News : Superannuation

ATO, Superannuation

ATO clarifies SG clearing house cut-off

Superannuation clearing house

A recent ATO guideline will benefit employers using the regulator’s Small Business Superannuation Clearing House to pay super contributions.

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Compliance, Superannuation

TBC indexation determined in late January

Transfer balance cap indexation

Superannuants will know in late January whether indexation will be applied to the transfer balance cap from 1 July 2020.

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Documentation, Superannuation

Ordinary company not for corporate trustees

ordinary companies corporate trustees

Corporate trustees should only be using special purpose company structures and failing to do so may be considered a breach of superannuation regulations.

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ATO, Superannuation

SMSFs recover after wind-up spike

SMSF sector growth September

Growth in the SMSF sector remained strong in the September quarter, despite a dip in the net number of funds established in the previous quarter.

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Regulation, Superannuation

AML rules may exacerbate SFLU problems

AML SFLU SMSFs

SMSFs removed from the Super Fund Lookup (SFLU) may be caught under anti-money laundering (AML) laws impacting the flow of money in and out of the fund.

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Administration, Superannuation

With contributions, timing is everything

Contributions timing

The timing treatment of contributions when using a clearing house facility differs depending on which service is involved, writes Meg Heffron.

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ATO, Superannuation

SMSF collectables under scrutiny

ATO SMSFs collectables

The ATO will use its data matching powers to check if SMSFs are using high value assets for personal use in breach of the law.

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Superannuation

Super to hit $4.8 trillion in 2034

Superannuation industry assets

The assets held within the superannuation sector will reach $4.8 trillion by 2034, an actuarial consulting firm has forecast.

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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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