News

Pensions, Regulation, Superannuation

No minimum time for couple definition

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

There is no specified minimum time limit as to how long two people need to be in a relationship to be considered a couple for superannuation purposes.

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Retirement, Superannuation

Gen Z retirement expectations rising

Younger Australians now expect to need almost more than twice as much in retirement as today's retirees, according to a survey from Vanguard.

Younger Australians now expect to need almost more than twice as much in retirement as today’s retirees, according to a survey from Vanguard.

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ATO, Pensions

ATO unlikely to grant pension relief

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

The probability of a successful application to the ATO for the use of its discretionary powers to rectify a breach of the pension payment standards is very low.

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Accounting, ASIC, financial advice, Financial Planning

Accountant banned for unlicensed advice

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

ASIC has banned an accountant after it found he provided unlicensed advice about setting up SMSFs and rolling funds into them.

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Pensions, Trusts

Agreement can’t redirect income stream

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

SMSF trustees are not bound by good faith agreements to make pension payments and must primarily follow the rules of a fund deed.

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ATO, SMSF

Warning issued on improper SMSF schemes

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

The regulator has issued a comprehensive update on its website, warning individuals not to set up or use an SMSF for the wrong reasons.

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ATO, Compliance, Documentation

ATO SAR letters require action

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

ATO correspondence regarding the non-lodgement of SMSF annual returns now has a more serious nature and should not be ignored.

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NALI/NALE, Property

Business real property NALI danger

The use of business real property and the rent received from it will come under greater scrutiny as the ATO ramps up its NALI compliance activities.

The use of business real property and the rent received from it will come under greater scrutiny as the ATO ramps up its NALI compliance activities.

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ATO, Downsizer, Superannuation

Downsizer contributions remain steady

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

The number and size of downsizer contributions into superannuation have remained constant, but more women are taking advantage of the scheme.

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Retirement, Superannuation

AMP super class action reaches settlement

The AMP superannuation class action has ended with the firm to pay compensation to fund members who were allegedly overcharged fees on their retirement savings.

The AMP superannuation class action has ended with the firm to pay compensation to fund members who were allegedly overcharged fees on their retirement savings.

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