News : Superannuation

Superannuation, Tax

Budget contributions measure may cause confusion

An SMSF sector expert has warned compliance breaches may result from confusion over the contribution rules changes included in the 2019 federal budget.

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Superannuation, Tax

Franking credit report suggests policy rethink needed

An alliance of 11 consumer and industry bodies has called on Labor to reconsider its franking credit policy, claiming a recent inquiry has shown it is flawed and unfair.

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Administration, Superannuation

Class enhances TBAR functionality

Class has made enhancements to transfer balance account report functionality following the release of a new ATO online service portal.

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Pensions, Superannuation

Contributions measure raises other system questions

A technical expert has queried whether other aspects of the superannuation rules will need changing in line with the measure announced in the budget amending contributions for individuals over the age of 65.

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Regulation, Superannuation

Six-member SMSF legislation dropped

The government has withdrawn the legislation enabling SMSFs to service a maximum of six members.

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Strategy, Superannuation

Contribution measures get mixed reaction

The federal government’s decision to scrap the work test and enable the non-concessional contributions rule for people aged 65 and 66 has been met with a mixed reaction.

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Pensions, Superannuation

SMSF Association welcomes budget inclusions

The budget items changing how exempt current pension income can be calculated and the easing of the work test requirement have been applauded by the SMSF Association.

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Pensions, Superannuation

Changes made to ECPI calculation rules

Maths on a blackboard.
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The methodology for calculating ECPI has been changed, allowing trustees in accumulation and retirement phases in one financial year to choose their preferred method of calculation.

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Superannuation

SuperStream start date pushed back to 2021

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SMSFs will have wait nearly 18 months more to access the SuperStream system, which will now be introduced in early 2021.

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Superannuation, Tax

Super fund mergers granted permanent tax relief

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Super funds looking to merge will be granted tax relief on a permanent basis from the next financial year.

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