News

Contributions

Nuances of the NCC bring-forward rule

NCC bring-forward rule

A proper understanding of the bring-forward rule for non-concessional contributions is required to prevent taking steps that seem logical but may be illegal.

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Investments

Underperformance factor identified

SMSF underperformance

Analysis of SMSF data has identified the defining factor as to why certain funds underperform other types of retirement savings vehicles.

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Compliance, Superannuation

Returning trustees can fail control test

SMSF control test

An SMSF will fail the central management and control test even if trustees who left for an indefinite period return within two years.

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ATO

SMSF wind-ups decrease

SMSF wind-ups

SMSF wind-ups fell below the previous five-year average in 2019/20, while new establishments continued to increase, according to ATO data.

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Superannuation

SMSFs yield competitive returns

SMSF performance APRA

SMSF performance against APRA funds has been skewed by reporting methods and funds with balances above $200,000 perform as well as their non-SMSF counterparts.

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Compliance, Regulation

Director ID penalties are severe

director ID penalties

Directors of corporate SMSF trustees have been warned severe penalties can be issued for non-compliance with the new director ID regime.

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Investments, Technology

OpenInvest signs wealth firm to platform

OpenInvest platform

OpenInvest has partnered with a boutique advice firm to provide access to its digital investment platform for clients with simple investment needs.

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Retirement

Rising interest rates to benefit retirees

interest rates retirees

Retired investors could reap considerable long-term benefits from the predicted rise in interest rates invoked as a counter-inflationary measure.

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Regulation

Work test rule change not complete

work test amendments

The process required to put the abolition of the work test into law for people up to the age of 75 may not be completed before the federal election.

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Regulation

Budget super measures pass parliament

superannuation parliament

A number of key measures from the last budget have passed through parliament, while others remain in limbo before the next election.

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