News : Superannuation

Superannuation

Travelling trustees still had “Australian” super fund

SMSF members overseas

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

SMSFs illegal early release

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

SMSFs residency test

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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Regulation, Superannuation

Certainty needed on govt work test proposal

Work test change proposal

The government must act swiftly on its proposal to extend the work test age in order to avoid placing members anticipating the changes at a disadvantage, an SMSF expert says.

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Financial Planning, Superannuation

AFCA shares crucial SMSF switching advice elements

AFCA SMSF switching advice

Financial planners have been made aware of the elements the Australian Financial Complaints Authority focuses on when examining disputes over SMSF switching advice.

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Superannuation

Adding child member also requires new adult trustee

child member SMSF

An SMSF can add a person under 18 as a member, but doing so will require the addition of a further adult trustee to oversee them.

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Financial Planning, Superannuation

Advisers still unclear on SMSF set-up

SMSF personal advice

Advisers are still uncertain as to what is considered advice when setting up a fund for a client, with trustee structures being a trap for the unaware.

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Superannuation

Canberra has 10 per cent SG limit

Superannuation guarantee

A Liberal MP has suggested there is no support on either side of the political fence to set the superannuation guarantee rate any higher than 10 per cent.

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Regulation, Superannuation

Super sector will be reformed despite fund inertia

superannuation reform member interests

The superannuation sector needs to move past the sacred cows of its origins and serve the interest of members or run foul of the reform agenda of the federal government.

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Superannuation

SMSFs a top 10 advice motivator

SMSFs top 10 advice

Advice regarding SMSFs has ranked among the top 10 most popular reasons for Australians to seek financial planning services, a new Australian Securities and Investments Commission report has shown.

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