News : Superannuation

ATO, Superannuation, Tax

Trustees unaware of ENCC repayment options

trustees excess contribution

Trustees may be unaware they could pay too much to the ATO when responding to excess non-concessional contribution determinations and need to review the options presented to them.

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Regulation, Superannuation

Illegal scheme promoter banned, fined

Illegal early access

The Federal Court has imposed a two-pronged penalty on a woman found guilty of promoting and operating a scheme providing illegal early access to superannuation benefits.

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ASIC, Superannuation

ASIC takes action over unlicensed SMSF scheme

ASIC unlicensed scheme

ASIC has taken action against a former Melbourne adviser over an unlicensed investment scheme that used SMSFs to secure funds.

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Accounting, Superannuation

TSB key to catch-up contribution benefits

TSB catch-up contributions

Accountants will need to keep a greater watch on Total Super Balances (TSB) to make the most of new catch-up contributions, but will be assisted by ATO data.

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Property, Superannuation

Source of downsizer contributions questioned

Source of downsizer contributions

Questions have been raised about the source of downsizer contributions, with suggestions other funds have been used to take advantage of lower tax rates.

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ATO, Superannuation

TBC indexation poses new complications

TBC indexation

The indexation of the general transfer balance cap, which could occur in mid-2020, will result in a higher level of complexity for trustees to contend with, an SMSF expert says.

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Retirement, Superannuation

Retirement review looking beyond remit

Retirement Income Review

The Retirement Income Review may cover more ground than its remit, based on the questions asked in its recently released consultation paper.

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Accounting, Financial Planning, Superannuation

Advice bodies join accountant licensing discussion

accountant licensing SMSF advice

The major accounting and advice bodies have entered into joint discussions on reforming the licensing regime for financial advice related to SMSFs, according to the Institute of Public Accountants.

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ATO, Superannuation

Personal use provisions can address NALE costs

personal use NALE

Existing tax rules around the private use of business resources could offer a simple solution to non-arm’s-length expenses inside an SMSF.

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Superannuation

Super could push ASX capacity

ASX capacity

The capacity of the Australian Securities Exchange could be seriously challenged by superannuation monies, according to analysis performed by a major accounting firm.

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