Wind-ups of SMSFs fell to previously unseen lows in the 2020 financial year, resulting in a much higher number of net establishments compared to 2019, the ATO’s latest statistics reveal.

The process of indexation is likely to be applied to the concessional contributions cap from 1 July 2021 due to the effect of COVID-19, a sector specialist has said.

The ATO has expanded its guidance on how death benefit rollovers should be reported and payments made with specific instructions for SMSFs.

A technical expert has questioned how the existence of multiple retirement savings accounts for one person will affect the new stapled super rule announced in the budget.

Chartered Accountants Australia and New Zealand (CAANZ) has welcomed last night’s federal budget superannuation reforms, which will ensure Australians keep their super fund when they change employer and up-end the default fund regime. The accounting body said the “unexpectedly significant” Your Future, Your Super package, due to commence on 1 July 2021, would end the […]

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 […]

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

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

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