News

Superannuation

New policy hints at super objective

superannuation policies

While the government’s proposed objective for superannuation is still under consultation, new policies provide some of the detail as to how it will meet that objective.

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Pensions

Pre-2015 pensions less critical

CSHC pensions

The new income test thresholds for the Commonwealth Seniors Health Card may dilute the value of maintaining a grandfathered account-based pension.

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Compliance, financial advice

CSLR bills tabled in parliament

Compensation scheme last resort

The compensation scheme of last resort is closer to being established with the bills facilitating its existence tabled in parliament today.

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financial advice, Technology

Global advice platform launches in Australia

financial advice software

An advice platform with more than 30,000 users worldwide has set up operations in Australia after honing its offering for use by local advisers.

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Superannuation

Trust in super already waning

confidence superannuation

Confidence in the retirement savings system has already been eroded by the proposal of a new super tax for member balances above $3 million.

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Death benefits, Documentation

Gaming benefits may be tax exploitation

death benefits tax

Using undated documents to prevent a member benefit being paid as a death benefit may breach rules about promoting a tax exploitation scheme.

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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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