News : Superannuation

ASIC, Superannuation

ASIC specifically flags SMSF downsides

ASIC SMSF downsides

ASIC has claimed an SMSF isn’t an appropriate strategy in certain situations and potential trustees should be aware of the downsides of SMSFs before establishing one.

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Regulation, Superannuation

Trustees given clarity on NALI expenses

trustees SMSF free services

Trustees can provide services free of charge to their own fund but must be aware of which capacity they are acting in when they do so, according to an SMSF legal expert, who claims a new ruling has clarified these conditions.

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Superannuation, Tax

Success of super may mean inheritance taxes

superannuation inheritance taxes

The large sums of money currently in superannuation that are being passed on to succeeding generations is likely to lead to the introduction of inheritance taxes, a boutique advice firm has predicted.

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Residential Property, Superannuation

Bill amendments make downsizer contributions clearer

Downsizer contributions amendments

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

SMSFs adult family members

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

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

Govt announces retirement review

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

retirement wellbeing top 10

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

Grant Abbott SMSF Party

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

SMSF corporate trustee

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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