News : Superannuation

Early-release promoter banned

March 10, 2020

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

March 9, 2020

Jason Spits

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

March 5, 2020

Darin Tyson-Chan

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

March 5, 2020

Jason Spits

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

March 3, 2020

Jason Spits

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

February 27, 2020

Jason Spits

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

February 26, 2020

Darin Tyson-Chan

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

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Superannuation

Super risks deterring contributions

February 26, 2020

Jason Spits

Legislative risks in relation to super may be deterring younger people from topping up their balances during the current low interest rate environment.

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ATO, Superannuation