News : Superannuation

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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Regulation, Superannuation

Six members will magnify issues

six member SMSF funds

Problems with SMSF structures and membership will be heightened by the increase from four to six member funds, CPA Australia has claimed.

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Compliance, Superannuation

Personal situation not a sole purpose bypass

sole purpose test

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

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Pensions, Superannuation

Severe hardship rules can offer better relief

severe financial hardship rules

Invoking the severe financial hardship provisions to access super benefits early instead of starting a pension to do so may be strategically advantageous for individuals who have reached preservation age, an industry expert has said.

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Superannuation

Early release should be in cash

early release in-specie

SMSFs should not be looking to make any COVID-19 early super release payments in the form of an in-specie transfer if the fund is suffering from liquidity issues, an industry specialist has said.

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Superannuation

SMSF numbers to get COVID-19 bump

SMSF establishments COVID

The number of SMSF establishments is likely to increase as a result of the COIVD-19 pandemic, industry research has shown.

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ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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ATO, Superannuation

Data-matching time lag warning

ATO data-matching

The director of a financial services firm has flagged the significance of the time it takes the ATO to issue excess contribution notices and the consequences this situation can have.

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