News : Superannuation

ASIC, financial advice, Regulation, Superannuation

ASIC to scrutinise super switching

Superannuation switching ASIC Referral arrangements Enforcement priority

Advice regarding the switching of superannuation membership from one fund to another is an area on which ASIC will be focused this year.

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Legislation, Superannuation, Tax

Pushing poor legislation through

Division 296 tax Unrealised capital gains Defined benefit schemes Senate Total superannuation balance

Parliament is about to introduce badly designed law regarding the proposed additional tax on super balances over $3 million and no one seems to care.

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Pensions, Superannuation, Tax

Div 296 defined benefit rules poorly designed

Division 296 Defined benefit interest Regulation Treasury Chartered Accountants Australia and New Zealand CPA Australia Financial Advice Association of Australia Institute of Public Accountants

The draft regulations prescribing how the Division 296 tax will apply to defined benefit interests reflect the same poor design as the overall legislation, four industry bodies have claimed.

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Legislation, Property, Superannuation

Super for housing policy counterproductive

Association of Superannuation Funds Australia Super Members Council Super for housing Andrew Bragg

Enabling access to superannuation funds to aid first-time homebuyers will drive up house prices and lock those with smaller super balances out of the market.

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Business News, Superannuation

Islamic fund relaunches with new name

Crescent Wealth Super Fund Salaam Super Talal Yassine Equity Trustees Russell Investments Master Trust

The Crescent Wealth Super Fund will change its name from the middle of the year, with plans to add SMSF lending to its suite of offerings.

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BDBNs, Death benefits, SMSF, Superannuation

BDBN reforms supported

SMSF BDBN Superannuation death benefits Deed Enduring power of attorney

Proposed BDBN reforms put forward by the Law Council of Australia have gained a tick of approval from SMSF professionals.

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Business News, Superannuation

SMSF firm announces merger

Eureka Whittaker Macnaught Blue Harbour Financial Partners Merger

Two financial firms providing services to SMSF and superannuation clients have agreed to merge, effective immediately.

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Legislation, Retirement, Superannuation

Product not the retirement income fix

Retirement income products Superannuation Actuaries Institute

A number of strategic elements must be combined rather than just product to formulate a satisfactory retirement income solution.

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ATO, Superannuation, Tax

Cashing out contribution not tax avoidance

Superannuation Personal contributions Tax deductions Tax avoidance Part IVA SuperCentral Michael Hallinan ATO Private ruling

Super fund members can cash out a contribution on which they have made a deduction, but should show evidence they are not doing so to sidestep tax.

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Legislation, Regulation, Superannuation

Coalition recognises nature of super

Angus Taylor Superannuation policy Government SMSF

The shadow treasurer has outlined the approach a future coalition government will use with regard to superannuation policy.

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