News

Superannuation

Early release contribution option needed

super early release replacement

Individuals accessing their super early under the government’s new relief provisions should be given the option to top up their super once the crisis has passed without being subject to the limits currently in place, a specialist auditor says.

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Superannuation

SMSFA suggests prudent early release use

early access superannuation

Individuals should use the government’s coronavirus financial relief measure allowing early access to superannuation benefits sensibly, an industry body has advised.

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Pensions

Pension overpayment treatment can’t be ad hoc

Pension overpayment

SMSF documentation cannot be drafted on the spot in an effort to allow pension overpayments to be treated as commutations, a technical expert has said.

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Documentation

Choose wisely to avoid document subpoenas

legal documents subpoenas

Being able to prevent legal access to documents is a value-add lacking in some document providers and cannot be offset by lower cost, according to a legal firm.

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Education, Pensions, Superannuation

SuperConcepts issues COVID-19 e-books

SuperConcepts coronavirus e-books

SuperConcepts will offer free e-books to people impacted by recent changes to superannuation and pensions as a result of COVID-19.

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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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