News

Investments, Property

Gearing rules can be subjective

Bluestone Richard Chesworth Borrowing SMSF Self-managed superannuation property

Practitioners and trustees must be conscious of the subjective nature of the gearing rules when looking to borrow to perform work on an SMSF property.

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Appointments

Assistant Treasurer to quit politics

retirement resignation ASFA Stephen Jones FSC FAAA

Assistant Treasurer Stephen Jones has announced his resignation, prompting industry farewells praising the role he played for the sector in government.

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SMSF, SMSFA, Superannuation, Tax

Govt’s Div 296 focus short-sighted

SMSF Self-managed superannuation Division 296 tax SMSF Association Peter Burgess unrealised capital gains early-stage funding

The government’s focus on the impact of the Division 296 tax on a small number of superannuants is short-sighted and overlooks the investments those people make in business and companies.

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Contributions

TBC does not prohibit NCCs

SMSF Self-managed superannuation non-concessional contributions total super balance transfer balance cap Accurium Anthony Cullen

A person can still make non-concessional contributions even if their total super balance exceeds the general transfer balance cap.

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financial advice, Financial Planning, Superannuation

Super objective unlikely to affect advice

Objective of superannuation, Delivering Better, Financial Outcomes, Financial advice, BT, Bryan Ashenden

The high-level nature of the objective of super is unlikely to impact advisers or even be reflected in the second round of the Delivering Better Financial Outcomes changes.

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financial advice, Retirement, Superannuation

Retirees overpaying taxes

Retirement, Super Members Council, SMC, Misha Schubert, tax, retirement, research

Many pensioners are not moving from accumulation to retirement phase with their superannuation, resulting in them paying higher taxation on their savings.

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Superannuation, Tax

SMSFA provides Div 296 bill update

Division 296 tax SMSF Association Peter Burgess Unrealised capital gains SMSF Self-managed superannuation

The SMSF Association has informed members about the status of the Division 296 tax bill and its views as to what might happen in the coming months.

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ATO, Auditing

ACR threshold under continued review

SMSF Self-managed superannuation ATO Paul Delahunty auditor contravention report ACR Threshold

The ATO has considered the appropriateness of the $30,000 test in relation to the lodgement of an ACR and will continue to do so in the future.

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financial advice, Financial Planning, Retirement

Retirement advice deductions possible

Tax deductions retirement Financial advice Colonial First State Craig Day

Practitioners should make greater use of new tax deductions available to clients where their super and retirement advice relies on applying taxation guidance to specific circumstances.

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