News : Superannuation

Superannuation

The pros and cons of six-member SMSFs

&
six-member SMSFs

The prospect of six-member SMSFs moved a step closer when the Treasury Laws Amendment (Self-Managed Superannuation Funds) Bill 2020 was recently introduced into parliament. If the bill is finalised as law in November, the increase to the maximum allowable number of members for an SMSF could commence as early as 1 January 2021. The bill proposes […]

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Superannuation

Budget may boost SMSF appeal

SMSF appeal

A number of the 2020 federal budget announcements have the potential to strengthen the appeal of SMSFs, some technical experts have predicted.

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Superannuation

Stapled super to cut lost funds, excess fees

multiple superannuation accounts

New superannuation reforms will stop unintended multiple accounts being created by ensuring members can keep their fund when changing employers.

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Superannuation

Minimal super changes welcomed

Superannuation changes

The superannuation sector has welcomed the absence of changes to the mechanics of the super system in this year’s federal budget.

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Financial Planning, Superannuation

Advised consumers less likely to access super

financial advice early access

New research has found people who had received financial advice were less likely to dip into their savings to deal with the financial impact of COVID-19.

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Superannuation

SMSFA conducting cost research

cost running SMSF

New sector research into the cost of running an SMSF is currently being performed by the SMSF Association with a planned release in November.

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Superannuation

Early release triple hit possible

early super release penalty

Trustees who breach the COVID-19 economic relief measure in the 2020/21 financial year potentially face an adverse outcome that includes a triple penalty, a technical expert has said.

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Regulation, Superannuation

Flexibility key win with six member funds

six member SMSFs

Raising the member limit for SMSFs will introduce more flexibility into the current system without posing additional administrative risks for funds, the SMSF Association has said.

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Accounting, Financial Planning, Superannuation

Best interest may require referrals

SMSF accountants best interest

SMSF accountants facing questions about investments may need to refer clients to other advice providers under best interest obligations.

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Regulation, Superannuation

Six member funds to cut compliance costs

six member SMSFs

The move to six member SMSFs would lead to a welcome reduction in the total number of SMSFs, lowering costs for the ATO and for the taxpayer, an independent statutory agency says.

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