News : Superannuation

Estate Planning, Superannuation

Legal disputes point back to paperwork

legal disputes superannuation documentation

Legal disputes around superannuation in a deceased estate have centred on the quality of the documentation, forcing advisers to pay attention to the mistakes that were made.

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ATO, Superannuation

Downsizer errors face penalties

ineligible downsizer contributions

Downsizer contributions made by SMSF members who are ineligible to make them could attract an ATO penalty, a technical expert has said.

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ATO, Superannuation

Angst over concessional cap records

concessional contributions

ATO record-keeping with regard to unused contributions caps able to be carried forward is still causing worry among SMSF tax agents.

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ASIC, Superannuation

Early-release promoter banned

early release superannuation

A banned financial adviser has received a further penalty from ASIC for his part in a scheme that promoted the illegal early release of super via SMSFs.

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Retirement, Superannuation

Work test definition not decided by clients

Work test definition

Advisers abusing the definition of gainful employment under work test rules for their clients’ benefit will find themselves outside the law, according to an SMSF advice specialist.

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Retirement, Superannuation

Work test amendments drafted

work test legislation

The federal government has released draft legislation to modify the work test rules associated with superannuation contributions for older Australians.

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Insurance, Superannuation

Member death can benefit SMSF tax position

member death smsf tax

A new private binding ruling has shown SMSFs can make tax deductions off the back of insurance premiums paid on behalf of a deceased member.

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Superannuation, Tax

Actions outside SMSF can impose NALI burden

SMSF NALI

SMSFs need to be careful about non-arm’s-length actions outside the fund, which can still create a later NALI burden inside the fund.

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ATO, Superannuation

NCC breaches on ATO radar

Deliberate NCC breaches

Calculated efforts to game the non-concessional contributions (NCC) cap to reduce tax are known to the ATO, which will consider them as tax evasion.

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Strategy, Superannuation

SMSF intergenerational wealth purpose to rise

SMSFs intergenerational wealth

Over the next 10 years, SMSFs will increasingly be used an intergenerational wealth accumulation vehicles, a leading actuary has said.

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