News

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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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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