News

Retirement, Superannuation

Retiree cost of living rises marginally

retirees cost living

The cost of a comfortable retirement increased slightly in the March quarter, with retirees spending more money on their homes and entertainment as COVID-19 restrictions eased.

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Retirement, Superannuation

New residency rules lack precision

SMSF residency rules

Changes to residency rules announced in last week’s federal budget may not eliminate harsh outcomes resulting from breaches of the law covering this area.

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Property

Map transactions before developing property

property development transactions

SMSFs considering property development should map out the transactions required to avoid being accused of conducting a business within the fund.

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ATO, Superannuation

ATO offers dedicated help for SAR lodgements

ATO SMSF annual returns

The ATO will offer priority assistance to SMSF practitioners seeking a deferral arrangement for the lodgement of SMSF annual returns.

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Financial Planning, Regulation

FPA calls for further adviser rego changes

FPA financial registration

The FPA has welcomed the government’s proposal for a single disciplinary body, but has called for improvements to financial planner registration.

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Compliance, Contributions

Reserving strategy riskier for NCCs

NCCs reserving strategy

Non-concessional contributions carry more compliance risk when used as part of a contribution reserving strategy due to their unconventional nature.

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Pensions

Death benefits locked into super

death benefits superannuation

Death benefits can be hard to turn off in a superannuation environment and may even become a burden for members who don’t want them.

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Contributions, Superannuation

AIR welcomes increased super flexibility

budget superannuation retirees

The budget measures improving the ability for individuals to make contributions to their super funds has been praised by retirees.

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Pensions, Superannuation, Tax

Tax on pension reserves a concern

legacy pension reserves

The severity of the tax treatment of reserves associated with legacy pensions contained in this year’s budget is cause for concern.

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ATO, Tax

No SAR extension this year

SMSF Annual Return extension

Advisers and trustees should not expect any extension to the SMSF Annual Return lodgement date despite one being granted last year.

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