News : Superannuation

Superannuation

Early super eligibility may still be questioned

early release super eligibility

A major accounting body has warned penalties could be issued to individuals who have already accessed their super early under the COVID-19 relief measure, but are ruled ineligible to have done so.

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Superannuation

Call to postpone SG amnesty deadline

superannuation guarantee amnesty

The deadline for superannuation guarantee amnesty applications should be extended to March 2021 as a result of the COVID-19 pandemic, the National Tax Liaison Group has said.

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Superannuation

Return targets need post-pandemic review

superannuation returns

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

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ATO, Superannuation

ATO watching early release claims

superannuation early release

The ATO has repeated warnings it will act against people abusing the early release scheme and has informed them they are being tracked.

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ATO, Superannuation

Clearer cost data welcomed

SMSF expense data

The latest ATO SMSF statistical overview for the 2018 financial year has been commended by a peak industry body for providing more accurate expense data about the sector.

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ATO, Superannuation

Wind-ups peak but growth continues

SMSF wind-ups

New ATO data shows the level of SMSF wind-ups peaked in 2017/18, but the size of the SMSF sector continues to grow steadily.

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Financial Planning, Superannuation

COVID-19 SOA relief to end in October

SOA relief

ASIC’s COVID-19 relief measures relating to advice around the early release of super, including the use of an SOA, will be repealed in October.

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Superannuation

Building super now a priority

superannuation strategies

Queries about superannuation contribution strategies dominated calls to AMP advisers in May overtaking calls about COVID-19 financial relief.

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ATO, Superannuation, Tax

SMSFA surveys members on ASIC relief impact

SMSF Association ASIC relief

The SMSF Association has asked its members for feedback on relief measures provided by ASIC in response to the coronavirus pandemic.

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Superannuation

SMSFs soft target for relief cash

SMSFs COVID-19 relief

SMSFs and self-funded retirees are soft targets for tax increases designed to replenish government funds spent on COVID-19 relief.

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