News

SMSF, Tax

Tax hit is sole purpose penalty

Trustees may escape an administration penalty for a breach of the sole purpose test but could instead be hit with a heavy tax liability.

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Retirement

Retirement costs fall in time for Christmas

The cost of living for retirees has fallen marginally for the first time this year, but over the longer term it has outpaced the rise in inflation.

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Investments

Centrepoint unveils super, investment platform

Centrepoint Alliance has released a new platform offering superannuation and investment options under a range of structures backed by digital transactions and reporting.

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Death benefits

Financial dependency proof substantial

A significant amount of evidence is required to support a claim that a person can receive superannuation death benefits due to financial dependency.

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SMSF, Tax

Div 296 bill separated into two parts

The Division 296 tax bill has been split into two parts, with the schedules related to the impost separated from those unrelated to the proposed additional charge on superannuation earnings.

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BDBNs, Death benefits, Documentation

In-specie benefits not a clean split

Death benefits that are paid out using in-specie assets need to be calculated carefully as they can strip money away from other beneficiaries.

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Contributions, Insurance

Insurance favoured over super contributions

Australians are three times more likely to insure their car over themselves and will use extra super contributions to pay the premiums.

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ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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Legislation, Superannuation

Objective of super enshrined in law

The legislation to enshrine an objective for superannuation has passed through parliament as part of a flurry of bills approved before the Senate ended its business for the year.

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Appointments, ATO

New SMSF assistant commissioner appointed

The ATO has named the senior staffer who will oversee the SMSF sector and replace Justin Micale, who has moved to another role within the regulator.

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