News

SMSFA, Superannuation, Tax

Senators should reject super tax bill

Superannuation earnings tax $3m soft cap tax Unrealised capital gains senate crossbench

The SMSF Association is calling on crossbench senators to reject the government’s $3 million super earnings tax bill, which was introduced into parliament today.

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Pensions

Logical pension assessment allowed

SMSF minimum pension drawdown exceptional circumstances self assessment ATO

SMSF trustees can self-assess if their personal circumstances have an impact on their ability to pay minimum pensions, but need to do so in a pragmatic way.

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Retirement, Superannuation

Majority unaware of retirement options

Retirement income products 2023 Retirement Income Report

Most Australians lack an understanding of the pension products offered by their superannuation funds to boost their incomes in retirement.

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Accounting, Aged Care

AccountantsIQ launches aged-care service

Aged-care, AgedCareIQ, AccountsIQ

An accounting service provider has released an offering for accountants and their clients tailored specifically for the aged-care sector.

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NALI/NALE

COVID-19 may impact NALE

COVID-19 NALE non-arm's length expenditure

Work practices adopted subsequent to the COVID-19 pandemic may make breaches of the NALE rules more difficult to determine.

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Auditing

Audit threshold test too low

SMSF audit financial threshold test

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

Retirement Retirees ASFA Cost of living

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

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

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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