News : Superannuation

Retirement, Superannuation

Renting retirees shows need for super

Vanguard Australia Daniel Shrimski Retirement Renting Mortgage Superannuation

The role of superannuation in building wealth for retirement has been highlighted again by new research showing a third of retirees finish work without fully owning their home.

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Compliance, Regulation, Retirement, Superannuation

Retirement work hours are strict

Definition of retirement Work SMSF Condition of release

The maximum number of hours associated with retirement status is a strict measure applied per week and not over a longer period of time.

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Superannuation

Super consultations not fit for purpose

DBA Lawyers Dan Butler superannuation consultation Division 296 tax

The consultation process for new superannuation legislation has become less thorough and inclusive, leading to the creation of poorly designed bills.

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SMSF, Superannuation

First CSLR payments made

Compensation Scheme of Last Resort CSLR First payments David Berry SMSF self-managed super fund

The Compensation Scheme of Last Resort has paid out $360,000 in its first batch of payments, with one of the first cases settled relating to inappropriate SMSF advice.

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Contributions, Superannuation

Mortgage debt shouldn’t rule out contributions

Mortgage Concession contribution Superannuation HLB Mann Judd

Paying off a mortgage should not be seen as a reason for not making additional concessional contributions towards superannuation.

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Accounting, Superannuation

Money paid doesn’t define tax dependant

tax dependant ATO private binding ruling superannuation death benefit Adviser Digest Peter Johnson

An individual will not be considered a tax dependant on the basis that a super member has paid money to them for financial support.

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Contributions, SMSF, Superannuation, Tax

Retirement savings, tax lead client concerns

superannuation contribution caps Division 296 tax retirement savings SMSF BT Technical Services Bryan Ashenden

Increasing retirement savings and tax management strategies will be key concerns for advisers and their clients in the next financial year.

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SMSF, Superannuation, Tax

Don’t mistake Div 296 action date

Division 296 tax SMSF total super balance $3 million MLC Julie Steed

SMSFs should not confuse when they need to act to sidestep the impact of the proposed Division 296 tax, with the critical date occurring not in 2025, but in 2026.

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Administration, Compliance, Regulation, Superannuation

Pre-bankruptcy transfers unprotected

Bankruptcy Superannuation transfers Federal Court Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] Creditors

Superannuation balances transferred prior to a declaration of bankruptcy will not protect those assets from the claims of creditors.

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