News

Administration, Compliance, Pensions

Beware excess TBC tax trap

Transfer balance cap Excess transfer balance cap Notional earnings Retirement phase Commutation Pension

Exceeding the personal transfer balance cap will raise an additional tax liability for trustees when they intend to take a pension income stream.

read more
Investments, Retirement

Inflation eating into retirement earnings

Retirement Inflation market-linked income guaranteed income Challenger Aaron Minney

Inflation has exposed the dangers of relying on market-linked income for retirement purposes, with retirees and advisers urged to consider the use of guaranteed income streams.

read more
Compliance, Education, financial advice

Adviser exam pass rate improves

ASIC Financial adviser exam

There has been a slight improvement in the number of candidates passing the most recent financial adviser exam overseen by ASIC.

read more
ETFs, Investments

JP Morgan unveils global equity ETF

JP Morgan ETF Global equity JPMorgan Global Select Equity Active ETF

JP Morgan has introduced a global equity ETF onto the ASX, providing investors with liquid access to one of its most popular investment products.

read more
Pensions, SMSFA, Tax

Legacy pension amnesty sought

Division 296 tax Amnesty SMSF Association Family law split Legacy pension Lifetime pension

The government has been asked to provide an amnesty for legacy pensions from the proposed Division 296 tax in this year’s federal budget.

read more
Auditing

Member phase an audit factor

SMSF auditors pension phase accumulation phase asset valuations

Auditors need to consider the differing consequences asset valuations can have on members in accumulation phase versus those in pension phase.

read more
Compliance, Contributions, Pensions

Caps only barrier to pension

Non-concessional contribution Pension Total superannuation balance Contribution cap

A contribution being succeeded by a pension in short order is allowable with the only barrier to the former being the relevant caps that may apply.

read more
ATO, Compliance, Contributions

Take action on excess contributions

ATO Non-concessional contributions Excess concessional contribution Contribution caps

Trustees making a concessional contribution over the cap limit could face tax and compliance issues if they take no action to withdraw it from the fund.

read more
Education, financial advice

Improved new adviser pathway proposed

Joint Associations Working Group JAWG Financial advice New entrants Education pathway

The Joint Associations Working Group has proposed improvements to the pathway for new entrants to the advice sector, including specialist areas of study.

read more
Legislation, SMSFA, Tax

Div 296 hearing disappointing

SMSF Association Division 296 tax Senate

The SMSF Association has labelled its time at a Senate inquiry into the proposed Division 296 tax as disappointing with limited time to address problems with the draft legislation.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital