

Non-concessional contributions cap breaches

January 11, 2021

Darin Tyson-Chan

A specialist SMSF practitioner has warned breaches of the non-concessional contributions cap can lead to significant financial punishment and should be taken most seriously.

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Insurance, Superannuation

Tax benefit no risk cover reason

December 14, 2020

Darin Tyson-Chan

A technical mentor has warned against using tax deductions and cash-flow convenience as justification to hold insurance cover within an SMSF.

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ATO, Superannuation

SMSF numbers climb again

December 10, 2020

Jason Spits

The SMSF sector has continued to grow through the COVID-19 pandemic, recording new highs for the number of SMSFs and fund members.

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Superannuation

SMSF satisfaction grows as pandemic eases

December 9, 2020

Jason Spits

A wide ranging consumer survey has found increasing levels of satisfaction with superannuation with SMSFs ahead of industry and retail funds.

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Regulation, Superannuation

Status hit for member increases

December 7, 2020

Jason Spits

SMSFs looking to expand to six members need to be aware the addition of new trustees will take the fund offline for as long as the ATO takes to vet the new additions.

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