News : Superannuation

SMSF, Superannuation

Legacy pension exit changes approved

Legacy pensions, tax, SMSF

Government plans to allow the commutation of legacy pensions are now in force after proposed changes were given royal assent late last week.

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Superannuation, Tax

Tax revision would make super simpler

Flattening the tax treatment of superannuation earnings and contributions would make the retirement income system less complex for fund members.

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financial advice, Retirement, SMSF, Superannuation

Demand for one-off advice significant

The need for accessible financial advice continues to grow, but many consumers would prefer to pay for it based on specific needs rather than as part of a comprehensive plan.

The need for accessible financial advice continues to grow, but many consumers would prefer to pay for it based on specific needs rather than as part of a comprehensive plan.

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Legislation, Superannuation

Super objective will not reshape Div 296

superannuation, SMSF,

The government is likely to use the objective of super to promote the implementation of the Division 296 tax, stating it is consistent with its role as the defender of the retirement income system.

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Retirement, SMSF, Superannuation

Retiree costs overestimated

The cost of retirement is overestimated by many Australians, highlighting the need for more advice and the reforms that will allow more people to access it.

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Legislation, Superannuation

Objective of super enshrined in law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Death benefits, Superannuation

Stepchild super status no longer clear

The status of stepchildren to be considered as superannuation beneficiaries is no longer as clear cut as it once was, with common law moving ahead of official guidance.

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Pensions, Superannuation

Govt unveils retirement-phase changes

The government will make changes to the products available in the retirement phase of super as part of a wider agenda focused on the drawdown period.

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Administration, SMSF, Superannuation

Reconsider voting by member balance

Constitution Voting rights Superannuation balance SMSF Corporate trustee Self-managed superannuation fund

Account balance-based voting in SMSF corporate trustee company constitutions may lead to an added administration burden and unfair outcomes.

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Superannuation

TBC increase to $2m highly likely

Transfer balance cap TBC CPI Consumer price index

The most recent consumer price index figures point to the likelihood of the general transfer balance cap increasing to $2 million as at 1 July 2025.

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