News : Superannuation

Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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ATO, Superannuation

TBAR should be lodged when pension rolled over

TBAR pension rollover

Advisers assisting clients with a pension rollover to an APRA fund should make a TBAR at same time to avoid an ATO breach notice.

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ATO, Superannuation

Non-lodgement on the increase

SMSFs lodge annual return

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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Pensions, Superannuation

Transfer balance transactions trap for unwary

transfer balance transactions

Trustees should be aware that not all transactions aimed at reducing a transfer balance will actually do so and can leave a fund open to excess taxes.

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Superannuation

Super architect calls for hands-off approach

superannuation system confidence

A key player in the creation of the superannuation system has said it must be left alone to restore confidence and allow people to make long-term retirement decisions.

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ATO, Superannuation

ATO statistics endorsement of SMSF compliance

ATO SMSF compliance

The SMSF sector has recorded low rates of non-compliance and its performance has been endorsed by the ATO, an SMSF specialist has claimed.

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Superannuation, Tax

Don’t ignore death tax until death bed

SMSF death tax

SMSF advisers need to discuss the reality of death taxes when setting up a fund to avoid difficult conversations at time of a member’s death.

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Accounting, Superannuation

Look at SMSF life cycle for revenue boost

Accountants SMSF revenue

Accountants should examine the life cycle of an SMSF to find new areas of advice through which they can expand their services as well as their revenue.

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ASIC, Superannuation

Illegal early-access promoter jailed

Illegal early access superannuation

The operator of a scheme providing illegal early access to superannuation benefits has been given a three-year jail sentence.

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Superannuation

SMSFs on way to aspirational retirement

SMSFs aspirational retirement

Many SMSFs are on track to being able to afford a $100,000-a-year lifestyle in retirement, placing them well above ASFA retirement standards, according to the latest data from Accurium.

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