News

Superannuation

Indexation key issue for female clients

TBC indexation female

The pending indexation of the transfer balance cap and exiting an SMSF are two key areas female clients are seeking information about currently.

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Documentation, Superannuation, Tax

Balance cap has bookkeeping impact

balance SMSF record keeping

SMSF record-keeping procedures should change to minimise the tax liability for members resulting from the proposed new $3 million balance cap.

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Superannuation, Tax

Earnings tax to affect 500,000

Superannuation earnings tax

The number of superannuation fund members impacted by changes to earnings tax will be six times larger than predicted without indexation.

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Estate Planning, Superannuation

Super use in tax estate planning overstated

superannuation tax estate planning

Claims superannuation is being used for tax-based estate planning are incorrect and reflect a misunderstanding of the super tax system.

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Superannuation, Tax

Super tax details a mixed blessing

superannuation earnings tax

A fact sheet outlining how the government will further tax earnings in superannuation balances over $3 million contains mixed results for SMSFs.

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Superannuation, Tax

‘Earnings’ not assessable income

superannuation earnings

The concept of earnings pertaining to the proposed 30 per cent tax for superannuation balances over $3 million is different to assessable income.

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Pensions

New tax will also affect pensions

superannuation tax pensions

The appeal and characteristics of income streams may well be changed should the government’s new tax on super balances above $3 million be introduced.

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financial advice

Client focus best action to prevent litigation

Client relationships

Advisers should focus on client management and not regulatory compliance to prevent litigation.

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SMSF, Tax

SMSFs to feel tax cap the most

SMSF superannuation tax cap

While the new $3 million threshold will be applied to super funds across the board, it has been acknowledged it will have the greatest impact on SMSFs.

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NALI/NALE

NALE proposals misinterpret tax law

NALE tax law

The government’s NALE consultation paper is based on an incorrect interpretation of tax law, which does not allow the tax rate to exceed 45 per cent.

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