News : Superannuation

Superannuation, Tax

Watch Div 293 payment timing

Division 293 tax Release authority SuperStream SMSF Heffron Meg Heffron

SMSF members required to pay a Division 293 tax bill have been cautioned not to act too quickly and to follow the correct ATO process.

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financial advice, Superannuation

Super advice fee change urgent

Superannuation Financial advice Joint Associations Working Group JAWG Advice fees Trustees

A group of 12 industry bodies has called on the government to change the proposed process by which advice fees from super are approved, claiming it will add more cost and complexity.

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Retirement, Superannuation

Financial security drives retirement contentment

Retirement income products Retirement Financial advice Challenger

A majority of senior Australians nominated the ability to fund their retirement independently as a key factor in determining their level of happiness.

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Administration, ATO, Compliance, Superannuation

The SG clearing house danger

Clearing house Superannuation guarantee Pay day super ATO

The use of clearing houses to meet super guarantee requirements comes with a substantial risk of incurring penalties for late payments.

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Administration, SMSF, Superannuation

Clearing house accounts limited

Small Business Super Clearing House SMSF SBSCH Superannuation Guarantee SMSF account

SMSFs using the Small Business Super Clearing House will be limited to nominating only one bank account, but a workaround is possible for funds with a separate account for each member.

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financial advice, Legislation, Superannuation

QAR measures tabled in parliament

Quality of Advice Review Treasury Laws Amendment Bill Stephen Jones Financial advice fees Superannuation Financial Services Council Financial Advice Association Australia

A bill to implement the first tranche of recommendations from the Quality of Advice Review has been introduced into parliament.

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SMSF, Superannuation

Ageing demographic future of SMSFs

SMSF Deloitte Growth Industry funds Dynamics of the Australian Superannuation System Report

SMSFs are expected to grow well into the future, but an ageing demographic is likely to reduce their number and the overall pool of retirement savings.

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Property, Superannuation

Early access won’t overcome deposit hurdle

Property Home ownership Superannuation Deposit

Early access to superannuation for housing would not meet deposit requirements for an average dwelling, with most young homebuyers having super balances below those levels.

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Pensions, Superannuation, Tax

MLP valuations under Div 296 still unclear

Market-linked pensions Defined benefit pensions Division 296 tax Valuation Treasury

Guidance on the treatment of market-linked pensions in relation to the Division 296 tax has yet to clearly outline how these interests will be valued under the cap.

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ATO, SMSF, SMSFA, Superannuation

New clearing house protocols for SMSFs

ATO Small Business Superannuation Clearing House Superannuation guarantee SMSF SBSCH Employees

The ATO has implemented an additional verification measure for any entitlements deposited into an employee’s SMSF account via the Small Business Superannuation Clearing House.

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