News

Regulation, Superannuation

Temp incapacity has limited use

temporary incapacity

There is a catch to using the temporary incapacity provisions contained in the superannuation regulations to compensate for loss of income due to COVID-19, a technical expert has said.

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Pensions

Trustees must check pension timing

minimum pension timing

Trustees who have been paid more than the new minimum pension amount need to check the timing of payments before seeking to use the excess as a commutation.

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Superannuation

If in doubt, take total super relief

superannuation relief coronavirus

Clients should be advised to withdraw the full amount allowable from their superannuation fund early if this COVID-19 relief measure is required, a technical expert has said.

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Pensions

Corona shock may solve legacy pension issue

Coronavirus legacy pension

COVID-19 could help resolve the transfer balance cap problem faced by SMSFs looking to restructure their old legacy pensions, an SMSF technical expert says.

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ATO, Property

SMSFA applauds ATO rent stance

ATO rent reduction

The ATO’s approach toward compliance regarding rental reductions for SMSF-held properties due to the financial impact of COVID-19 has been endorsed by the SMSF Association.

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ATO, Superannuation

ATO grants rent relief to SMSFs

ATO rent relief SMSF

The ATO has confirmed it will not take action against SMSFs providing tenants with rent reductions due to the impact of COVID-19.

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ATO, Property, Superannuation

Don’t game early release provisions

superannuation early release provisions

Superannuation money accessed under early release provisions should not be funnelled back to offset tax in or outside the fund, an SMSF administrator has warned.

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Pensions

Annuities exempt from pension changes

annuities minimum pension

Term and lifetime annuities will not be affected by the change in minimum pension payments.

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ATO, Investments

In-house asset obligations must be maintained

in-house asset relief

The ATO’s coronavirus relief provisions do not extend to in-house asset ratios or investment strategies, with trustees reminded to maintain their obligations.

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Financial Planning

Advisers hopeful about COVID-19 impact

coronavirus financial advice

More than 75 per cent of financial advisers expect the economic impact of COVID-19 to result in long-term demand for financial advice, a survey has revealed.

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