News

Contributions, Downsizer, SMSF

Marriage length has no downsizer impact

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

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SMSF, Tax

Urgent Div 296 action not required

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

The possibility of the Division 296 tax being passed into law does not mean immediate action should be taken to sidestep it given its impact is more than a year away.

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Contributions

Check bring forwards to avoid blowout

bring-forward strategy, contributions, non-concessional contribution bring-forward strategy, total superannuation balance, TSB, MLC, Mark Gleeson, Financial Services and Credit Panel, FSCP

Checking that clients don’t have an existing bring-forward strategy in place is essential for advisers looking at maximising contributions and avoiding sizeable excesses.

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financial advice, Financial Planning, Superannuation, Tax

Calls for reform greet govt return

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

Industry groups have responded to the re-election of the Albanese government by calling for advice and tax reforms to be introduced during its second term in power. 

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Legislation, Tax

Div 296 conversations need to resume

Division 296 tax, SMSF, SMSF Alliance, David Busoli, Senate, $3 million, total super balance

The result of the weekend’s federal election means practitioners should be preparing for renewed client conversations about the Division 296 tax.

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financial advice, Financial Planning, Superannuation

Collective advice model inequitable

Collective advice, superannuation funds, fee-for-no-service, Institute of Financial Professionals Australia, IFPA, Delivering Better Financial Outcomes, APRA funds, intra-fund advice, fee-for-service

Collectively charging super fund members for advice was unfair to those who did not use it and opened the door for a return of fee-for-no-service arrangements.

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Death benefits, Superannuation

Benefits payable to grandchildren

Cooper Grace Ward, Scott Hay-Bartlem, superannuation death benefit, Grandchildren, Will, SMSF, financial dependant, interdependency relationship

The nature of the relationship between a grandparent and their grandchildren will be the key driver determining if superannuation benefits can be paid to the latter.

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financial advice, Financial Planning, Legislation, Regulation

Govt must start advice reform

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

The FAAA has called on the government to implement a number of key reforms to the advice sector following its return to office in the federal election over the weekend.

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ATO

No ATO discretion for illegal drawdowns

Illegal early access, ATO, ASF Audits, Shelley Banton, tax, Practice Statement Law Administration, PSLA,

The ATO’s treatment of illegal SMSF withdrawals trustees have attempted to pay back has not changed, regardless of PSLA 2021/D3’s status.

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SMSF, Superannuation

Low-balance in-specie payment possible

self managed superannuation, self managed super, SMSF, in-specie benefit payment, superannuation balance, Heffron, Annie Dawson, benefit cashing, benefit splitting, benefit redirection

An individual in an SMSF can receive an in-specie benefit payment if their balance is less than the value of the asset, but will need the support of another member to do so.

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