News : Superannuation

Pensions, Superannuation, Tax

Excess pension payments not always tax-free

SMSF Superannuation Minimum pension Lump sum commutation Preservation age

SMSF members drawing a lump sum above their minimum pension amount are safe from any further tax, but should be aware of preservation restrictions.

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Superannuation

New preservation age noteworthy

preservation age low-rate cap TRIS transition-to-retirement income stream

From 1 July, the preservation age will be aligned for all Australians, rendering some of the current superannuation system rules obsolete.

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Insurance, SMSF, Superannuation

Avoid insurance held by another fund

SMSF Superannuation Life insurance ownership Insignia Financial Jon de Fries

SMSFs should not purchase life insurance cover held within another super fund as this type of financial protection is not legally available to them.

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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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