News : Superannuation

Pensions, Superannuation

SMSFA seeks drawdown cut

pension drawdown

The SMSF Association has asked the government to reduce minimum drawdown amounts from superannuation in response to COVID-19’s impact on financial markets.

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Superannuation

Work test caution needed regarding leave

superannuation work test

Certain employment leave may be used as a component to satisfy the work test allowing people aged 65 or over to make superannuation contributions, a technical manager has said.

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Superannuation

Coronavirus relief may come from super

coronavirus superannuation

Financial relief from the effects of the coronavirus may be available through the legal early access of superannuation benefits, an SMSF strategist has said.

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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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