News

Pensions

Debt waiver adjustment needed

SMSF Association, Department of Social Security, Centrelink, legacy pensions, Treasury, regulations, 

The debt waiver to be applied to the commutation of legacy pensions should be extended to ensure they retain their asset test exempt status.

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Auditing, Regulation, SMSF, Superannuation

New stakeholder in ASF Audits

ASF Audits, Fortitude, Nick Miller, Chris Atkins, Casey McGrath, Fortitude Investment Partners, Adelaide,

A private equity firm has taken a large stake in ASF Audits as one of its longest serving staffers announces his departure.

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Fixed Income

SMSFs heading toward bonds

Bonds, fixed income, Jenna Hayes, Income Asset Management, Matthew Macreadie, 

The current interest rate climate has prompted a shift away from term deposits and into bonds among investors, including SMSF members.

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Pensions, Retirement

Super system reduces pension costs

ASFA, Super and the Australian Economy report, Association of Super Funds of Australia, Age pension, Mary Delahunty, Treasury, GDP, Super Guarantee,

The superannuation system has been a key driver in assisting government reduce the cost of the age pension while also boosting household savings.

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NALI/NALE

Non-commercial costs can escape NALE

NALE, Accurium, Natalie Scott, ATO,

An SMSF expense that has not been incurred on commercial terms will not necessarily trigger the non-arm’s-length expenditure rules.

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Superannuation, Tax

Div 296 lapse shows sector strength

SMSF Association, Division 296, ATO, Legacy pensions, Centrelink, SMSF, Centrelink, Treasury, election,

The failure of the Division 296 tax bill to pass through parliament highlights the work done by the SMSF sector to raise awareness about problems with its structure.

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ATO, Legislation, SMSF, Superannuation, Tax, Trusts

Avoid state trustees in estate plans

Cooper Grace Ward, Sarah Camm, Gainer, Clinton Jackson, Annual Adviser Conference, Brisbane, ATO,

State or public trustees should be avoided as a back-up plan in SMSF estate plans as they often don’t want the job and assigning it to them could breach superannuation laws.

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Legislation, Tax

Up in the air

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

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Pensions

Legacy pension glitch addressed

Social Security Act, legacy pensions, Smarter SMSF, education,  Tim Miller,

The anomaly arising from the operation of the Social Security Act and the legacy pension amnesty has been addressed by a new legislative instrument.

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BDBNs, Estate Planning

Revised BDBNs must consider estate plan

binding death benefit nomination, BDBN, Cooper Grace Ward, Sarah Camm, Annual Adviser Conference, Brisbane,

Revisions to a BDBN must be made in reference to a member’s wider estate plan to prevent the nominations becoming confusing or conflicting with a will.

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