News

Superannuation

Payday super implementation boost

The government will spend more than $400 million to ensure its payday super reforms are operating on schedule, while boosting the regime to punish wayward employers.

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Business News

Merry Christmas and Happy New Year

Christmas

The team at selfmanagedsuper wishes all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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Legislation, Tax

Slow Div 296 progress may delay start date

The slow progress of the Division 296 bill through parliament has eaten into the time set aside to prepare for its implementation, meaning its possible start date may also be pushed back.

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Superannuation, Tax

Super earnings concessions top $22b

The tax concessions given to superannuation earnings have continued to grow, with millions of fund members benefiting from them each year.

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Accounting, Retirement, SMSF, Superannuation

End-of-year break time for super check-up

Super fund members should use the holiday break to check the status of their retirement savings and consider whether they needed to seek financial advice.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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NALI/NALE

Trustee capacity consideration tweaked

The application of the trustee capacity rules within the ATO’s revised NALI arrangements appears to be less rigid, but responsibility for compliance has not changed.

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financial advice, Financial Planning

Limit SMSF compensation to the fund

The FAAA has called for any money paid to an SMSF via the Compensation Scheme of Last Resort to be limited to the fund and not multiplied by the number of members it contains.

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Retirement, Superannuation

Super recipients more confident on retirement

Retirement SMSF superannuation

Australian superannuants are confident they will have sufficient cash flow in retirement, but prior to that life stage many want to boost their future savings.

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