News : Superannuation

Superannuation

Long-term cost of early access over $100b

early release superannuation

The government’s early release super scheme will cost future generations over $100 billion and has undermined the importance of Australia’s superannuation system, BetaShares says.

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Investments, Superannuation

SMSF early access spike refuted

SMSF early release

Early release of superannuation from SMSFs was not unexpected, but trustees are likely to draw on much less money than recently predicted, according to the SMSF Association.

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Superannuation

Legislation gap creates recontribution window

super recontributions

The lack of alignment between changes to the work test for voluntary concessional contributions and superannuation preservation age has created a gap where those in the first stages of retirement may be able to make super recontributions unavailable to them before age 65. Heffron managing director Meg Heffron said if bring-forward contribution rule changes currently […]

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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ATO, Superannuation, Tax

Relaxed residency rules can still pose risk

residency rules

Non-resident trustees might still be ineligible for income tax concessions regardless of the ATO’s more lenient approach to SMSF residency requirements in light of the COVID-19 pandemic, an audit expert says.

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ASIC, Superannuation

ASIC faces another fact sheet grilling

ASIC fact sheet

ASIC’s first attempt to price the cost of running an SMSF has been raised as an issue of concern ahead of the regulator’s appearance before a parliamentary committee tomorrow.

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ATO, Superannuation

myGov anomalies not absolute

myGov early access super

SMSF trustees should still be able to access their super benefits early under the COVID-19 financial relief measures, even if their myGov account is indicating their funds are invalid, a technical expert has said.

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Superannuation

COVID-19 to spur SMSF growth

SMSF growth

The coronavirus pandemic is likely to boost the number of SMSFs as people re-examine their financial affairs in the wake of the virus crisis.

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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Superannuation

Early release extended to Dec 31

superannuation early release extended

Superannuation fund members facing financial hardship have been given a longer window in which to access retirement savings under the early release scheme

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