News

Pensions

Use pension payment workaround sparingly

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

Minimum pension payments must be made by the end of this week and while workarounds exist, they should only be used as a last resort.

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ASIC, financial advice

Adviser levy set to increase

adviser levy

The government will end the temporary relief program on the ASIC levy paid by financial advisers from the end of this financial year.

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Compliance, financial advice, Financial Planning

Compensation scheme to start next year

Compensation scheme last resort

A compensation scheme of last resort will be in operation by early next year, but questions have been raised about its coverage and funding model.

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In-house assets, LRBA, Trusts

Trusts not an ownership workaround

trusts SMSF assets

Trustees must ensure they are registering assets purchased on behalf of SMSFs in the fund’s name and refrain from using trusts as a measure to compensate for poor documentation.

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Superannuation, Tax

Indexation measure a Div 293 issue

indexation division 293

Indexation of the quarterly maximum super contribution base might trigger a Division 293 tax issue for employees on high salaries.

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ATO, Pensions, SMSF

Pension restructure needs approval

Pension restructure ATO

SMSF members restructuring a pension that has an excess transfer balance should wait for ATO approval before making any commutations from the pension.

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ATO, Compliance, Superannuation

Early release schemes on ATO radar

early access ATO

The ATO is set to step up compliance actions against individuals who illegally access their super early, with severe penalties for those who choose this course of action.

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ATO, Pensions, Retirement

TRIS could hinder indexation access

TRIS TBC indexation

The situation of a person turning 65 in June 2023 with a TRIS needs particular attention so they can maximise their personal transfer balance cap.

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Contributions, Insurance

Act quickly on injury payment contributions

personal injury contributions

SMSF members must act quickly when using a personal injury settlement payment as a contribution as delays will cause it to breach the non-concessional cap.

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Fixed Income

Trustees shift towards fixed investments

trustees fixed interest

SMSF trustees are turning towards fixed interest and long-term investments and shedding their cash holdings in order to take advantage of higher interest rates.

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