News

Drawdowns create commutation limits

November 29, 2023

Minimum pension drawdown Account-based pensions Commutations Pension commutations

Pension commutations have few limits on them, but super fund members still need to be aware of their obligations to meet minimum drawdown requirements.

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Auditing

Audit threshold test too low

November 29, 2023

Jason Spits

The financial threshold test applied during an SMSF audit is too low and should be increased or removed to reflect the change in balances of funds.

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Retirement, Superannuation

Living costs continue to strain retirees

November 29, 2023

Todd Wills

Retirees are experiencing growing challenges in sustaining a comfortable lifestyle due to the rising costs of basic necessities.

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Legislation, NALI/NALE

NALE rectification off the table

November 28, 2023

Jason Spits

Treasury has indicated rectification for NALE breaches is inconsistent with anti-avoidance provisions, providing the reason why it is not part of the current bill before parliament.

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ATO, SMSF

Jump in number of new SMSFs

Established SMSFs SMSF asset allocation SMSF quarterly statistical report September 2023

November 28, 2023

Todd Wills

The September quarter saw the highest number of net SMSFs registered with the ATO in five years, with wind-ups falling to historical lows.

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Tax

Franking credits bill becomes law

November 28, 2023

Todd Wills

Legislation to restrict the use of franking credits by public listed companies has received royal assent after it passed both houses of parliament.

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Contributions, Superannuation

Super key concern for advisers

November 28, 2023

Jason Spits

Superannuation is a key area of interest for advisers, with one network reporting a quarter of its technical inquiries have related to different facets of the subject.

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Legislation, NALI/NALE

Senate review approves NALE bill

Senate Economics Legislation Committee NALE NALI bill legislation

November 27, 2023

Jason Spits

A seven member Senate committee has recommended new NALE provisions should pass parliament without any changes to the bill that will enact them.

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Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

November 27, 2023

Darin Tyson-Chan

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

Paper deeds provide legal certainty

November 27, 2023

Todd Wills

Electronically signing a deed may expose it to litigation allowable under a state or territory outside of where the document was initially executed.

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