News

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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Documentation, financial advice

QAR does not remove need for advice documents

QAR advice documents

Financial advisers should be looking at what clients want from written advice if a recommendation to stop using statements of advice is adopted.

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Investments, Technology

OpenInvest offers Islamic investing solution

OpenInvest Islamic investment

A simple and more affordable investment avenue for Islamic Australians has been made available through OpenInvest’s latest partnership agreement.

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Superannuation

Higher tax rates for super

30 tax large superannuation balances

The government will introduce a 30 per cent concessional tax on superannuation balances above $3 million from the 2026 financial year.

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Superannuation, Tax

Super tax changes shift goalposts

superannuation tax rate

A government plan to introduce a higher tax rate for superannuation balances over $3 million adds to uncertainty around investing for retirement.

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financial advice

AFA/FPA merger to proceed

AFA FPA merger approved

The merger between the FPA and AFA will go ahead after the required number of members from both industry bodies voted in favour of the move.

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