News

Contributions

TBC set to rise to $1.9 million

TBC $1.9 million

High levels of inflation will create a double rise in the indexation of the general transfer balance cap, pushing it up by $200,000.

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Contributions

Indexation impact beyond TBC

TBC indexation

A number of key superannuation elements will be affected should a second round of indexation be applied to the general transfer balance cap.

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ASIC

Ex-SMSF adviser guilty of dishonest conduct

SMSF adviser dishonest conduct

A former financial adviser has pleaded guilty to three counts of engaging in dishonest conduct while running a financial services business.

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Superannuation

Solid support for legislating super objective

superannuation objective support

Australians have expressed their support to legislate the objective of superannuation with the proviso it will focus on retirement income for all.

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NALI/NALE

Govt proposes NALE fix

NALE general expenses

The government has proposed that NALE breaches be ring-fenced and tax penalties applied only to any advantages gained within a fund.

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Investments

Macro view to risk management

SMSF risk management

SMSF trustees are mitigating the risk of their funds from an overall perspective as opposed to looking at it from a more granular perspective.

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Pensions

Benefit redirections allowable

super benefit redirections

Super fund members can redirect benefit payments to other bank accounts despite some funds imposing artificial barriers to prevent these movements.

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ECPI

ECPI rules of thumb available

calculating ECPI

Practitioners can apply some rules of thumb to help their clients choose the most suitable method of calculating ECPI for a given financial year.

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ATO, Superannuation

ATO warns against SMSF promoters

SMSF promoters

Super fund members have been warned to avoid and report to the ATO anyone who promotes SMSFs as an early access scheme.

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Superannuation

Super to be opened for abuse compensation

superannuation abuse compensation

The government will allow court-ordered release of superannuation where a child sex abuser has used it to hid assets from compensation claims.

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