News : Superannuation

Insurance, Superannuation

Early super access could halt insurance cover

Super life insurance

Members who access their super early under the government’s coronavirus relief measures should consider how this will affect the life insurances provided by their super fund, a technical expert says.

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Superannuation

SMSFs face COVID-19 relief raids

SMSF assets COVID-19 relief

The government will look to the large sums held by SMSFs and concessions available to funds as a source of money to repay borrowings related to COVID-19 relief measures.

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ATO, Superannuation

In-house asset relief has limits

in-house asset

Trustees looking to correct an in-house asset breach from 2019 should take whatever action necessary to rectify it as the ATO will still be taking a look at any issues in that area.

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Property, Superannuation

Rent relief still unclear for 13.22c trusts

rent relief 13.22c trusts

SMSFs holding property via 13.22c unit trusts should hold off on providing rent relief until confirmation has been provided the measures will extend to these arrangements.

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Superannuation, Tax

SG amnesty needs urgent action

superannuation guarantee charge amnesty

The superannuation guarantee charge and amnesty urgently requires the government’s attention as a result of the coronavirus pandemic, the National Tax Liaison Group has said.

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ATO, Superannuation

Demand for early super access high

Early release super

Over 350,000 registrations of interest in the COVID-19 early release of super relief measure have been received by the ATO as at the beginning of April.

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LRBA, Superannuation

LRBA guarantees may trap the unwary

SMSF guarantees LRBA

SMSF members with personal guarantees for an LRBA should be aware any COVID-19-driven payments may be considered as contributions unless properly recouped from the fund, according to a legal expert.

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Superannuation

Bankruptcy preferable to illegal early release

bankruptcy illegal early release

Trustees looking to raid their SMSFs to prop up a small business would be better off facing bankruptcy than the consequences of illegal early release, according to a legal expert.

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Documentation, Superannuation

SMSFA seeking COVID-19 clarity

SMSF Association coronavirus ATO

More relief measures to ease the impact of the coronavirus pandemic are being discussed between the SMSF Association and ATO.

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Superannuation

Early release contribution option needed

super early release replacement

Individuals accessing their super early under the government’s new relief provisions should be given the option to top up their super once the crisis has passed without being subject to the limits currently in place, a specialist auditor says.

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