News : Superannuation

Bill amendments make downsizer contributions clearer

October 3, 2019

Anomalies associated with the downsizer contribution rules may be addressed in treasury law amendments that have been the subject of industry consultation.

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Strategy, Superannuation

SMSFs including family members has pitfalls

October 2, 2019

Darin Tyson-Chan

The director of a mid-tier accounting firm has recommended serious assessment be performed before including adult family members in an SMSF due to the additional elements of risk associated with this strategy.

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Investments, Superannuation

Trustees need to understand investment structures

SMSF investment structures need closer look

October 1, 2019

Tharshini Ashokan

The structure used by an SMSF when investing on a co-operative basis must be clearly understood by trustees in order to ensure their fund complies with ATO regulations, an SMSF expert says.

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Retirement, Superannuation

Govt formalises retirement review

September 30, 2019

Tharshini Ashokan

An independent review of the retirement income system has been commissioned by the Government, with the final report expected in mid-2020.

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Retirement, Superannuation

Australia in retirement wellbeing top 10

September 30, 2019

Jason Spits

Australia has been named as a top ten nation for the level of overall wellbeing experienced by its retirees but lagged behind in the area of quality of life, according to new report.

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Superannuation

Abbott reboots SMSF Party plans

September 26, 2019

Jason Spits

SMSF expert Grant Abbott will re-register his political party which aims to represent the interests of self funded retirees, SMSF members and trustees.

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Documentation, Superannuation

Corporate trustee needs standalone company

September 25, 2019

Jason Spits

SMSFs looking to set-up a corporate trustee should use dedicated companies for the task as pre-existing vehicles may breach the law.

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Superannuation

Travelling trustees still had “Australian” super fund

September 24, 2019

Tharshini Ashokan

A recent ATO private binding ruling has found an SMSF to be an Australian super fund despite its members spending a significant amount of the income year overseas.

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ATO, Superannuation

Illegal early release still area of concern for ATO

September 11, 2019

Jason Spits

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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Documentation, Superannuation

Inflexible residency test should be dumped

September 10, 2019

Jason Spits

The residency test for SMSFs is easy to fail and offers no incentives for trustees to re-comply when they don’t pass it, the Tax Institute has claimed in a letter to Treasury.

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