News

ATO, Compliance, SMSF

Regulator reminds trustees of release process

ATO release reminder

The ATO has reminded trustees they are required to respond to requests from members to release funds and has detailed the processes it expects will be used.

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Pensions, Strategy

Pension strategy boosted for over 60s

Pension strategy

Super fund members aged over 60 can plan on using the indexation of the transfer balance cap from this year, but may need to change their employment status to do so.

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Pensions, Regulation, Superannuation

Minimum pension normalcy back

Minimum pensions

Last night’s budget gave the industry a very good indication that minimum pensions will be returning to pre-COVID rates from 1 July 2023.

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NALI/NALE, SMSFA, Superannuation, Tax

Soft cap tax needs further consultation

super tax consultation

The SMSF Association has called on the government to allow for further consultation on the proposed soft cap tax after the budget unveiled no modifications to the measure.

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ATO, Compliance

Push for undertaking instead of rectification

SMSFs undertaking rectification

SMSFs facing contravention issues with the ATO should consider a proactive enforceable undertaking rather than waiting for a regulator-issued rectification.

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ETFs, Investments

Betashares to launch global equity ETFs

Betashares global equity ETFs

Betashares will launch two broad-focus global equities ETFs, expanding its range of funds that can be used as a core asset in a portfolio.

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NALI/NALE

Govt amends NALE penalty

NALE penalty

The government has amended its proposed penalty for breaches of the NALE rules, but appears to be pushing ahead with plans to only apply them to the SMSF sector.

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Superannuation, Tax

No new detail on $3m soft cap

$3 million super tax

There has been almost no new detail included in the 2023 federal budget regarding the proposed new tax on total super balances above $3 million.

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Pensions, SMSF

Legacy pensions a missed opportunity

Legacy pensions

Having no reference to the issue of legacy pensions in the 2023 federal budget has been labelled as a missed opportunity given other super measures.

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NALI/NALE, Superannuation, Tax

Budget draws mixed reactions

Budget reactions

The industry has praised the federal budget in relation to measures to make super fairer, but has called for clarification on certain provisions.

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