News

Pensions

Pension reform no cost to govt

legacy pensions

The costs of maintaining legacy pensions are more than they are worth and it would cost the government nothing to transition to modern products.

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Pensions, Superannuation

Severe hardship rules can offer better relief

severe financial hardship rules

Invoking the severe financial hardship provisions to access super benefits early instead of starting a pension to do so may be strategically advantageous for individuals who have reached preservation age, an industry expert has said.

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Pensions, Tax

Proportionate ECPI method emphasises timing

Proportionate ECPI

The proportionate method of calculating exempt current pension income makes the timing of SMSF transactions significant, a technical expert has said.

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Accounting, Auditing

Tech to ease auditor independence compliance

auditor independence

Technology could play a vital role in business continuity for firms concerned about how best to adapt to new auditor independence standards in order to remain compliant.

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Regulation

Regulation changes top concern

SMSF regulations

Changes to regulations and rules affecting SMSFs and not the coronavirus present the biggest worry for trustees, new research has revealed.

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ATO, Pensions

Market-linked pension tax relief not on table

Market-linked pension tax

The ATO cannot provide relief to SMSFs that have commuted a pre-2017 market-linked pension which has resulted in an excess transfer balance tax determination.

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ASIC, Financial Planning

ASIC extends early access advice provisions

early access advice

Measures to ease the provision of advice related to early release of superannuation have been extended by six months due to ongoing COVID-19 uncertainty.

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ATO, Auditing

ATO confirms auditor report NALE requirements

SMSF auditors NALE

The ATO has stated SMSF auditors are not required to modify their independent reports with respect to NALE where the compliance approach in PCG 2020/5 applies.

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Pensions

Legacy pension fix can be simple

legacy pension

Claims that rollovers away from legacy pensions are too complex to implement have been rejected with industry stating it is ready to move on the issue.

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Superannuation

Early release should be in cash

early release in-specie

SMSFs should not be looking to make any COVID-19 early super release payments in the form of an in-specie transfer if the fund is suffering from liquidity issues, an industry specialist has said.

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