News

Superannuation

Necessary super changes welcomed

superannuation changes budget

The superannuation and retirement income sector has welcomed changes announced in the budget as necessary without being too disruptive.

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Pensions

Legacy pension shift a real positive

legacy pensions

The decision in this year’s federal budget to give individuals a two-year opportunity to commute legacy pensions has been well received by SMSF stakeholders.

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Regulation

Residency rules made simpler

SMSF residency rules

Changes to the residency rules for SMSFs, including the scrapping of the active member test, are expected to significantly simplify the superannuation system

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Regulation, Retirement

Work test to go in mid-2022

work test contributions

The work test on non-concessional contributions will cease from mid-2022 as the government seeks to boost the retirement savings of older Australians.

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Contributions

Downsizer extended to 60 year olds

downsizer contribution extended

The downsizer contribution scheme will be extended to now start from age 60, with the government claiming the move will free up housing for younger people.

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Pensions

Accounting fees tricky for ECPI

accounting fees ecpi deduction

Close attention must be paid to how accounting fees are treated with regard to their tax deductibility status when a fund is claiming exempt current pension income.

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Documentation

Paper trail best defence against creditor claims

contributions bankruptcy creditors

SMSF trustees need to document any contribution to prove what is legitimate and not an effort to hide assets during a time of bankruptcy.

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Residential Property

New peer-to-peer lending facility opens

peer-to-peer property lending

A new Australian peer-to-peer lending facility involving small-to-medium residential properties has emerged for SMSF investors.

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FASEA

FASEA exam numbers grow as pass rate falls

FASEA exam numbers

High numbers of advisers have undertaken the most recent FASEA exam, but the pass rate has continued to fall.

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Contributions

Downsizer requires macro view

downsizer strategy

SMSF trustees need to consider the long-term strategy benefits of making downsizer contributions and not be swayed by the current investment climate.

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